How Are You Tracking Financial Resolutions?

Shakira
Post : December 7, 2022

It is a common practice for people to set a new year's resolution, but have you heard of financial resolutions? To what extent these resolutions are being made or tracked is a concerning question. 

That is why you need a proper plan to implement these resolutions. Doing so will create a massive change in your life. It could be as small as being determined to pay off all your debts and loans by the end of the year or earning a sum of money by a certain period of time.

It is crucial to remember that small steps always do matter. When you have big financial goals to achieve, break them into small objectives so you can approach them easily. This article will teach you how to track your financial resolutions efficiently and effectively.

Track your expenses

When you are living in an urban area with a busy lifestyle, you may have a lot of expenditures that negatively impact your monthly budget. The most likely thing to do is install an app on your mobile phone that can track your expenditure. Just simply add every amount you spend daily. This will give you a better idea of how much money you spend on things that are really not necessary. 

Setting a budget

There are many online tools that you can use to create a budget plan. This helps you to determine your monthly budget and all the costs you have, whether necessary or not. 

Come up with a reasonable amount that is comfortable for you to spend according to your salary.

Using a template ensures that all your expenses are neatly recorded and calculates the amount for all the costs. After you come up with a number, you can easily stay within your own budget every time. Ultimately, you will end up with quite an amount of money that otherwise would have been uselessly spent on something unnecessary.

Cut down

Saying goodbye to all the luxurious superficial brands is one of the best ways to achieve your financial goals. People are often used to reaching out for the best brand and losing all their money with a single purchase. 

For example, instead of buying coffee from a fancy coffee shop every morning, you can start making coffee yourself at home. This could help you save a lot of money in the long run. In the beginning, it may not seem like making a difference, but if you note it down, you will see that it makes a lot of difference. You can also collect all your money that is in various bank accounts and put them in one account. This will cut down on unnecessary transaction fees.

Get rid of debts

Debts and loans you have to pay can be mentally draining and quite detrimental to your life in many ways. In order to get yourself out of this cycle, you will have to have a plan. Allocating a small amount of money from your monthly salary could help you settle your debts. Make it a habit to save every extra penny. 

This will keep you going. Otherwise, when you have the salary, you will not feel like you want to allocate the money to pay off debts.

A bigger goal for financial resolutions 

Every time you pull out the credit card, remember that using it is not the most classy thing for someone who has a bigger goal than just spending on everything you see. Set a financial or life goal that needs a lot of capital. It could be buying a house or a vacation overseas etc. Anything big that you can work towards. 

This will keep your mind focused and train you to do only the necessary things. It is a way of discipline that most people do not have. Write on a piece of paper and stick it somewhere you see every day or add a reminder on your phone. 

This will keep you on the right track and make your financial resolutions more fruitful and beneficial to your life in the future.

 

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