Financial New Year Resolutions

The start of the year is always the best time to reflect on the past year and set some new goals. No matter where you are on your financial journey, there are ways to improve your situation.

Here are a few New Year financial resolutions to consider:

Build a budget

Budgeting your money makes more of a difference than you may think. It is a good habit to become more financially aware and consequently, responsible. Many people end up overspending and struggle financially because they do not track their expenses. Budgeting prevents this by showing what you need to spend each week.

The new year is a clean slate that makes it less intimidating to set a realistic budget. Committing yourself to tracking, modifying and making sure you’re sticking within your budget throughout the year can be hard but consistency is key. To have a rough idea of a realistic personal budget, look at your past monthly expenditure. You can always modify the budget if necessary.

Build an emergency fund

COVID-19 has made things more unpredictable than usual and creating an emergency fund is a great way to prepare for any unexpected circumstances where you need some quick cash. Different from a savings account, this money is put aside specifically in case of emergencies. Whether it’s a car accident, losing a job, or repairing your pipes at home, having some money to fall back on makes things less stressful in the long run.

Learn about money and finances

They say knowledge is power, and this is true when it comes to finances. By learning more about money and the system it operates in, you can apply knowledge to your own personal situation. You can learn more about money via podcasts, reading books, researching on the Internet, enrolling in a personal finance class or talking to an expert. 

At Wagtail Wealth, we understand the importance of keeping in control of your finances, speak to one of our experienced Financial Advisers today for support.

IMPORTANT NOTE: This information is general advice only and does not take into account your personal circumstances, goals and objectives. Therefore, you should consider its appropriateness for your circumstances before acting on this information.

← Back to Blog