Personal Finance Resolutions for the New Year

The New Year brings with it a series of pledges and promises, made by well-meaning Britons, hoping for better days ahead. Among them, resolutions to overhaul household finances are popular with individual money managers who know they can do a better job tending to family finances.
If you’re committed to improving your outlook in 2019, money resolutions may be in the mix. For the best results, set the bar at an attainable level, preventing your resolutions from failing or fizzling-out within weeks or months.

Resolutions emphasising the larger issues within your personal finances can lead to positive outcomes, but you can also make a difference to your bottom line by pledging modest gains. Buy fewer sacks of takeaway. Conserve petrol. Reduce your electric bill. These are all viable New Year’s resolutions. There is no limit to the number of commitments you can make for the year to come, so look high and low for financial opportunities, and resolve to reach your monetary goals in 2019.

Resist Retail Temptation

Impulse buys can be a source of financial distress. With convenient access to credit and relentless pressure from the retail marketing machine, it’s easy to overspend. Retail purchases are made in an instant, yet earning the money to pay for your shopping habits takes far longer than the impulse to make a purchase. If you’re serious about turning around your finances in the new year, resolving to resist spending splurges is a step in the right direction.

Learn Something

Personal finance isn’t a static science. Instead, financial conditions continually change, as the global economy and factors closer to home influence money trends. With economic and social shifts underway, building a general sense of personal finance practices isn’t quite enough, you also have to keep up with the changing tides of finance. Fortunately, valuable information is available from several debt charities and other online resources.

Work on Debt

If you’re confident you can wipe debt balances this year, your resolution should reflect it, but at the very least, your New Year’s pledge should include making a stronger effort, reducing balances. Short-term debt, such as payday funding for bad credit applicants, is rapidly repaid, so a New Year’s debt resolution isn’t necessary, addressing this type of alternative options for people with bad credit. Instead, resolve to reduce and eliminate costly long-term interest payments, such as those attached to many credit card accounts.

Check Your Credit File

One of the nice things about New Year’s resolutions is that they don’t all come due on January 1st. So while it’s always good to have a strong sense of what’s happening in your credit file, it’s not necessary to delve deeply into your credit past first thing in 2019. In support of your other financial goals, however, you should make a point of evaluating our credit file during the first quarter. If you find something needing attention, such as an error or credit issue you’d lost track of, checking your file early in the calendar year gives you time to address credit inconsistencies, before they grow into larger concerns.

Maximise Employer Benefits

Each employer offers unique plans and perks, so it’s up to you to make sure you’re squeezing the maximum advantage from your company’s pension and benefits schemes. The beginning of the year usually includes a period during which you can make changes to your employer benefit plans, so a New Year’s resolution to maximise your pension contributions and employee benefits provides timely motivation for tackling this important task.

New Year’s resolutions help Britons focus on their individual shortcomings, providing motivation at the start of each year. Everyone makes up their own terms, so resolutions cover a wide range of personal matters. Among the most popular targets for the traditional year-end pledges, many people challenge themselves to do a better job managing money in the year ahead. If you’re committed to financial health in 2019, sticking to these resolutions can help firm up your finances.

Paul graduated in 2001 with a degree in Finance. Since then he has gone on to work for several of the UK's most well-known financial institutions.

An avid blogger and a huge football fan, Paul is here to guide you through the ins and outs of personal finance and perhaps save you some money in the process!

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