Resolutions for this and every year
Whether in January or throughout the year, any time is a good time to define objectives and set goals. Doing sport, reading more, spending more time with loved ones or learning a language are some of the most common ones. Whatever your objectives may be, avoid making them too vague or unattainable and break them down into small steps. Today we bring you some financial resolutions to start the coming year on the right foot:
- "Saving is not just saving, but knowing how to spend". Anonymous.
Having a small savings cushion for unforeseen events can give you some much-needed breathing space. There are tools that can help you in this mission. There is no universal figure as it will depend on each individual situation and income level. There are applications that record and classify your income and expenses or round up your purchases to help you save. Once you have done your calculations, you can schedule a percentage transfer each time you get paid from your day-to-day account to a separate savings account or set yourself a weekly challenge.
- "Beware of little expenses; a small leak will sink a great ship". Benjamin Franklin.
It is very likely that, if you look back over the last month, you identify small expenses that were not necessary. These are what the Spanish call "ant expenses", i.e. expenses that go unnoticed day-to-day, but at the end of the year amount to several hundred euros. Analyse which ones you can forego by looking for cheaper or free alternatives.
- "You're going to need twice as much money in your old age as you think". Michael Caine.
There are financial products that can help you maintain your standard of living after retirement. You can also use the tools available on the Finance for All website to make the calculations you deem necessary.
- "Know yourself, accept yourself, improve yourself". St. Augustine.
Assess your current financial situation. Know your strengths, such as your source of income, employment situation and assets available in case of need, and your weaknesses, such as the composition and cost of your debt and the source of your expenses. One check-up a year can't hurt.
- "A man who both spends and saves money is the happiest man, because he has both enjoyments". Samuel Johnson.
Saving does not mean giving up occasional indulgences, but it is advisable to assess your possibilities before indulging in them. If you consume responsibly, you can improve your quality of life without neglecting your savings. Compare prices and consider the possibility of postponing your purchase, for example, by waiting for the sales.