18:01 30 December 2012
So, if on New Year’s Day you’re stuck for what to make your New Year’s Resolution, check out this week’s Top 10 to see our Financial Resolutions for 2013…
1. Budget: Be organised. From the onset of the year make a financial plan for 2013. This can be your guide and if you stick to it it will save you money, and stress along the way. You will need to consider; savings, investments, loans, debts, and other general expenditure. Write a list and prioritise what you want to achieve and by when. When you achieve it, you will not only be financially better off, but also satisfied that you have reached your goal.
2. Outgoings: Review your bills. Many people intend to do this regularly as you can save money on energy bills, telephone and internet service payments, as well as car insurance to name but a few. If you contact your current providers, they may offer you a cheaper update and save you money. You can also plan to reduce your bills, for example, by taking some of your favourite channels off your TV subscription. This will improve your financial outlook.
3. Debt: Tackling debt is a good way to start off the New Year. By making your New Year’s Resolution to pay off any overdrafts or loans, you will feel like you’re on the right path – these matters won’t sort themselves. So why not make 2013 the year when you sort out your finances and get yourself out of debt? All it takes in most cases is a little discipline and organisation. Debt reduction services can also help you, but they may charge a small fee.
4. Savings: Why not start putting something away for a rainy day? Whether you’re saving to buy a new house, car, to go on your dream holiday, to pay for college or University, or for your retirement, putting a little money aside each month will soon build up your finances. And you never know what is round the corner – you may end up needing to afford a wedding or a funeral.
5. Income: One idea that you can base your resolution on is to make extra money. Maybe you will sell some of your old belongings or take on a part-time job for a little extra cash. This will mean you will need to put in extra effort but it will be worth it in the end when you see your finances grow!
6. Charges: If you make your goal for 2013 to reduce charges you receive, you will save money. This can relate to bank charges; for going over your agreed overdraft, ATM charges; for withdrawing money, cancellation fees; when you end a contract early, or even extra usage on your phone bill.
7. Review insurance: One Financial New Year’s Resolution could be that you buy life insurance. This means that you are planning for the future by taking care of your family. Life insurance can cover you financially in the event of your death. It’s also important to keep all the details up-to-date.
8. Invest: Whether it’s £5 a month or £50 a month, investing is always a good idea. Make this your goal for 2013. You can invest in stocks or funds and they are a good way to help you plan for the future. You can even make payments to investment options such as gold or silver.
9. Financial help: There’s nothing wrong with getting a little financial help. You can talk to people and use services so that you are kept financially on track. For example, speaking to an accountant is one way to take care of your money, and you can discuss loans with bankers. Why not make this your New Year’s Resolution?
10. Write a Will: Maybe your resolution for 2013 could be to write a Will. This is one way to organise your finances. Many people put this off, but by sorting your will, you may prevent your loved ones from falling out in the future. Having a Will means that you can have peace of mind also.
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