How to Stick to Your New Year Financial Resolutions

Save money

There is an old saying that says you need to spend money to make money, but what that old saying doesn’t point out is that is that you need to save money to have some money. And every New Year, we come up with new resolutions, one stays consistent though, the one about saving money. We are already midway through the first month of the New Year 2018, and it is time for you to go through with your New Year resolutions. It isn’t very difficult actually, all you need to do is to establish a savings account, save up for retirement and invest in equity to support your business and wealth. But it isn’t as easy as it sounds. What to do? Let us find out how to stick with the financial resolutions at least:

  • We have built a wall around ourselves, our comfort zone, we are living in a place where we are content with our daily routine, and we are constantly trying to recover our lives as quickly as possible from even the little changed dumped upon us. This is because we are not confident about our capability to deal with an unexpected change. What you need to understand is that real change comes from within. You change when you change your mindset.
  • Sometimes you need external support to stick to your goals. So, surround yourself with people who constantly push you forward.
  • Remember to reward yourself for meeting goals. Be thankful for what you have accomplished. It is important to pat yourself in the back occasionally, motivating yourself to move forward.
  • You may not always stick to your schedule, but what is more important is you are making up for it. You need to consistently motivate yourself to focus on what you want to achieve and your long-term goals.
  • Start maintaining a register and note down all your spendings. When you know where your money is going, you would tend to be more careful with the money.
  • You should switch to an automatic savings plan in which portion of the money you receive every month is transferred automatically into your savings account. It literally forces you to save money. In this way, you would have a hold of some cash in case of an emergency. It eliminates the spending problem of yours.

Anum

Anum Yoon is the founder and editor of Current on Currency. She loves all things personal finance, which is why you'll find her work all over the PF blogosphere.