Financial tips for the New Year
It’s 2019 already and we know that almost everyone hopes to have a better financial status this year as part of their goals for the year but will it be worth all the hustle if you don’t know how to manage your own account? Of course not. Now, as we resolve to make our New Year resolutions work, here are some financial habits you should adopt moving forward.
1. Make a budget.
This is as simple as ABC yet very difficult for most people. Make a list of what you want to spend on and strike it against your income. Prioritize needs above wants in your budget. Adhere as strictly as possible to the budget.
2. Save before you spend.
The rate at which money comes is the same rate at which it goes. Learn to save first before thinking about expenditure. Saving at least 10% to 20% of your net income is a good start.
3. Invest in yourself.
This is the only risk-free investment one can make. Buy books, take online courses and go for conferences to make yourself more valuable. Statistics show that 88% of financially successful people spend 30 minutes or more in a day reading.
4. Stop betting and gambling.
There is no shortcut to success in life. Avoid get-rich-quick schemes and easy ways of making money. Games based on chance and luck would rob you of all your money in no time.
5. Quit draining friendships.
This is a problem especially for young people. Stop going out with friends who make you spend unnecessarily. Find friends who would help you take better financial decisions for the future.
Taking these 5 steps would certainly improve your financial situation tremendously and make you more prudent in your spending.
Happy new year!
This article was written by Joseph Sa-Ambo.