What Are Your Financial Goals For 2015?
The start of a New Year is a wonderful time to think about the changes you could make to your life.
While many people choose to eat better, do more exercise or visit their relatives more often, there is also the chance to improve your financial future. What financial New Year goals could you be setting just now?
Reduce Your Credit Card Use
Could you get through 2015 without your credit cards? I am sure you could. It has been proven that most of us spend more easily on a credit card then with cold, hard cash. It is far easier to make impulse purchases with a credit card than it is with cash, because it often simply doesn’t seem as though you are really spending. Having said that, credit cards can be incredibly useful for getting you out of a tight situation. Ideally, you will operate just one credit card this year, only use it for emergencies and not allow an ongoing balance to stay on it month after month. If you use it for an emergency then look to pay it off as soon as you possibly can.
Start Your Retirement Planning
If you haven’t already started your retirement planning then 2015 is the year to do it, regardless of your age. For many people the first step is to work out what they want to do when they retire. Do you want to live abroad, to live a life of wanton luxury or to just enjoy your spare time as much as possible? Even if you can’t imagine your life so far in the future, it is still a good idea to start your retirement planning. Putting some money aside in a savings account or long term investment will allow you to start to build up your retirement fund. Be sure that you take the time to fully understand the options open to you before settling on the one you like best.
Start Spending Less
There are hundreds of simple and effective money saving ideas you can find online. These range from switching off domestic appliances when not in use to leaving the car at home for short trips and resuscitating old items of clothing. Often you will save just a little bit of money with each one but the cumulative effect can be excellent. If you have never been very big on saving money then now is the time to pay more attention to what you spend. It is easy to spend less once you think about it, and it can also turn into an addictive sort of pastime. If it is something you have never done before then what about giving yourself the challenge of saving a relatively modest amount in January, which you can increase for the following months if successful?
Decide What Kind of Financial Year You Want
Perhaps the most important point of all is that you need to be clear on the kind of financial year you want to have in 2015. If you don’t do this then you stand little or no chance of achieving your goals. Of course, in order to get the financial situation you dream of it is also necessary to be realistic in your goals. If you don’t currently own a giant yacht and a private Caribbean island then 12 months is unlikely to see that change. Instead, you should concentrate on making the little changes that can give you big benefits in the long run. By identifying these issues now and doing something about it you can make sure that 2015 is a fantastic financial year for you.
What financial goals do you have for the coming year?