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Count down to 2016 with ten resolutions for financial fireworks!

Every January always brings with it promise of fresh beginnings and self-improvement. It’s the perfect time to take control of your monetary situation and overhaul it for the better. So, don’t let yet another twelve months fizzle out. Let’s count down to 2016 with ten resolutions that’ll help you usher in the new year with financial fireworks! Ten… Get Reacquainted With Your Finances. The first step toward financial improvement is to check the status of all your financial accounts, take stock of your assets and debts, and evaluate your cash flow. This will enable you to identify particular areas that warrant improvement. Nine… Set Specific Goals. Vague goals like “pay off all debt,” can seem insurmountable straight off the bat. Instead, know what you want and outline SMART objectives: specific, measurable, attainable, realistic, and time-sensitive. Instead of simple “save more money,” consider something like “save an extra $10,000 towards a home loan by the end of the year”. Eight… Make A Budget. Yes, we bandy about the “b” word a fair bit, but it’s so important to your financial health. Like a diet, a budget is only as good as how well you stick to it. Seven… Review Your Banking. Change the way you bank so you don’t pay unnecessary transaction or monthly account-keeping fees. This could save you a lot of money over the course of the year. Six… Automate Your Savings. Rather than saving whatever you have left at the end of the month, have your savings automatically spilt from your spending money every time you get paid. Do this via your employer’s payroll deduction or automatic transfer from your bank account. Five… Close Unnecessary Accounts. Financial institutions fees can mount up. Is it really necessary to have several credit cards? Four… Buy A Home You Can Afford. Home ownership lets you be the king or queen of your own castle. It’s an asset that generally appreciates over the long-term. The key, however, is not buying more home than you can comfortably afford. Three… Treat yourself and those you love. Once the “needs” of you and your family are taken care of, meet some of those occasional “wants” that let you spend more time together, like a vacation. Studies show that spending money on experiences, rather than material purchases, creates longer lasting happiness. Two… Collect Your Change. The first thing you should do when you go home is throw your coins into a piggy bank. You’re likely to save at least a few hundred dollars over the course of a year. One… Set A Good Financial Example. Do your best to improve your own financial performance in order to impart beneficial lessons upon others, especially children, who tend to learn by example. It’s information that will serve as the foundation for their future relationships with finance. Have a great Christmas and a very Happy New Year, from everyone at Moneysoft!