FINANCIAL RESOLUTIONS FOR THE NEW YEAR

January 29, 2018 by Medvisor
Accountant, Finance

As the year begins a lot of people take a look at the things that they did wrong in the past years or things that they did not attempt to do at all hence they try to make things right in the new year. Those who did things wrong attempt to do them in a better way or at least promise to try to do so while those who did not attempt to do things that they ought to promise to attempt them.

All of these things are done in hopes that their lives will be better with the resolutions. Most resolutions are targeted at enhancing one’s health or spiritual life for religious people. But today we will show you some things that could serve as financial resolutions targeted at making your financial life better. Without further ado here we go!

Create a Budget

You probably may have tried this at some point in your life and couldn’t stick to it, well it’s not just you dear reader, it is, in fact, a very common thing for budgets to not be followed by individuals. One reason why this occurs is because people fail to realize that there are different ways to budget and not all ways work for all persons.

What you can do to help yourself is go through the internet in search of different budget samples and choose one that seems most suited for you or you could download an app to help you list out your priorities and create a budget. You may also speak to professionals from Medvisor Consultants and they can give you a tailor made budget which would be uniquely satisfying and very easy to follow.

Get Out of Debt

Debts are like heavy objects placed on our heads that we have to carry as we walk. Simply put you cannot walk far and as quick as you want financially if you have to keep walking around with debts. Personal loans, credit card loans etc. all have to be paid or at the very least put plans in place to ensure that the maximum that you can pay is being paid this year so that at the middle of the year or in the last quarter you would be free of this heavy load and the forward movement can proceed unhindered. This takes us to the next resolution.

Create an Emergency Fund

Once free from debt, enough should then be put in place as savings. Emergency funds are the funds that cannot be touched until there is no other available option. You should be able to have about 3-4months worth of funds to sustain your lifestyle in case anything happens that would stop your income for the said period of time. The importance of this fund cannot be overemphasized as one cannot be too cautious with emergencies.

These are very few of the numerous things you can do to improve your financial life, others include not wasting money and growing your superannuation fund. It is important to note that resolutions can only bring results when fully adhered to with discipline. You may need more professional advice so contact Medvisor Consultants today. At Medvisor we have Qualified GP Accountants who are very capable of handling finances for medical professionals as well as dental and medical business advisors. We also have Accountants for Doctors in Melbourne and Tax Agents for medical practitioners in Chelsea.

Debt Management and How you can help yourself?
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