THE ULTIMATE LIST OF FINANCIAL RESOLUTIONS
For most people all over the world, the beginning of the year means new year resolutions ,on business, relationships, fitness and so on,but how much resolutions do we really make concerning our finances. As young entrepreneurs, it is important we get our finances right, if we want our businesses to be more susrainable,and stand the test of time.
I have here a couple of financial resolutions to help you in 2020
- Paying Off Debt Resolution: develop a debt payoff plan,and stick to it,this could be daily,weekly, monthly or quarterly. Find a friend who can help you with being accountable with your payoff plan. Encourage someone else to be debt free,by sharing your debt story.
- Frugal Living Resolution: start meal planning, have a monthly shopping list for groceries,and stick to it. Cut away impulse buying,rather tell your self to wait to the weekend or the end of the month,if you still have a strong need for the item, then it’s important.
- Budgeting Resolution: it is not as complicated as it sounds, it means knowing your income and planning your expenditure. This helps to track excessive spending.
Financial Education Resolution: as the saying goes ,”knowledge is power” try reading one personal finance book a month,teach your children or siblings about savings culture and personal finance,by opening a bank account for them. Have at least one financial conversation with a friend, colleague or neighbor each month.
5 Financial Relationship Resolution: start having a monthly budget or financial meeting with your business partner and spouse, prioritize your financial goals as a couple. Don’t hide any purchase or financial investment from your partner.
With 10 more months to go in this year ,2020, I’m sure the above tips will be very helpful to you. I’ll be glad to answer your questions at the comments section.