It’s January again, the time of year when many consumers look back on the last 12 months at their successes and failures, financially speaking, and try to get an idea of what they should do differently next year in order to have more of the former and less of the latter.
To that end, we’ve put together 5 Keys that will help you to be financially successful in the coming year. The reason; we’re a nice bunch of guys and gals and we hate to see anybody fail financially. Enjoy.
Key 1: Remember that even small savings, done regularly, can add up. Many people fret that they don’t have enough money in savings or investments. In order to “catch up”, many think that they will have to cut their expenses in half and live like paupers, but the fact is that even a small amount of money put into savings on a regular basis will add up to a tidy sum at year’s end. That doesn’t mean that you should only save a little, especially if you can afford to put more money aside, but just that it isn’t fruitless to save, say, $50 a week.
Key 2: Increase your Income wherever you can. Whether it’s getting up the nerve to finally sit down with your boss and ask for a raise, getting a 2nd, part-time job, starting a business on the side or, if you already own your own business, increasing your prices, the only person that cares if you make more money or not is staring you in the face every morning. Make sure that person (okay, it’s you) does whatever possible to increase your income and, of course, put that extra money you make aside.
Key 3: Resolve to become Debt Free. One of the keys to being financially independent is to make sure that your money is working for you but, if you have a lot of debt, it’s almost impossible to make that happen. The fact is, big debt means big money lost to interest charges, fees and so forth. One of the most famous personal-finance experts in the country, Dave Ramsey, says that the best thing anyone can do to be financially successful is to pay down their debt completely and live debt-free. Make that one of your goals for 2015.
Key 4: Start Setting Financial Goals. Frankly, goal setting is not a new idea, especially when it comes to finances. That being said however, it is one of the best ways to actually reach financial success. Your financial goals should be very specific and also realistic, especially if you want to stay on track with them. Once you set a goal, refer back to it at least once a week, stick with it and, by the end of 2015, you’ll be amazed at what you’ve accomplished.
Key 5: Make sure to Invest in the most important person; yourself. Self-development should be at the top of your “to do” list for 2015. Let’s face it, the more skills that you have, languages you can speak and knowledge that’s stuffed into your brain, the more valuable you will be to your employer, a potential employer, a partner and yourself.
Hopefully these 5 Keys have given you something to think about in these first few weeks of 2015. The new year is only days away and with it the opportunity to change your financial habits, and your life, at the same time.