10 financial New Year’s resolutions

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Happy New Year and what a better way to kick start 2016 than with a few resolutions! January is a great time to set yourself some financial goals, making the year better than the last. We’ve put together 10 New Year’s resolutions for you to take up and hopefully keep!

Spend less 

It seems pretty obvious, but if you write down all of your expenses, including miscellaneous, you’d be surprised at how much you could save. Obviously you need to live, but the likelihood of you being able to reduce costs is very high. Take a look at what you spend and it may make an incentive to cut things out.

Save more

Whatever your disposable income, try and save money each month, even if it’s just a small amount. Making a savings plan will help you stay disciplined and is a simple way to ensure that you make it a habit. Open a savings account to make it easier for you to save; you could even set up a standing order to ensure you’re frequently adding to your savings. 

Create a household budget

Personally, we find it a lot easier to manage our finances with a budget. By setting a household budget, you gain control as well as confidence. You’ll have a clear outline of what you can spend after your monthly outgoings and then incorporate your savings plan. Once you’ve created a budget, make sure you stick to it.

Do your research

When your policies or insurance is up for renewal, don’t renew with your current provider straight away. We always recommend that you shop around using online comparison sites, as you could find a deal far better. Do this for all of your policies and you’ll be surprised by how much you could be saving yourself.

Click here to see our partner deals.

Plan your year

It may sound like a difficult task given a year is a long time, but trying to roughly plan will benefit you. Now is a great time to be looking at holidays, birthdays and dare we say it, Christmas! It’s so beneficial to plan these now, calculating how much you’re going to need so you can plan this into your budget.

Set aside money for emergencies

Unexpected expenses can crop up at any time of the year, from car repairs, to household fixes. This is why an emergency fund is essential to ensure that you’re covered when things like this happen. Also, when reviewing a policy, check to see if any unplanned emergencies could be included within the agreement as an extra clause, like breakdown cover.

Store all your policies online

To help you with your finances, you can save all your policies online (we would say that!). At BeeMyMinder, we offer policy storage to help you organise your paperwork and manage your budget. Your policies and bills can be stored in a secure account and we’ll automatically alert you when due for renewal, so you can find a better deal, for free!

Minimise or get rid of debt

If you have any debt, whether that’s a student loan, car loan or credit-card debt, don’t ignore it. If you can, try and consider paying more than the minimum payment each month. Take the time to work out the rate and how long it will take you to pay back, and adjust accordingly. If concerned you can contact organisations like citizens advice or use Money Advice Service for free support and guidance.

Routinely check your finances

Try and check your finances on a regular basis that suits you. Whether that’s weekly or bi-weekly, it’s essential to keep an eye on your accounts to ensure that you’re keeping in budget. With the everyday stresses of life, it’s easy to forget, so we recommend setting yourself a reminder. These days’ banks also offer secure mobile access to your accounts for peace of mind.

Treat yourself from time to time

Yes, it’s important to save and be frugal with money if you need to, however, you have to live and enjoy your life. If you can, set aside some money that’s just for you and treat yourself to something. When you’re working everyday for a living, you deserve to reward your hard work.

We hope these resolutions have inspired you to make some of your own, trust us, they will help in the long run. If you’d like to learn more about our secure policy storage service, click here and feel free to get in touch if you have any questions.

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