Gearing Up Your Personal Finances Posted By Michael Welter on Jan 15, 2017 | 0 comments While many of us would like to start on a new and clear slate when it comes to finances and spending, it may be easier said than done. I said so because, we have to admit it or not, financial troubles could have be a carry – over from the past year. On average, consumers give up their financial resolutions just few weeks before the new year. Goal setting is easy, but implementation is difficult. Here are some help to get on with your financial resolutions through out the year: Goal Setting Just by mere words that you want to set up a budget is NOTHING! To meet your goal, you’ll need to come up with an attainable plan to work on. Saving a particular amount or pay down some debt, you need to identify the exact amount. From there, you can figure out or estimate the amount you will need to take. Make a Plan Not having a plan is a plan – a bad one. Don’t work off-the-cuff to meet your goals. Instead,think about on how you will adjust your spending monthly spending, then check if you are making progress. When trying to build a financial plan, figure out where your finances goes every month. Make sure that the monthly spending does not exceed your income, prioritise your needs in a way that you will not be deprived of basic things. Keep in mind your emergency funds, too. This is an essential household must. No once can predict sickness and other unforeseen expenditures, keep something in your “financial armoury”. Think and explore the possibilities of your financial future. – Once you have determined what you need to do each month in order to meet your financial resolutions and sorted out your basic needs, start thinking about the bigger picture. What can you do to accumulate “wealth”? This could mean investing, paying off your loans, so that you can put your money to work. You can also invest in real estate or anything of value but does not depreciate over time. Discuss Your Financial Plans You may talk to someone about your plans, this more likely become successful since there will be an encouragement to fulfill coming from someone who will hold you responsible. He or she can be a case friend, a partner/spouse, or professional financial planner. Money talks are complicated because they are not just about money, importantly, it is about your life and future, and of things that you would want to be… Remind yourself regularly to stick to the plan. Writing down your goal, will more likely for you to achieve it; mare sure that it is always visible anywhere you turn (within your house). When it comes to finding a resolution to work on your finances, there are countless approaches, BUT the common goal is to get out of any debt and start earning and investing your money. Determination and the willingness to go on is the key. Go, find where your comfort zone is, when it comes to planning and making your finances succeed.