Tips for Having a Great 2016, Financially

With 2016 on the horizon, nobody really wants to talk about finance at this time of year. But advance planning could make the upcoming year a fantastic one for you. You’re going to have a great 2016 if you put all your ducks in a row and ensure that your budget is a solid and stable one.

We’re going to give you some actionable tips you can take advantage of right this second for having a great 2016, financially.

Get a Budget Together

How can you do well financially when you have no idea what’s going in and what’s going out?

It’s physically impossible to do. Figure out how much you’re spending every month and how much you have coming in every month. Separate the bills you can’t avoid and the things you can cut back on in a squeeze. This will make it easy to make changes or to build a savings account.

Remember to update your budget at least once every financial quarter.

Focus on Debt

Debt isn’t always a bad thing. Through using organizations like people have turned their finances around. But you have to keep a close eye on any debts you do have so they don’t get out of control.

You first need to confirm that you can make the repayments every month. Next, you should think about whether you want to clear some of your smaller debts in one swoop. Sometimes there are penalties for paying off bigger debts at once, particularly when it comes to bank loans.

Your goal is to eliminate debt, so this should be a priority.

Build a Nest Egg

What would you define as a great financial year?

1.      To clear your debt.
2.      To make a profit.

Run your finances like a business for the best results. When we talk about profit, we talk about building up a nest egg you can turn to in an emergency. There’s no glass ceiling when it comes to how much you should save. We agree that you should continue saving for the rest of your life.

But there’s a minimum you should aim for. Gather together at least six months of living expenses. This is the minimum to ensure that you can survive without taking out huge loans in the event you lose your job.

Nine months is good. Twelve months is fantastic. Imprint these milestones in your mind.

Have a Goal

It’s difficult to motivate someone to save money purely for the sake of it. You should have a goal in mind. It may be an exotic holiday to a dream destination or a new car. Whatever it is, write this goal down and think about how you’re going to accomplish it.

Over the course of 2016, your motivation will stay high and you’ll be less likely to deviate. Aimless saving is difficult to sustain for most people. They need direction.

Last Word…

Just remember that good financial habits are a long-term endeavour. Do your best to save and you’ll reap the rewards in 2016.

Do you have any Financial Fitness Goals in 2016?


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