New Year resolutions are flying over the air as people get down to the business of living their lives from the beginning of a calendar year. To be sure, few may follow through while majority usually lose steam along the way and abandon the resolutions. In many respects, it has become cliché to write a resolution.
It is human nature to be distracted. The people that will succeed faced some distractions along the way but they learnt to put them aside with great determination. There is no reason that should not be your story in 2017. It is possible to improve your financial life in 2017 if you follow the tips we have put down for you.
2016 was disappointing for almost everyone, so stop ruining the losses you made in that year. Maybe you lost your job, think of those who lost an entire because they could not survive. Maybe you did not get a promotion, think of those unable to secure paid employment even though they were actively searching throughout the year or those who were retrenched for one reason or the other.
Most of the projections for 2017 sound very positive; crude oil prices is expected to rally, foreign investors are already positioning for a better investment year; the government is serious about diversifying the economy and so many more bright projections. While that may be the case, it is also important to bear in mind that total turnaround of the economy will not happen by magic but by carefully thought out and well executed planning. In essence, if the government fails to follow through on the bright projections it might be a slow recovery after all.
Like the government, it is therefore important you start early to position yourself. One area analysts believe will be very positive is investing in equities. The reason is, the slow performance by equities might continue in 2017 due to the impact of scarcity of foreign currency. Hence, you can consider upgrading your knowledge on investments this January. Determine your investment cost first and then stop waiting, start already.
Secondly a new year is a fresh opportunity to redeem your less than appealing savings track record. Get a separate savings account and in some banks it is free. You may set the account as an investment fund or your emergency fund. Whichever you decide, increasing your savings will boost your net worth and improve your overall financial life.
Third, curtail your spending this year. Do not find yourself disbursing money you are unable to account for. This is one place your mobile phone become a very important ally by downloading personal finance apps like Mint.com etc. Apps like Mint allow you to categorize every single purchase and transaction. The apps also provide you with enough data to determine your typical monthly spending habits.
Finally, always make a budget for everything. According to Rob Berger, Forbes personal finance advisor, wealth is created, first, by spending less than you make. This is exactly what making a budget helps you achieve.
