Post Written by Sherin. Follow my on Twitter New year 2010 is near to our door step! There are very little days remaining for us to evaluate the status of resolutions which we had set at the beginning of 2009. If any of this was not yet met, identify the failure reasons and tune it in a better way for coming year. To set New Year 2010 resolutions, I consider this is the best time and we could start now onwards. We still have more than 10 days to study and set well defined, working resolutions for New Year 2010. You can set one or many fresh resolutions including previous year’s incomplete one, for this year. Here is a list of 10 fabulous financial resolutions. This can select as any or many to set for this new year, as your own resolution/s.
1. Stop a Bad Habit
Stopping or killing a bad habit can be the best resolution one can set for this New Year, if he/she have one such habit. It is not only helpful to save lots of money but leads to a healthy life. Generally, bad habits affect to the person along with family members too, in many ways. Make it as a New Year resolution. Think healthy and live healthy. Read my previously written post “convert a bad habit to millions”, to get an idea on how one can stop such to save money.
2. Plan to Get out of Debt
Suffering from debt is always painful. Debt means financial imbalance. Good planning helpful to get out of debt gradually. Read my previous article which explains easy, step by step guidance to get out of debt. Identifying your debts and categorizing it in a better way to work with it would be a good option to completely free from debt at the end of this year. Many resolutions in this list can work as a perfect support to this. Grab the best guides focused in it to read and practice the best efforts to get out of debt.
3. Build a Good Saving Strategy
Have your own saving strategy. Saving strategy should start from the day of getting your first salary. Better money management leads to secure financial life. If you still not have a right saving strategy, this is the time to set a resolution for that! I am sure; you will have lots of balance money in the account at the end of this year once if you set a perfect money saving strategy.
4. Identify and Work to Secondary Income
Everyone has option and right to generate secondary income to support primary. Make a resolution for this year to identify yours and work with that. Read this fantastic article “Practical Guidelines to Create Additional Income” to get simple, excellent ideas on this. You can even try out for the best available books in the market to get good quality of advice on this subject. Read Dave Ramsy’s Total Money Makeover guide as a good start up point.
5. Start a Part time Business
There is huge number of possible side business ideas in the market. You can thus better utilize your free time to produce good income from it. Refer the resources and select one that is most suitable to your character, interest, availability and requirements. A best start up point for this can be a right guide which listed with all such business options. Go and get one right away from here or here or here to set your resolutions and start work for achieve that. Such guides provides thousands of fantastic part time business ideas and sure, you can find one that it highly suitable to your taste. You can read this article, kick-ass ideas to become a definite millionaire, to stimulate your thoughts in a better possible way.
6. Get Your Family Protected from Future Financial Burdens
Health and wealth are the most supportive factors to lead fantastic life. Health related issues are the major culprit for losing lots of your money at any unexpected time. In this context, getting protected from such situations should consider as an important resolution for this New Year. Work for it, buy necessary insurance policies that able to financially protect you from such panic situations to a great extend! Here is a right article for you to refer further for better ideas on this. There are number well written guides available on this. You can go and get tools and techniques of life insurance planning to get complete advice on this.
Once you have protected from health related financial issues, it is the time to think about protecting your family from future financial uncertainties. If you are the lone bread winner in the family, consider this as a must resolution for this year and ensure you meet this goal before the timeline. Through protecting yourself using required steps, you are ensuring your family will not suffer in case of anything bad happening to your life.
7. Train Your Kid About Money
Kids should grow as money masters. Parents should train and support them to become like that. Train them to get a right practice of saving money. Remember, any good practices that follow from the childhood will remain for long. Gift them a piggy bank and give coins to collect in it and thus build a savings habit. Train your kids to spend money wisely. Take them with you to the bank or wherever you go for transacting money. Let them start achieving money related wisdom from the childhood itself. Money sense for kids is a right resource to help this.
8. Practice Various Money Saving Tips and Strategies
There is huge number of money saving tips available in the market on each and every area. I have also posted number of them in my blog. It is sure, all the money saving tips not going to work for you. Work and identify the tips best suitable to you and family to practice and go ahead with that list. Make this as a New Year resolution to practice. Record it to measure your success at the end of the year to know how much money you have saved through this resolution. You can share it, enhance it and transfer it to others later.
9. Develop a Good Investment Plan and Portfolio
This point could work as a wonderful resolution for you in this New Year. Approaches to an investment plan required enough seriousness because, investing is like pouring water to the best life of your kids and kin. You can set separate resolutions like achieving knowledge, creation of investment portfolio, setting goals and working for achieving the same through identifying and doing right investments etc..
10. Build a Secondary Job Skill and Enhance Primary Skills
Like me, lots of people considering full time job as their major income stream to support the family. Growing market and technology demand time to time skill update and enhancement to protect our performance as well as job. Panic on job loses forcing us to build possible secondary skills to identify a job easily with other areas than where we are presently into. Make a resolution for this New Year to update your skills as well as building secondary skills to convert yourself as a multi-skilled employee. Refer 150 Jobs for Your Skills to identify one best suitable for you.
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Image courtesy: Eustaquio Santimano