The new year is here and for most people it represents hope for new and better things.
I for one hope to make better decisions, especially when it comes to my finances. And what better time than now to begin making those decisions?
If you too want to be in a healthy financial situation come the end of the year, here are a few resolutions you should consider making;
It is easy to end up treating every expenditure you come across as an emergency. I know I have done that one too many times. Like when you realise, to your dismay, that you do not have the shoes to match that dress you were planning to wear for that event. And then you frantically run around looking for the right shoes, without any regard for the cost. Whatever the consequences, you will deal with them later. But in the aftermath of the event, you realise that your spending has thrown your budget into disarray. Hindsight is always 20/20.
What you need is an emergency fund. Begin by opening an account that is meant to deal with emergencies; real emergencies such as appliances breaking down, being laid off from a job, long illness, accidents and so on. Chase Bank has an account that is not only great for saving your emergency funds but is also specially designed for women; the Chase Woman Instant Savings Account. This account allows you to save with no monthly ledger fees and fantastic interest rates. You also get access to mobile banking and easy over the counter withdrawals and Mpesa; so you can easily access your funds. And because it is specifically tailored for you, the modern lady, it comes with benefits such as insurance at discounted rates, AA Road rescue, handbag insurance, AAR Emergency Medical Ambulance Rescue and discounts at selected outlets. Now you can sleep easy knowing that should any emergency crop up, as is bound to happen, you will be able to handle it without having to dip into your other savings.
Invest in yourself:
The year is still young and you might feel like December is a long way away. But before you know it, they will be singing Christmas carols and hanging up lights and the year will be over. So get your resolutions off the ground now. One of the resolutions you can begin with is investing in yourself. Been meaning to go back to school? Don’t wait for mid-year; get the information you need and enrol. You might be thinking ‘that’s not a financial resolution!’ But it is; in a way. Because developing skills that will help progress your career will eventually have rewards. Financial and otherwise. You could also resolve to learn a new skill. It could be the gateway to your starting that business you have always dreamed of.
Like they say; knowledge is the one thing that no one can take away from you. So go on. Invest in yourself.
Clear your debt…or at least reduce it
It is pretty hard to invest when you are in debt. Not to mention the toll it takes on your piece of mind. Do not lag around the weight of your debt throughout the year. If just thinking about it overwhelms and discourages you, then begin by tackling the smaller debts. As you clear of the small debts you will get motivation to clear the big ones and before you know it; it will all be a thing of the past.
Save for something that makes you happy:
ou work hard for your money. So it is important that you give yourself a pat on the back once in a while. I can almost see you nodding vigorously in agreement. You could to treat yourself to a vacation at the coast or a really fancy dinner, some stylish outfits or rejuvenating massage treatments. The trick to treating yourself without the guilt is to plan and save for it early enough. Start now. Get all the details and determine how you will make gradual, manageable payments towards your treat. Waiting until the very last minute to plan and get the funds could lead you to borrowing or spending money that was meant for other expenditures.
Make your savings automatic:
You might begin with good intentions. Planning to make regular deposits to your savings account but before you get to that bank transfer you might be waylaid by a really chic outfit and then later on something else. If money is burning a hole in your pocket, setup automatic transfers from your account to the special savings account and avoid temptation. You will get so used to not having that money in your salary account and the saving process will eventually feel natural. Ensure that the savings account you open allows you to setup automated transfers. For example, the Chase Woman Instant Savings Account allows you to setup automated transfers, with no monthly ledger fees. How awesome is that!
These financial resolutions are worth keeping in 2015. And not just 2015, throughout your life.
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Source: Kenyaweddings.co