Many people include personal finances in their New Year’s resolutions, but not all of them achieve their goals and manage their money in a better way. If you have been one of these folks, don’t worry since it’s not yet too late! Now that 2016 has begun, you can start all over again and take a few steps closer to financial independence. Some of the things you can do include:
Automating your savings
Many experts believe that self-control is a finite resource. By the time you’ve used up your self-control on avoiding a sugary treat, limiting your Facebook time, and doing other things, you won’t have any left to control your spending and ensure you save enough money. So, to make things easier for you, ask your bank if they could automatically direct a portion of your earnings to your savings account. Since you won’t have access to the money, you can’t spend it and you’ll ultimately make your savings grow.
Re-evaluating your insurance needs
When was the last them you reviewed your insurance policies? If you can’t remember, now is the time to do so. You might find that you’ll need to upgrade your coverage if you’ve had a baby and/or bought a new property. You may also need to change your beneficiaries if you’ve gotten married or divorced.
Monitoring your expenses
Whether you’re employed or have your own business, you need to know where every penny of your salary is going. So, this year, get a blank notebook (or download a free finance app) and use it to track your expenses. By doing these, you’ll have a concrete idea of where and how you’re spending your money.
You can then use this information to identify the cost-cutting measures you can take, such as giving up your cable subscription if you don’t watch much TV or making your own coffee instead of spending hundreds on gourmet coffee shops. Take these steps now to achieve your finance goals in 2016!