Financial New Year Resolutions for 2008

Financial New Year Resolutions

The New Year is an opportunity to make a fresh start, getting rid of bad habits and resolving to find some new good habits. Financial Resolutions for the New Year can include:

Have an Annual Financial Service.

At least once a year it is worth looking at all your financial decisions and decide whether they can be improved on. For example, each year you should check that you have the best insurance and mortgage quote. Make sure your investments are offering the best return with a sufficient diversity of risk. During your annual financial service it is an opportunity to look anew at each decision. Sometimes we continue with a product / service only because it is easier to maintain existing deals without the bother of switching. During this service, you will work out your true financial state and work out whether you need to make any changes to avoid debt.

Build Net Worth

Don’t just think of income that you can earn. Think of ways that you can increase your net worth. This may involve gaining qualifications to enable higher paid jobs in the future. It may involve building your personal brand to enable greater income flows in the future. Building net worth is also a route to passive income. - income that is not dependent on how many hours you work for someone else. Creating a website is an excellent way to generate potential for net worth

Avoid Impulsive Buying.

Buy what you want, rather than what businesses succeed in selling to you. Impulsive buying is easy to do, especially around Christmas and in certain locations. Therefore, be careful where you spend your time. Be prepared to wait and come back later - If you really want something, you will come back and get it later.
Don’t Be A Slave to Money

If we are judicious with money we can make it go further. However, don’t forget that money is there to be enjoyed. Make a list of how you would like to spend money this year. Work out how much free time you are able to create.

Education

Take time to learn about certain areas of finance. Make sure you know different types of products on the market. Sometimes people feel that finance is something to struggle through on your own. But, given the amount of money at stake, it is worth taking advice and recommendations from experts.

Set up Direct Debits for Your Bills

If you can set up direct debits for your bills and credit cards, you will save time, money and avoid gaining a bad credit record for missing payments. It is easy to forget a payment or the payment may get lost in the post. With direct debit firms usually agree to give small discounts on bills. To set up a direct debit it usually only requires a phone call to your bank or utility supplier