New Year Financial Resolution

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New Year Financial Resolution

• You Can Actually Keep

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Do you have any financial New Years resolution?
Its possible that most of them are on the verge
of being broken already. But, your finances are
one aspect of your life that you cant afford to
overlook this year.
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Set up a Plan for Paying off Your Debts

• Calculate the total amount of debt that you need
  to pay in the year, which should include the
  total amount you owe through your credit cards
  and loans.
• Then, identify the debt which carries the maximum
  interest and pay more than its minimum monthly
  payment amount, while continuing to pay the
  minimum monthly amount on other debts.

4
Save a Little Amount Every Month

• In order to meet other financial goals, such as
  saving for the down payment on a home loan, auto
  loan or for vacations, its important that you
  have dedicated saving plans in the process.
• First, calculate the amount you need to save
  every month to meet all financial goals, and then
  automate your savings through your bank account
  or payroll deduction.
• This will ensure you reach your financial goals
  early enough by making some actual saving rather
  than saving on and off.

5
Invest Wisely

• Make sure anything you invest fits your current
  needs.
• Invest the money you have saved in low-risk
  ventures or put it aside in accounts that will
  grow like an IRA or 401k.
• Divide your investments among stocks, bonds, and
  cash.
• Its safer to allocate your long-term investments
  in a diversified portfolio.

6
Chart a Savings Plan for You and Your Family

• Make a well-charted plan to meet your and your
  familys financial needs. This could include
  saving for your retirement or setting aside money
  for your childs college education.
• Saving through your employers retirement plan,
  an IRA, an Education Savings Account, or US
  Government Savings Bonds can help your family
  save for rainy days, while saving you taxes as
  well.

7
Make S.M.A.R.T. Financial Goals

• S.M.A.R.T. financial goals should be specific,
  measurable, achievable, realistic, and
  time-bound.
• Make sure all your financial goals are realistic
  and easy to achieve.
• Investing a large amount could drive you
  off-track from meeting your financial needs,
  while investing in shorter amounts could lead you
  astray from your financial goals.

8
Review Your Financial Progress Regularly

• Keep an eye on the progress of your financial
  goals every quarter.
• Review your credit report and take steps to
  improve it.
• Revisit your financial goals and revise some
  goals if needed.
• Adjust your goals and plans according to any
  changes in tax laws, inflation rate, and market
  fluctuations.

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When you break down your financial goals into
simple steps, it makes achieving your financial
goals a whole lot easier. Set aside some time to
put these resolutions into practice and make sure
you stick to them. A little effort in the
beginning of the year will yield tremendous
benefits at the end of the year.
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We understand that it is really tough to face an
unexpected financial emergency. So, with
CashOne, you will often be able to get a cash
loan up to 1,000 or more in one business day
that will be directly credited to your bank
account.