It wouldn’t be surprising to see lots of budgets wrecked, following the Christmas period that just ended. Most people went on holiday having a budget, but those budgets ended up being altered. Even if you were disciplined enough, I am sure your budget was altered; I could say that till tomorrow
You need to be resolute about finance in 2018. Your finances need to start working for you instead of spending them. Enough is enough, 2018 has to be different.
Money Advice Service experts like Nick Hill has recommended poring over bank accounts to see where you can cut back: “Make 2018 the year you start living within your budget.”
In line with that, having a clear-cut vision of what you intend to achieve this year is essential. If you are saving for a particular holiday, feast or saving to buy a property let it be stated.
It is better for the goal to be defined than just saving money. It has to be something set. If possible, let it be written down in a paper. Anytime, you look at it; you remember that you have a target.
That being said; you also need to start weighing a whole of expenses. Have a critical look at the amount of money you spend on data, TV subscription, utility bills and other miscellaneous. Figure out the ones you need to scrap to reduce cost. If it is data, check out for cheaper service providers.
The amount of money we spend on these things monthly is quite much if we add them up. Those expenses just need to be controlled.
“Try haggling with your existing supplier and if it does not give you a better offer then switch,” Martin Upton, a Director at the Open University Business School.
Sometimes, expenses could also come in the form of a big event where you are expected to support financially. The whole idea is to keep a calendar of those significant events and plan for it. It could be a friend’s wedding where you are to support them.
Jenny Cheung, director at American Express, says “Mapping out the big, costly events can help you plan for upcoming purchases.”
To become financially resolute this year will entail a lot of things which were not fully captured in this piece. However, doing a few of these things will go a long way to helping you become resolute in your finances.