One of the most common areas where people vow to improve every year is their finances. As common as financial resolutions are, so are the broken promises. So, how will 2017 be different than the previous years? How will this year be successful? Here are surefire ways to seal the deal.
Start SMART
The acronym SMART has always been used in planning and it also applies when to your finances. The financial goals you set for yourself should be specific, manageable, attainable, relevant, and timely.
With this in mind, determine how much you want to set aside for your savings but makes sure that your budget can really afford that. Even if it means you have to start with setting aside something small. There's no use quoting a big amount when you cannot follow through with it.
Set Reminders
Once you have decided on the amount, choose the time when you will set that said amount aside. Will you set aside some money on a bi-weekly, monthly, or quarterly basis? After that, set a reminder to ensure that you don't forget. There are different apps that will help you with that.
Think about the Future
This point refers to your retirement and insurance plan. No matter where you are in life, investing in your retirement and insurance is one of the best investments you can make for yourself. There is no better way than to start young, especially if you are still single. That's because at this point in life, you still have no other responsibilities except yourself. The younger you start, the bigger you can save for your retirement.
Invest
Surely you don't want to rely on your job for the long term. On the other hand, investing in stocks can be risky but the returns are big. In terms of risks, you can study how stocks and other types of investments work. Attend seminars, get a mentor, and practice. Once you become confident about it, you can start taking baby steps until you become familiar and you develop your own strategy.
