The cheesiest New Year tag line for advertisements that you are going to hear is New Year, New You. While it is agreeably very cheesy it does drive home a motivational point. A lot of people see the New Year as a point of reference to bring some significant and prominent change in their lives. One prominent, effective and very profitable change you can bring about this year is by strengthening your finances and finance management skills. Agreed, the words are cheesy but the idea is very real.
Just like when you join a gym, the first few days of exercise leave your muscles so cramped and aching you are hardly capable of lifting a paperweight. But, after the initial hiccup they get used to it and respond with strength to the routine. The analogy can be made perfectly for the strengthening of your finances.
It is particularly tough to bring changes to your financial habits at the beginning when you feel a little pinch in your pocket but over time you will feel your pockets start to get loaded. At first you will have to force yourself into doing some things and following some routines but you will also start reaping their dividends.
A few pointers to start stretching your financial muscle, so you can flex them when need be:
- Challenge Yourself: The first step is to keep pushing yourself. Keep stretching your financial muscle to strengthen it further. If you keep doing what you always do and try playing it safe always, you will find no scope to grow whatsoever. It can be a little scary at first, as trying new things always is. But when you realize you have the ability to do it you will grow in confidence, and so will your skills. Try some of these things for starters:
- Try to open a new account like an online account or an investment account. Learn what benefits they have to offer and how you can put them to best use to maximum gains.
- Revise your budget. If you have no budget then prepare one soon and if you have an existing one which does not work or could use some tweaking then work on it.
- Attend financial classes, seminars and other educational programs. They provide you an opportunity to learn new things and update yourself on the ongoing financial scenario and introduction of new laws if any.
- Invest in schemes that suit you. Do not let your money sit idle. Investing in real estate could be a very appealing option for many and it does pay good dividends.
- Learn to do your own taxes. It is no rocket science and saves you money. Cross check your result with that of a professional for the first time. If you have got it right then you can do them yourself thereon.
- Feel The Burn: The more you stretch the more you feel the burn and also the more muscle you build. The same goes for any financial discipline. Stretch more to gain more.
- Stick to Your Plans: You have to stay committed to your plan to see any profit from them. See your plans through to the end. Give a new routine at least 30 days to see any change or profit that can be gained from it.