Tips to make money saving resolutions for 2017

Well, Christmas is over and New Year has begun which keeps all of us busy thinking about resolutions for the upcoming year. Apart from making resolutions for physical fitness, mental well being and social reforms, we should also plan something for saving money in the coming year. This will help you manage your finances in a more organised way and you can easily keep a track of the gains and losses.

It is highly important to make some financial goals and follow them to get a good financial year for you and your family. The next question that should pop up in your mind is how to save more money or make concrete financial plans. Well, we have some expert opinions and advice that will help you in solving this question. Follow them to define your New Year resolutions so that you can make some good progress in maintaining the financial aspects of your life.

Find here, top tips to make money saving resolutions for 2017:

Consolidate your loans:
If you have more than one loan then it is a good idea to consolidate them so that you can pay one large premium that suffices the requirement of all the loans. In addition, this way you just have to maintain one account which makes it easy to make payments and to track the loans. If you are about to retire then it is all the more important that you think about consolidating all your loans for the above mentioned benefits.

Invest in life insurance:
Whether you are young or old, it is important to have life insurance as it proves to be a big financial support in the event of your death. This is an important step and a perfect financial investment for your family. The lump sum offered by the insurer would help your family lead a comfortable life in your absence. Apart from being an income support, life insurance supports payment of co-signed loans and manages burial expenses.

Divide yearly expenses into savings buckets:
If you don’t want to scramble to pay huge energy bills or holiday expenses or car repair charges then you must divide all your expenses into smaller savings buckets. It would help if you set up a savings account for each expense. For example, it is important to have car insurance, health cash plans, home insurance and direct debits for energy bills, etc. This would help you manage your finances and routine life in general.

Prepare your will:
Whether you are suffering from a terminal illness or not, you must write your will if you have minor children, pets, dependents or people you care for. Take some expert help to prepare a will and choose the beneficiaries who would take care of your belongings and loved ones. It is important to have this legal document ready so that your children and pets do not get abandoned in the event of your accidental death.

Check your beneficiaries:
You must have trustworthy beneficiaries for your financial accounts. These people should be reliable in every which way especially when you want someone who would care for your kids and pets. Some states in the country facilitate transfer of vehicles and real estate to the beneficiaries in the event of your death. Therefore, it is important that you choose the right people as the beneficiaries of your monetary investments. It is advisable to take some legal help to check and name your beneficiaries. It should be one of the ‘not to miss’ new year resolutions for you!

Cut down your energy bills:
Well, we all know that energy bills eat up the biggest chunk of our monthly budget. In a cold place like the UK, it becomes very important to invest in improving the energy efficiency of your home in order to get lower energy bills. Make sure that you switch to a cheaper energy supplier instead of renewing your existing energy tariff. Shop around to find the most suitable energy supplier and promise yourself to make some good savings in the upcoming year.

The above mentioned steps should be taken to ensure 2017 becomes a more productive and peaceful year for you.


0 comments: