It’s sometimes believed that new year resolutions are the hardest to keep. But are they? Don’t we all just genuinely want to improve our lives and aspects of it, especially our finances?
The past year may have presented some challenges that you had to surmount. And these challenges probably taught you some invaluable financial lessons. Those lessons should not, however, negate the essence of mapping out goals that you intend to achieve in the new year.
Don’t assume that it’s too early to make your resolutions. And even if you’re reading this halfway into the year already, it’s never too late to re-evaluate your financial situation and make adjustments where necessary.
Below are the top three financial resolutions that you should make in the new year.
Create a budget
Starting a personal budget plan may not be what you are used to, but it is one of the wisest financial resolutions you can ever make in the new year. With a personal budget, you can accurately take stock of your financial standing and allocate portions of your earnings to the appropriate sections.
Sticking to your budget - regardless of how daunting it may be - enables you to make intelligent decisions that will positively affect your finances. This should be your motivation to not just start but also follow through with a budget that you’ve decided to put in place. For accountability, discuss with your financial advisor to know more about the best budgeting tools and apps you can use.
Sticking to your budget - regardless of how daunting it may be - enables you to make intelligent decisions that will positively affect your finances.
Invest
Every new year, it’s common to see people include saving more money in their financial resolutions - it’s usually top on their list. Saving up is good, but investing is better. Be more particular about investing than saving in the new year. This is even if you struggled with saving money in the past year. There are only a few things that your savings can help you achieve. An investment portfolio, on the other hand, allows you to reap long-term benefits.
Saving up is good, but investing is better.
How do you secure yourself against the unknown future? By investing. If you are new to investing or need more advice on how to manage your portfolio, talk to financial experts. They will put you through the available wide range of investment opportunities and also help you manage your portfolio efficiently.
Strengthen your retirement savings
The new year offers you a fresh start. Take advantage of it to strengthen your retirement savings. You could increase your contributions or diversify your investment portfolio to safeguard against risks. You probably want a promotion or a new job in the new year. But what about securing a comfortable life for yourself in retirement? Don’t leave your retirement plan hanging while you worry about your present situation. Pay attention to it; your future is just as important.
Do you hold a retirement savings account (RSA)? To strengthen your retirement savings, you need to first open a retirement savings account (RSA). Simply put, your RSA is money set aside from each paycheck and deposited with a Pension Fund Administrator (PFA) for a financially stable life in retirement. For more information on RSAs, contact Oak Pensions via www.oakpensions.com, info@oakpensions.com or call the Marketing Manager on 09087448661.
Don’t leave your retirement plan hanging while you worry about your present situation. Pay attention to it; your future is just as important.
ABOUT THE AUTHOR:
Damilola Ayomide Agubata is a Content Writer with a background in digital journalism. A graduate of English from the University of Lagos, Damilola has driven engagement and visibility for different brands and organizations with a strong focus on SEO and Content Marketing. She currently works as a Content Associate for Detail and Avedia, a leading retail and media consulting firm.