New Year’s Financial Resolutions

Most people make new years resolutions.

and if you still had not broken yours in 2019, Congratulations you are the exception.

 

 

 

If you are like me I can just copy last year’s resolution and try again for this year.
New years resolutions are not very effective and rarely work.
It does not matter if it is to lose weight, make more time for family or managing my finances better we all seem to fall short.
All of us know what to do, eat fewer carbs, procrastinate less, pick up the phone and call, setting up a budget and monitor it, but most of us don’t do it.

Maybe we should stop focusing on resolutions and start focusing on with improving our daily habits.

So let us break down the resolutions in manageable and measurable habits.

 

A few financial habits that you can consider for 2019:

• Setting up a budget and monitoring it monthly
• Go through the budget and cut an unnecessary Expense each month. Is it necessary to pay for DSTV or eat out twice a week?
• Pay more than minimum on your credit card repayment
• Review your insurance and interest rates regularly
• Boost your debt repayment. Whatever you are paying for credit card/ home debt, try to increase repayment by 10%
• Advance personal finance literacy. Subscribe to blogs or read more on our website
• Automate your investments. Calculate what you want to put away for what goal and automate the investments. Talk to your advisor if you want help with the calculation
• If you are struggling to get your spending under control you can commit to a no spending day in a month. Stay at home, make your own food and skip shopping.

 

Please let us know with what habits you are going to start and we can keep each other accountable

To a new year and new habits.

From the Bovest Team

Good luck with the new year and let us know how we can assist in anything

Leave a Comment

Your email address will not be published. Required fields are marked *