New year, new ambitions, and new goals to achieve. Yes, the previous year may have been marred with a global pandemic, which made achieving your goals quite difficult. However, take that as a lesson in planning for better financial contingencies for the new year. To make things easier, here are five financial goals you should strive to achieve for the new year.
The first goal you should set for the new year is budget your spending. Many people often have the habit of spending most of their income as soon as they receive it, which shows poor financial discipline.
Of course, it is difficult to maintain financial discipline with our ever-increasing wants. However, creating a financial plan will help you be more responsible, and will make you feel accountable when you do not stick to what you have planned for. You can plan your budget either monthly or yearly.
We all saw the global economy suffer a great deal in paying debts during the pandemic. It is slowly recovering, but it is always best to be safe than sorry when it comes to being in debt.
Plan your budget accordingly, so you will pay off your debt as soon as possible. Be it housing loans, a personal loan, or a vehicle lease, always prioritise paying those off. Spending your income in this manner helps you understand your disposable income to spend on other products. Moreover, plan out your financials so you will be able to avoid as much debt as possible.
Saving money is one of the most difficult things anyone could do in today’s world, since the wants of people are constantly increasing. One of the best ways of saving more is by always asking the question of whether you really need to spend on the product.
Another way to increase savings is by opening an HNB FINANCE Savings Account and activating mobile alerts on every transaction made through the account. The reminder will help you make a note of your purchases. HNB FINANCE’s savings account has some of the best interest rates as well, increasing your savings every month.
Brush up on your accounting skills for the new year, so that you can find out if you are sticking to your budget or not. You do not necessarily have to create ledgers and write down each transaction, as there are alternative methods such as special accounting apps and software. Using these technological alternatives, you will be able to get a proper amount of how much you spend and save every month.
Moreover, you will be able to keep track of how much you must pay for utilities and taxes as well. Accounting for every income and expenditure will allow you to set aside money for emergencies and other important situations too.
Set yourself the goal of earning a second income for the new year by investing. Whether it is in a new business, a friend’s start-up, the stock market, or even a simple fixed deposit, you are likely to get a positive return on investment (ROI).
One of the safer investments that you could do is by opening a fixed deposit at HNB FINANCE. Our fixed deposit rates allow you to reap the best out of your investment. Moreover, you have the luxury of receiving the interest monthly, annually, or at maturity. If you are in a position where you can take riskier initiatives, the stock market or a start-up is the way to go.
With the knowledge you have now, you can plan out your financial goals in the most efficient way possible and take on the challenges of the new year with confidence.
