It is the start of another year, and many will make financial resolutions in the hopes of being able to save money more efficiently. This is very apt, given that I am celebrating Chinese New Year right now
You can easily achieve your financial new year’s resolutions no matter what they may be. To help you get into the right path, here are five steps to help you make your financial resolutions stick in 2023:
1. Determine What Needs To Be Resolved
Many events in life often cause us to rethink our actions. For example, if we find ourselves short of funds despite being able to pay our bills on time, you may wonder what the issue is. But, it may not occur to you that it may be possible you had to deal with unplanned expenses or luxury purchases that may have contributed to your problem.
With this in mind, you should take the time to review your actions and consider what needs to be corrected.
2. Contemplate Your Resolution
Using the example above, we often blame someone else when something wrong happens to us, even if we cause the problem. Whether we acknowledge it immediately or not, we should use the time to figure out what can be done to improve the situation and create the appropriate resolution.
In this instance, the issue we need to address is reducing unplanned expenses or luxury purchases. Some financial resolutions that can be made to resolve it include deactivating any shopping apps on your phone or only purchasing what is truly essential.
3. Prepare Yourself
Once you have the financial resolution in mind to resolve the issue before you, the next step you need to do is slowly prepare yourself to adhere to it. You can note which behaviours cause you to impulse buy and start new habits accordingly.
4. Take Action!
When you identify the actions you need to take to achieve your financial resolutions, it is time to do it. If you think it’s too difficult, you can start slowly by listing the expenses and needs you need to prioritize.
5. Maintain The Rhythm
Now that you are starting the actions to fulfil your resolutions, it is time to maintain that rhythm. If you feel like you are losing your focus, you can review your progress and try achieving milestones.
With the fluctuating prices for goods and services and the uncertainty brought by both global and domestic issues, having a financial resolution this year can definitely add to your chances of protecting your finances and saving money in the process. You can even use these resolutions to prepare for the future if you can focus on it.
With the steps, I listed above and some persistence, you are closer to achieving your resolution this year and even starting a new habit!
Speaking of finances, here are some tips you will best to heed: Top Blogging Niches That Will Make Money 10 Most Common Ways to Make Money with Your Website 8 Business Ideas You can Start with Zero or Little Money
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