Journeying into a new financial year

 Filed under: Personal Finance | Author: Hope Ikwe

The dawn of another year is here again with many people making resolutions in every facet of life including their finances.

Not many of these resolutions accomplish their resolves not because they are not well intentioned but because makers of the resolution don’t understand the rudiments of such resolutions.

Resolutions made out of the blues will be like building castles in the air. It would be important to know your financial stance, to know where to start building from and don’t be too harsh on yourself to make an unrealistic resolution.

It would be fictitious to start making some decisions without considering your financial foundation. Do you even have a foundation let alone a solid foundation? Is your foundation faulty? These are some of the questions to ask before building upon your financial base.

The foundation can be financial decisions which you have already put in place the previous years, which you will like to build upon. If it happens that your financial plans have failed over the years, it is advisable to demolish that foundation and lay a new foundation this year.

When laying a new financial foundation, put your investments, budget, expenditure, income and habits that affects your finances into consideration this New Year to achieve the best results.

Making plans and sticking to your plans is one habit to inculcate to help you achieve your financial goals. Sticking to your plans shows how you respects yourself and how true and committed you are to yourself. It is however unfortunate that many people can be committed to every other person other than themselves and this affects them financially a great deal.

Paying up your debt and never having any intention to incur more is one decision that will ensure your financial well being this New Year. If you have tried the previous year to upset your debts without result, you can make plans to settle your debt bit by bit in a way that will not create too much holes in your pocket.

To make any financial headway this year, your financial well being must be your utmost concern and you must be determined and interested in succeeding. This image of financial success must be pictured in your mind’s eye until you gradually and steadily bring this graphic picture to reality.

Building up an emergency account is one step to financial security and freedom that financial experts have emphasised for the umpteenth time. This is very important to see you through uncertainty which can happen at anytime no matter how you try to shy away from them.

Setting aside funds to meet the needs of love ones should be in your agenda this year for you to make financial progress. If you don’t make plans for this you may find yourself dipping hands into funds that are meant for other purposes because you cannot bear to see your love ones in need and not help them.

Finally, you should set up goals that you intend to achieve as they are the purpose and driving force to realising your dreams to financial prosperity.

As you set your heart to succeed this year, make long term, medium term and long term goals and evaluate them from time to time. By the time you look back at the close of the year, you will be glad you did. Wishing you a prosperous New Year.

By: Hope Ikwe