The New Year is just around the corner, and most of us are ready with our new year’s resolution list with utmost excitement. Taking this as an opportunity to re-start what we messed up in the previous year, we are looking forward to initiate newer financial goals and planning on different ways to strive towards the same.
However, before you move ahead with your 2016 financial planning, let’s take a quick look at a list of 7 money mistakes that you must avoid in the upcoming New Year.
- Investing in employers
Take advantage of the benefits that comes with various employer programs such as employers’ 401 (k) match. Learn how to double your retirement investments by utilizing all the possible funds effectively.
- New Car
A market pattern of purchasing a new car given the low fuel costs has been set in the recent times. But what people fail to understand is how the purchase value automatically drops down the minute they are used. Take advantage of this and consider purchasing a well-maintained used car that best fits in your budget and save you a lot of money.
Saving is as important as spending. It becomes even more important when it comes to adding and saving money into the accounts each month if you owe any debt to someone. This will help you tackle your financial difficulties better.
- Pay off your debts
Different types of loans emerge every day due to the various needs prevailing in the society. As a result of the urgency of the situations present at hand, increasing number of individuals opt for various debts that are being offered to them. Consumers pay millions of dollars each passing year in terms of interest. And as you are already aware of what the clauses of these debts are; the later you pay, the more the amount is outstanding by your name. Thus, it is advisable to pay off your debts on time in order to be stress – free in the times to come.
The single biggest expense most of us have to bear is housing. Upgrading houses is a tedious task, and can result in the unaffordable consequences which you would surely not like to face. Think carefully about the expenses that are based on your house and proceed accordingly.
- Track your expenses
Monthly expenditure has increased to such a level that it has become almost impossible to keep track of each and every little purchase that the family household makes in a span of a whole year. Don’t let such a thing happen in the coming year, and be sure to monitor all your expenses.
- Undertake financial goals
It is understandable that you may not know how exactly you are going to be spending your finances. But, keeping a written plan ready to achieve certain financial goals will help you a great deal with making your dreams turn into reality.
So, take control of your monetary life in the coming 2016, and lead a kind of vision you always wanted.