Tuesday, December 19, 2017

# finance # financial health

Why New Year's Resolutions Should Always Take Stock Of Your Financial Health




The silhouette of 2018 is slowly forming on the horizon, and you can feel yourself longing to make some New Year’s resolutions. Unlike last year when you only managed to stick to the gym membership for a fortnight and when you saw candy bars creep back into your diet by February, you want to make these resolutions stick. The most important aspect of your life is your financial health, so ensure that this is your number one priority. By fighting fit financially, you have the freedom to embark on other endorphin inducing endeavors such as travel, eating out and following your passions. Take a look at how you can look forward to a financially healthy 2018.

Budget

It may seem boring and a tad long-winded, but by looking at your incomings and outgoings, you should be able to spot those needless luxuries that you are spending out on. By cutting the grande mocha latte from a famous coffee chain on the way to work every Friday, you’ll be saving hundreds of dollars over the course of a year. Try and limit your expenditure so that it doesn’t exceed what you are bringing in. Otherwise, you could find yourself falling into debt. Having a budget to stick to like the ones available at thebalance.com can motivate you to continue along the path of financial fitness.

Shift The Debt

Before you consider starting up a nest egg, you need to clear any debt that you might have. Credit cards, store cards, and personal loans need to be paid off as quickly as possible. One way to make this simpler is to head over to debtconsolidation.loans and explore the option of merging all of your debts into one monthly repayment. This way you don’t have to worry yourself silly wondering if you are sticking to a whole host of payment deadlines. You may also be able to shift the financial burden quicker as you’ll have a set term loan and you’ll be paying off way more than just the lingering interest on a credit card.

Savings

Seeing savings accrue for a rainy day is life-affirming. There’s nothing better than watching the amount you dedicate to your nest egg stacking up month on month. You may even get to a point where you want to do something more worthwhile with your money to see a greater return on an investment. If you are astute, you may be able to take a flutter on the stock market, invest in property or purchase yourself some cryptocurrency. Just make sure you don’t invest more than you can afford to lose and think about your investments as long-term money earners.

While you should be looking after your finances all year round, there’s no better time to reflect and assess the bigger picture than at the start of a New Year. While you may want to venture to the gym a little more often and you’re keen to shift those few extra pounds you might have put on over the festive season, don’t forget the importance of your financial health when considering your New Year’s resolutions.



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