Resolution 1 – Spend less

The Christmas and New Year holiday period has been expensive. It was consumerism at it’s very best, whichever part of the world you were in. Well, it’s over now so you can get back to work and back to normal life. So this is the perfect time to get a grip on your spending. Think about your impulse purchases, how often you are eating out and how much money you might be wasting on cell phones and other electronics. A penny saved is a penny earned.

Resolution 2 – Save more

Next comes the big brother of spending less; saving. Once you have reduced your spending you can start increasing your savings but don’t do this with a disorganised approach otherwise you will end up with a disorganised outcome. The simplest way to make sure you are saving regularly is to make it automatic. Regular automatic payments into a savings account or plan will ensure structured progress towards your goal.

Resolution 3 – Invest more

There are many ways to invest your hard earned money. Mutual funds, ETFs, stock, new businesses and property to name a few. Think about ways to help your money grow or to generate regular income. Alternatively, you could hire a professional to help you invest. Either way, make 2017 is the year you really start investing aggressively.

Resolution 4 – Pay down debt

Expensive debt, such as credit cards, can be toxic and can really weigh us all down. It usually gets in the way of our financial goals. Work out exactly what you owe and create a plan to eradicate it. It doesn’t matter if it takes time, just as long as you’re on a structured path to get it out of your life.

Resolution 5 – Set aside money for emergencies

What happens if…? There are a million and one scenarios and examples that can be given for unforeseen circumstances but the fact is however boring and uneventful you feel your life may be, you never know what crazy or dire situation you could be in next week. Having readily available money for emergencies or untimely loss of income will really help in your time of need.

Resolution 6 – Have a budget and stick to it

It’s been said time after time, if you don’t plan, you plan to fail. Set your budget, even if it’s a very simple one e.g. categorise your spending into 1. Essential spending 2. Savings & investments 3. Fun money. You can always change and adapt it but try to be disciplined with yourself.

Resolution 7 – Save more for retirement

As mentioned, savings are very important but one of the most common underappreciated types of savings is a pension. When you run out of steam, lose the ability to work or simply decide that your company is the devil, you’re still going to need money. The more you save now, the more you will have after retirement. But remember it doesn’t always have to be the traditional pensions, it can be other assets that give you a steady passive income such as rental property.

Resolution 8 – Buy a property

If you are not yet a homeowner, is 2017 the year you purchase a home? Renting a home is always going to be dead money. Already got a home? Then perhaps it’s time to get another for extra income We love property here at GMS. A simple armchair investment that just keeps on paying.

Resolution 9 – Save for the kids’ university fees

Assuming you have kids and want them to go to college or university, you really need to start saving early. Lower school and high school is already a huge burden on finances but higher education is where it really gets expensive and should not be underestimated. Start as early as possible, start now.

Resolution 10- Learn more about finance

Knowledge is power. Read some books, get professional advice or ask people who have lived it all. You can never have too much information. The better your knowledge base, the better equipped you will be to make decisions regarding one of your family’s most important aspects.