The New Year is the perfect time to begin getting your personal finances back in order. Whether you’ve built up debt over the last 12 months, have a big event you need to save up for or simply want to be on top of your money, this is a good opportunity to start with something of a blank slate. With the amount of technology and advice available, it’s now easier than ever and the following tips can aid you in your journey to make this year the one you take control of your personal finances.
Set an Annual Savings Goal
Write down what your financial goals are for the year and in general. It could be anything from getting out of debt to saving up enough for a house deposit. From here you should be able to break it down and work out how much you need to put aside each week or month to meet your aims. Compare your incomings and outgoings, identifying anywhere you may be overspending that can be cut down to make it more feasible to meet your annual goal.
Remember Your Taxes
Wherever you live in the world, tax laws are always changing and can affect both your budget, goals and overall personal finances. Of course, if you’re self-employed then this is even more important, as you don’t want to end up going miles over your budget as you’ve forgotten about filing your tax return when the time comes. It’s usually best to start preparing and filing them as soon as possible, to get them out of the way, make it a quicker process and have a clearer view of your budget.
It’s now possible to automate a lot of your personal finance management, thanks to the improving range of budgeting apps available. With some of themyou need to manually enter your spending and income, others can link up to your accounts and provide a good overview of your current situation, including savings targets. The fact that you can access this at any moment makes it even more convenient, so you can check up on your spending habits whenever you want.
Seek Out Professional Advice
If you’re still having difficulty and are considering borrowing money to consolidate debts for example, but unsure whether it’s the right thing to do or not, don’t be afraid to find and use professional advice. Speak to a financial planner about everything from getting a grip on your debts to creating a sound investment strategy. You can get good advice from banks and credit unions, local community centres and professional financial institutions.
Start your New Year off right by taking control of your personal finances with the help of these easy steps.
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