Happy 2016! We tend to depend on the New Year’s resolutions that we set every year just to be able to set our minds about what we should be and should not be doing when it comes to managing our money and expenses. Here are the ones that you should put into reality.
“Hindi na ako mangungutang.”
Probably one of the most difficult things to do, especially when you are only earning enough every month, is to prevent yourself from borrowing money from other people or from applying for loans. You might promise yourself that you would never borrow money again, but it’s really difficult to measure the circumstances that may come to you during the years that are yet to come. You will never know when you will need more than what you are earning. Therefore, adding this to your New Year’s resolutions can end up being a total waste, especially if your savings and your emergency funds are insufficient. But, if you’re dead serious in climbing the ladder to financial freedom, eliminate bad debts first.
“Dadagdagan ko ang ipon. Babawasan ko ang gastos.”
Most Pinoys love putting this on their list of New Year’s resolutions, but only a few get the chance to really follow it. Just like when trying to prevent yourself from borrowing money, it is really difficult to save money, especially when you’ve always been a big spender. If you really want to save, you have to put your mind to it and you really have to be strict when it comes to putting your allotted percentage of money into your savings. In short, have discipline. Have you ever thought of focusing on your cash flow instead of your savings since that’s where you get your savings, anyway?
“Ang mga kailangan ko lang ang bibilihin ko.”
There will always be new things brought about by the ever-changing trends in the society, especially in the field of technology, that will catch your eye and will lure you into spending your money to buy them. And before you even get to think about and consider your finances, you have already bought things that you thought you needed, when in reality, they are just “wants” and not “needs”. Having the motivation to resist and say “no” to these can definitely be challenging, but nothing is difficult to a decided mind. The question is, have you really decided to buy what you only want effective immediately? Make sure you don’t have amnesia.
Setting financial New Year’s resolutions every year can be both an encouragement and a challenge. However, with the right knowledge in financial management, a good amount of motivation and a sense of discipline in spending your money, you will be able to make the most out of every single penny you own or have, be it that you have financial New Year’s resolutions or not.
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