8 Financial Resolutions that Must Be Implemented This Year

At the beginning of this new year, you certainly have a number of resolutions in life. In general, almost everyone will make a number of improvements that can take their lives in a far better direction than before. This is the purpose of a resolution, so it is not surprising if you also do the same thing in life at the beginning of this year.

Start the current financial resolution by listening to the 8 financial resolutions that must be applied this year in finance:

1. Arrange and Run a Financial Budget make a budget

The first step that must be taken to initiate financial resolution is to prepare a financial budget. You can create a new budget or even just improve the budget that was used before.

Don't overdo it, make a reasonable budget, where income and expenditure are balanced and can support your life effectively. But beyond all that, running it also would be no less important. You surely understand that no matter how good your budget is, it will not be useful if you have never done it well in life.

For that, start discipline in running the financial budget that has been prepared, so that your financial resolution can indeed have a positive impact on finance itself.

2. Increase Savings Value

If so far you have been accustomed to saving and setting aside a portion of income in the savings account, then this one resolution will not be difficult for you to run. Try to increase the value of your monthly savings, so that the amount of savings becomes larger than before.

If you have only set aside 10% of your total income, then start increasing it to 15% per month. This will greatly help finance become better and more stable in the future. You can have a sizeable amount of savings / reserve funds, so that finances become safer.

3. Pay Off All Debtpay off debt

Debt is a burden in finance, especially if this debt is only consumptive and does not produce anything. Begin to make financial repairs by paying off all debts, so that finance becomes better going forward. If the debt is large enough, then do the repayments in stages, so that the amount of debt repayments will not burden the financial too heavy. Start with debt that has the highest amount of interest and costs, because these two components also burden your finances every month.

4. Make a New Investment

Don't forget to put some investment funds in finance, even, if possible, you have to add value. Try to start making a number of new investments this year, so that finance has improved from previous years. Choose investment instruments that are considered appropriate and profitable, including by considering the risks contained therein.

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