Are you looking to improve your financial goals in 2019 and ultimately save more? Here are a few financial new year resolutions that will help improve your financial lifestyle:
1. Identify your financial goals:
Before you embark on these financial new year resolutions, think of what you would like to achieve financially in 2019. Are you trying to save to buy a house? Or perhaps pay off some old debt? Whatever your goals are, getting specific about them will help you achieve your goals.
2. Go over your finances in 2018:
Think of how much money you spent in 2018 and what you spent it on. This will help give you a clear idea of what you need to do in order to better your financial decisions and start saving in 2019.
3. Start tracking your spending:
When you commit to tracking your monthly spending, it will be easier for your to monitor your habits. While this can change from month to month, it’s a great way to help you predict the upcoming months spending, and will help you eliminate unnecessary cost for the upcoming month.
4. Give yourself small savings challenges:
Small saving challenges are a great way to start building up your savings account. You can commit to 5 BD a week or 50 BD a month, depending on what is more suitable for you. These smaller amounts will make it easier for you to commit to saving, and not panic about larger amounts.
5. Commit to zero spend days:
No spend days are a great way to help you save and budget better. Try and commit to one day or one weekend a month as a ‘no spend day’, where you do not buy or spend money at all.
6. Start cooking more at home:
The cost of dining out adds up, regardless of how little you think you are spending on one meal. And one of the easiest ways to save a little extra is by cooking more meals at home.
7. Pay off your credit card debt:
If possible, think about a one-off payment to eliminate your credit card debt. Monthly payment and interest amounts can easily accumulate to more spending, and paying it off is beneficial for you in the long run.
If you think resisting taking a selfie when you’re face-to-face with your fave celebrity is a testament to your willpower, that’s sissy stuff compared with turning down every offer to open a credit card, even if you could save 20 percent (or more!) on your holiday purchases. Tempting as saving at checkout can be, opening new credit may hurt your chances of getting a mortgage, or at least of getting the best rate on a loan.
8. Remember, budgets change:
The “all or nothing” mentality does not work when it comes to saving. There will be months where you budgeting will not go as planned, and your long-term goals might even change, but this is very normal and is bound to happen. Here, tracking your spending will help you evaluate how to move forward.
9.Interview potential real estate agents.
If your neighbor, relative, or friend of a friend happens to know (or is) a real estate agent, that’s great. This person might be the perfect agent for you. But you owe it to yourself to shop around. “Look for [an agent] who is knowledgeable, good, integral, and can assist you in reaching the goal of home-ownership,” says Seef District, real estate agent. “Make sure they are not a novice, new, or just unaware of how to do a specific transaction.” The end of the year is usually a slow time for agents, so chances are they’ll be more accommodating to making an appointment on your schedule.