Personal Finance Resolutions for 2019 – The Best Ways To Stick To Them
Let’s be honest, 2018 was a roller-coaster ride. Amongst the many downs, we had many ups as well – which brings the question, are we in for a similar experience in 2019?
One thing’s for sure, it is still up to us to manage our expectations appropriately.
Always remember, setting an actionable resolution brings you one step closer to managing your long term financial goals!
Automating Your Financials
Make your life easier this New Year.
If you haven’t already, automate your finances in 2019 to help keep your financial goals on track.
Where should I begin?
For starters, begin with the simplest expenditures and work your way up
- Bills – Automate your payments by utilising GIRO deductions. That way, you keep your bill payments on time while avoiding unnecessary fines
- Savings -Always prepare for rainy days! Set aside a minimum percentage of your monthly salary to form a annual emergency fund
- Investments – Take a look at automated investment tools. Check out our articles on the best savings plans and the differences between robo-advisors.
Managing Your Debt
Nobody wants to start their year looking at their debt accounts.
It’s tough, but we’ve got to get through it. That said, we can make this task easier using 2 simple, yet efficient methods.
- Listing all your debts in order
- Adopt the Debt Snowball Method or the Debt Avalanche Method
Both methods are meant to achieve the same results and should serve as a practical debt tracker.
Click on to read more on these 2 methods!
In part, it’s not hard to imagine this as one of our New Year’s resolutions.
In fact, I’m pretty sure this consistently makes one of our top resolutions every year.
For simplicity, excel or google sheets are a great way to track your expenditure in an easy to access format!
We recommend keeping your sheets as minimalistic as possible, keeping information uncluttered and in a quick-read format.
|Date||Description / Purchase||Expense Type||Payment Type||Expense Account||Retailer Name||Cost||Comments|
|23/12/18||Muji Notebook||Gifts||Debit Card||DBS||Muji||$19||Secret Santa Gift Exchange|
|24/12/18||Atlas Bar - 2 Cocktails||Drinks||Cash||NIL||Atlas Bar||$60||Christmas Eve drinks|
|Monthly Total Cost||$ X|
Or if you’d prefer a fully automated system, mobile applications are the way to go!
Feel free to give the Seedly mobile application a try! It’s completely free with ZERO in-app purchases.
Upgrading your lifestyle
Thus far, we’ve talked about reducing, growing or managing our money. What about exploiting our money?
All things considered, December has been a great month thus far. Particularly, deals from major retailers don’t seem to be stopping anytime soon.
In fact, just to name a few:
With the extension of its services island wide beginning today, will we, as consumers, finally experience the return of competitive pricing again?
Click on to read about our experiences thus far!
How about the widely publicised SIM-only plans recently?
Click on to see our comparisons across all the available retailers!
Already planning your trips for 2019’s long weekends?
Click on to read about Youtrip’s mobile wallet!
Building Your Knowledge
If you follow our community pages, you would have come across a vlog recounting a member’s “inexperience” with investment/savings knowledge early on.
You can access the video here.
Again, knowledge is power. Regardless of our respective starting points, it is never too late to begin your learning journey.
Particularly, joining social community groups or reading online blogs are helpful especially for beginners.
As an introduction, check out some of Seedly’s life-stages guides!
Or perhaps reading maybe too labour intensive for you.
You could try asking questions directly on various community platforms to gain quick, honest answers or feedback without having to necessarily navigate and understand a plethora of information on your own.
Here is a couple that we personally enjoy:
- Seedly Personal Finance Facebook Community
- Seedly Community Forum
- Reddit (r/SingaporeFinance)
As with all personal projects, the key to success lies with smart planning. While impossible goals may seem grandeur at the start, know that the key to enduring motivation ultimately also revolves around realistic targets.
- Set an actionable timeline
- Lay out the exact steps needed to achieve these goals
- Plan for contingencies. If timelines can’t be met, set a (what-if) alternative
- Partner up (if possible!)
Kick-Start Your Journey
So! With all that said & done, what next?
Fortunately, our personal finance journey is never just one quick fix.
Keep a close eye on our community pages as well as our blog for your daily dose of personal finance knowledge!
But most importantly, join us at our first-ever Personal Finance Festival!
Learn from industry experts, get inspired by our peers and ultimately, walk away with a deeper resolution to grow your finances moving forward!
Join the conversation, get inspiration or ask for advice at our New Year’s Resolution thread!