There could not be a better time to mull over the changes needed
in our life style than at the beginning of a New Year. This is
also a good time to set yearly goals and make resolutions. Each
year, according to statistics, almost a third of us make some
kinds of New Year Resolutions. Interestingly, although financial
future is our main cause of anxiety, our personal finance,
according to surveys, gets only to the fifth place in the list
of most common New Year resolutions.
For those of us who are still in the process of making New Year
resolutions, my suggestion is to give high priority to financial
aspects.
Here are some resolution ideas that may change your financial
future over the course of time.
Saving
Lets make one thing clear! What ever amount of money you make
it’s probably never enough! The way our consumer psychology
works is our demand increases along with our income. This makes
saving really a problematic task! Some people do have inborn
ability to save willingly, but most have to force themselves.
If you are one of these people, who find saving a difficult
thing, you should consider the methods described below.
•Commit to yourself that each month you will set aside
minimum ten percent of your income for investment
purposes.
•Make a strict habit of depositing 10 percent of all your
incomes directly to your saving account.
•No matter what happens, don’t give up.
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You might argue that your income is not enough to make any kind
of savings. Believe me, once you try putting away 10 percent of
your earnings, you will see that this really does not have any
serious impact on your budget.
So your first resolution is to save ten percent of all your
incomes month after month.
There is hardly any point to save if you don’t put your money
to work for yourself! So, once you resolved to save, you need
to invest your money wisely.
Credit cards and other consumer loans
According to New York Times through out the last decade use of
credit cards has increased dramatically. The number of the
people having credit cards raised about 75 percent from 82
million in 1990 to 144 million in 2003. However, the debt
burden that they carry had grown 350 percent from US$338 billion
to an astounding US$1.5 trillion. In 2003, according to the same
report, average household carried a debt of US$ 7,520 in
comparison to US$2,550 in 1990.