New Year brings over revelry and new beginning. This is the time when people make new promises and take resolutions to achieve something important, which may change their lives for good. So, why should you not make some promises, if it can change your life for good. However, you will have to make sure that you take the right resolutions which you can actually go on to follow. Furthermore, you will also be required to make sure that you do not take any resolutions just to show or follow others. Making a few promises to yourself this New Year, can actually help you save money and improve your finances.
What it means being resolute
If you can stay firm and resolute on your promises, you will be able to achieve quite a few important things. So, you will have to:
Set-up some important financial goals - In order to achieve so
mething you need to make a plan and follow it. Without that it may not be possible for you to act wisely and follow the right path. So, if you are taking some financial resolutions, make a plan based on what you will have to do and how much you will be required to save.
Learn how to say no - You will have to learn how to say no. Yes, this is one of the most important resolutions which you will have to take if you want to save money and stay away from debt, this New Year. You will not only be required to say no to others, but also to yourself. If you are craving to get something which you simply fancy, say no to yourself.
Make larger and more than one payment - Rather than making minimum and a single payment on your debts, promise that you will be making more than minimum payment and more than one payment in a month. This will help you pay off debts fast, and thus save more money in the future.
Try and borrow less - You will have to try and borrow less or simply do away with borrowing. This is because, when you have too many debts most of the money goes toward making the debt payments. This can help you in using most of the money towards saving money.
Buy only if you have cash and affordability - Promise yourself that you are going to buy things only if you can afford to buy it and only if you have enough cash. Stop using credit cards to buy anything and everything.
Negotiate for less - If you have been planning to negotiate with your creditors, lenders and insurance providers for lowering the fees and changing the payment terms, do it now. This is the time take resolutions and so complete this task by the first month of the New Year.
Opt for automated payments and savings - Try the automated savings and payment tactics. This will help you a lot, as the money which will be credited to your salary account will immediately be moved into savings accounts and go towards the other debt payments. This ensures that you save more and avoid missing payments.
Chuck unused accounts - If there are quite a few unused accounts, it would be important for you to close down those accounts. The less accounts, the better it is as you will have less credit cards to use and fewer credit card debt too. However, avoid closing all of the accounts at the same time.
Exercise and stay healthy to save more - Exercise and stay healthy so that you do not need to spend lots of dollars on medical treatments. The cost of treatments and medicines are so high that majority have problems in managing the cost of medical treatment. Therefore, most are required to borrow money which again becomes hard to pay off. However, if you can go on to maintain your health, you may not even be required to borrow money for health related treatments.
Try Military Saves Week - People take resolutions during the New Year and so the will stay strong in the first month and may be the second. After this, the will power starts fading and if this is the case with you too, you can take part in the Military Saves Week. This can help you stay put with your savings plan.
The above are some of the promises you can make to yourself, if you want to save more money this New Year and avoid debts as much as possible.