Checking up on your financial resolutions

|    Standard Chartered Bank    |

FOR most of us, New Year’s Day felt like it was just yesterday and it didn’t seem too long ago that we decided to make some financial resolutions for 2019. As the year continues to whiz by, it’s up to you to take a momentary breather to see how well you are keeping up with your financial resolutions. Did you manage to stick to your resolutions? Has anything affected your ability to stick with those resolutions?

Don’t beat yourself up about it if you haven’t been able to achieve all financial goals you have set so far. Whether your resolution was to learn how to live within a budget, controlling debt and excess spending or even learning to invest, as we enter a brand new quarter, it’s time to reassess those areas and make necessary adjustments so that you can still achieve them this year.

The money-saving resolution

If your financial goal for 2019 was to save more money, check to see if you managed to and what were the actions you took to achieve this goal? Are the plans still working for you now? If you find that you are unable to meet your initial plans of saving a fixed amount of funds each month, find the root cause of this. Perhaps your method of setting aside money each month is not disciplined enough? Or maybe you have not explored all the possible ways you can save money. Saving money can also mean making adjustments on your spending so that you can save on what you spend.

When it comes to finding ways to save money on your spending, the trick is to keep the idea simple, easy and should not cause any significant burden on you. Saving money does not equate to torturing yourself. The best way to go about finding money saving ideas is to assess the little things you do everyday.

Ever considered your wardrobe as an avenue to save money on spending? Avoid buying seasonal trends because as the names suggests, those will soon go out of style and before you know it, that’s money down the drain on clothes you won’t use again. If you have an outfit that doesn’t fit you quite right, take it to your tailor and see how you can customise it to your liking. Take a pair of jeans for example. Buying yourself a new pair could cost up to BND60. Getting your old ones repaired only costs BND10. That’s BND50 you can put towards your savings.

If you are sticking with your resolution of saving money then give yourself a well deserved pat on the back. Keep up with your good money saving habits! For this new quarter of 2019, try challenging yourself a little more by seeing if you can add more to it by increasing your monthly savings.

The debt-management resolution

Of course by cutting costs on unnecessary spending, you can avoid getting into debt and effectively put your money towards paying off any outstanding debts you may have but ultimately, the way to manage your debt is to have discipline. While financial institutions can offer you debt restructuring solutions which can help keep your finances in check, at the end of the day you still have to ensure your repayments are made on time.

Be creative and resourceful about how you find ways to earn money to help you pay off your debt. If you find that you have a lot of items collected in your house through the years, how about organising a garage sale? You’ll be surprised at how much you can make at the end of the day and you’ll feel a great relief to get your house de-cluttered.

If you are sticking with your debt repayment plan, well done! Continue to stay motivated on your objectives and take this time to see if you can stretch yourself a little extra to pay a little more so that your debt will pay off faster.

The investment resolution

Did you resolve to find out more about the daunting world of investment? If you have already started an investment portfolio, be proud of yourself for this.

Ensure to keep yourself up-to-date with any new investment products that may have entered the market, which could benefit your investments or savings by offering better returns or by giving you more diversification options. Consider whether your investment portfolio is healthy for the current financial climate and whether you need to make some slight adjustments. It’s best to speak with your financial planner on whether there are any options to maximise your investments while maintaining healthy diversification on your portfolio.

These quarterly reviews are a great way to help you to make adjustments to your financial resolutions. Remember that financial plans should be flexible and realistic in order to be attainable. Tough as it may seem, keep up the effort and don’t lose sight of the important goals that you have set for yourself this year.

This article is for general information purposes only and whilse the information in it is believed to be reliable, it has not been independently verified by us. You are advised to exercise your own independent judgement with the contents in this article.