What’s Your Resolution for the New Financial Year? – That question is common question that was asked to you whenever new financial year comes. To create a good resolution list, the best to do that is creating detailed list. This will become a goal-like list, which make you easier to achieve all resolutions in that list. Now, for new financial year, basically, every people and business has different and their own resolution. But, here are some of the goals that you can consider to be your resolution for new financial year.
Save More Gross Income
Maybe, this is the most important thing that you must put into your resolution list. It’s quite difficult for some people to decide, how much money that they have to save from their income. However, the best percentage when if it come to the gross income is about 15% of your monthly income. It seems bigger. However, this can be solved by using the automatic transfer option from your account to the dedicate account for this purpose. That way, the saving will always safe and you won’t need to worry about it anymore.
Maintain Your Credit Score Every Quarter of the Year
Basically, you need to review your credit score every two or three months. You can use your gadget or any devices that you use to make schedule for this purpose. Doing it regularly will gives you lot of benefits. One of them is avoiding credit problem that you never know. This is also things that you need to do, so you can find any problem as soon as possible and solve it, before it get worse. Adding this as your regular financial activity is the best choice you can do.
Set a goal to invest every month in your new financial year resolution. Most people will think that when they keep their money in the bank, they will get benefits from the percentage bonuses from that bank. In reality, if you compare the bonus and the inflation, you can see that this is not good decision. Your money will get around 1% while the inflation is around 2% to 3%. Therefore, you lose around 1% to 2% of your money. The best and profitable solution is starting investment account other than your bank account. There are many of them, such as 401K investment and such. Just choose one that you think fit with your need.
Prepare debt plan to face new financial year. Paying debt is one of toughest job to do. You may unable to pay your debt off in one financial year. Therefore, make the plan and if it’s necessary, ask help from professional to help you. That way, in the end of this financial year, you will be able to pay off or remove the most weight from your financial.
Those are 4 important things that you need to enter into your resolution list of your new financial year. Of course, to make them effective, you need to really follow and put some effort to make them achieved. That way, you will get best result in the end of the year.