New Years Resolutions - I Wish I Could Get Financial Comfort and JoyAre you ready to make New Year’s resolutions for 2013 to improve finances? Learning from mistakes is an excellent way to land on a right path but what happens if we don’t stick to the objective; in deed we will lose another year without getting financial comfort and joy. According to a recent survey that has been conducted through Credit Canada and Capital One which states: majority of Canadian men and women shows good concern to agree on money making resolutions but when it comes to practically go forward to carry on, they don’t. It means large majority of such individuals can easily get out of the financial worries if sticking with their commitments.

According to Wikipedia (what is resolution): “A New Year’s resolution is a commitment that a person makes to one or more personal goals, projects, or the reforming of a habit. A key element to a New Year’s Resolution that sets it apart from other resolutions is that it is made in anticipation of the New Year and new beginnings. People committing themselves to a New Year’s resolution generally plan to do so for the whole following year. This lifestyle change is generally interpreted as advantageous.

Financial resolution is the most important among various common resolutions that don’t even directly effects our personal commitments to improve finances, good credit score, credit repair, get out of debt and save money but also indirectly effects our everyday life related to non-financial resolutions because organising our personal habits, goals and achievement programs, not even help us to get best results for these but also improve personal finances.

New Year’s financial resolutions may be different with different age groups, early age requires to concentrate more specific goals related to education and career enhancement programs, mid age requires to concentrate on such goals that help to boost income and streamline your investments and savings programs and old age is the time to get retirement benefits for all of your accomplished goals. Moreover, check your credit occasionally to get a clear picture about your financial status to enhance creditability by eliminating problems and mistakes.

Following are few of the suggested personal financial resolutions that you can keep to consider in the New Year:

  • Establish your credit rating, it will help those individuals who are new and have not initiated their credit file yet to achieve good credit score in advance to get loans on best interest rates when in need.
  • Repair your bad credit rating; it will help you in getting your normal financial life back to enjoy all the benefits and savings that good credit history does.
  • Pay off credit cards and loans; get out of debt, debt load reduction and settlement.
  • Make an emergency fund.
  • Get insurance to protect your life, business and assets.
  • Make a retirement plan, open and contribute to a Tax Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP).
  • Consider saving for education.
  • Reduce credit cards and use it responsibly.
  • Reduce spending to save more; make a budget to track your spending.
  • Make a savings plan, set up an automatic system.
  • Start tax planning for 2013 now.
  • Enhance your financial literacy and or find the right financial advisor.

As we are all planning to celebrate great events on this holiday season while spending lot of money, organising entertaining programs for family and friends and getting gifts for our love ones. But before you get started for your holiday shopping, you should first make a list of your spending; make a budget within your means and if there is something you want on credit then don’t take expensive loan or extra spending through your credit cards that you can’t payback in full. If you didn’t fulfil your previous year’s resolution then it’s a best time to continue with your new year’s resolution by entering into new year without carry forwarding any financial liability to the next year, it will definitely help you in sticking with your commitments from the beginning and keeping up with the same trend can bring up success in accomplishing your new year’s resolution next year. It’s a productive self-commitment to get financial comfort and joy as it will help you in saving and making money many times over in the years ahead.