Have you been having problem with your budget in 2006, why not follow this great tips for your 2007 money resolution.
1. I will write down my goals.
Writing down your goals is the first step towards financial commitment, and will enable you to analyse,prioritise and focus more logically on what you need to do yearly and monthly.
2. I will reduce my spending.
Whatever your level of spending, small cuts can collectively lead to huge savings over time. Aim to become a financially savvy shopper - avoid impulse purchases and ask yourself: "Do i need it,or i merely want it?"
3. I will use a spending plan.
Do not base your finance on whims, rather be deliberate about how much you will spend on any item, and when.
4. I will pay myself first.
The reality is that the salary you work so hard for each month goes to several interested parties-only one of whom is yourself. the others are the landlord,the grocery shops,entertainment spots,mobile phones companies,your children schools and your family.You have to pay yourself first by setting aside a portion to savings before you spend a dine.
5. I will write a Will.
We cannot predit the future,but we can ensure that our dependant are taken care of in the event of our sudden death. So create a will and secure your spouse.
6. I will not simply chase income but grow wealth.
You should know by now that any increase in income will definitely lead to an increase in spending. Plan to grow wealth and not income. However, wealth is not created by what you earn, but by what you keep!
7. I will reduce my debt.
Among the goals you wrtite down include settling debts, especially expensive consumer ones like credit cards.Avoid incurring more debt until you have paid off what you owe already.
8. I will Build an emergency fund.
Unexpected emergencies are inevitable, so bill up emergency fund to be used in such events.
9. I will plan for my retirement.
Make sure you are putting away at least 10% of your monthly income towards your retirement. Do not make the mistake of thinking you are too young to plan for retirement.
10. I will give away some of my money.
Giving your money away is a sure way of enriching yourself spiritually, taming your greed and grounding you. Remember it is not money itself that make you happy, but what you do with it. However, your level of charity should be proportionate to your income and do not try to be a lavish giver.
Taking these and other things into consideration, i bet you 2007 would be the best year for you.
