Ever tried making New Year’s resolutions with a view on its monetary values? Experts say people who makes these types of promises more often than not stick to it to the last mile.
Here are some:
1) Save for retirement
Have you tried having a coin bank when you were young. Now that you’re a bit older, try opening a retirement savings account by January and promise yourself to put in a small amount every payday. That will work.
2) Find ways to generate side income
Picking up extra income can be a wonderful financial resolution. The peace of mind and supplemental income that come with a side business can be a great buffer. Even a hundred dirhams a month can be a great way to reach other financial goals.
3) Start a “rainy day fund”
Starting an emergency fund can be a good New Year’s resolution. You never know what tomorrow might hold when it comes to your finances, but with an emergency fund, you can face the unknown with a bit more confidence, says moneycrashers.com in its piece about New Year’s resolutions.
4) Work on a budget
Starting off the year with a budget is an easy resolution that can be completed while watching television or soaking in the tub, says money crashers, stressing the it doesn’t have to be in a fancy spreadsheet with graphs and charts. “A simple, hand-written list of expenses and incomes can get you started, and can be expanded later if needed,” according to the site.
5) Religiously commit to saving money
Learning to save sounds easy, but it doesn’t happen overnight, the portal said. Becoming accustomed to money-saving techniques can be a lengthy and involved process, especially for those of us who haven’t had much experience with it.
