Every year we make resolutions to improve our financial health but somehow down the line we fail to adhere to it. The main reason is not implementing proper resolutions with realistic view. Unclear goals without milestones tend to fade with time.
Instead of making unreasonable resolution one can set resolution which are specific and measurable. Here are few examples which are better to avoid while making new year resolutions.
Worst Resolution: Spend Less
Yes, the most famous quote as it is used most often specially when they are about run short of money or when they plan to buy something for luxury.
It is better to specify where to spend less such as in grocery list, outside food, movies etc. Set an amount how much you want to save every month and end of the month how much you have saved.
Worst Resolution: Pay off debt
This wont take you anywhere, instead plan to set aside certain amount per month or keep a target for year such as Rs 12,000 or every month Rs 2,000.
Better to consider from where you can save like cut the spending for grocery or entertainment?.
Worst Resolution: Stick to the Budget
How? If you have not written your resolutions and not following. So, maintain a dairy, planner or app which will help you as well as remind you of your targets.
All your resolutions should be made note and needs to be constantly reminded. Only earning will not necessarily help you in saving more unless you make an extra effort.
Worst Resolution: Earn more
Saving more will mostly help when you earn more, than or else you will make you life miserable. Just quoting to self wont help.
If you really want to earn more, than try some part time jobs or work from or tutions.
Worst Resolution: No Luxury Items
There is a thin line between luxury items and necessary items, through passing days luxury items become necessary items. So, think twice before making a purchase.
5 Worst Financial Resolutions You Should Never Keep
Following all these, do not stress yourself or family members. Find a budget tracking tool and stick to it. Avoid depending on credit cards as it helps you spend more than your budget.