A study by the University of Scranton in Pennsylvania has found that of the people who set resolutions only 8 per cent accomplish them and 80 per cent don\u2019t even try to keep them.<\/p>\n
The study also found that 55 per cent of resolutions were health related, such as exercising more and eating better or getting out of debt.<\/p>
\u201cFinancial resolutions can be difficult to keep.<\/p>\n
\u201cPeople tend to spend more than usual over the festive break and because many companies pay December salaries early it can be a long wait until the January pay cheque,\u201d said Marlies Kappers, head of marketing at financial services provider, DirectAxis.<\/p>\n
Evidence of this is the increase in enquiries for debt counselling in the first two months of the new year.<\/p>\n
Although you may not have kept your resolutions, it doesn\u2019t mean you should give up on your financial goals.<\/p>\n
\u201cUnrealistic expectations are the reason most people don\u2019t succeed.<\/p>\n
\u201cRather set achievable goals.<\/p>\n
\u201cMaking progress through a series of small changes is more financially beneficial than going big and then giving up,\u201d said Marlies.<\/p>\n
ALSO READ:<\/strong>\u00a0Understanding the importance of setting up a trust<\/a><\/h4>\nGetting the basics right is important and the first step in setting financial goals is finding out where your income goes each month.<\/p>\n
It\u2019s reasonably easy to do.<\/p>\n
List all your income on the left-hand side of piece of paper and all your monthly expenses on the opposite side.<\/p>\n
You should be able to get most of the information from your monthly bank statement, alternatively there are plenty of online budgeting tools that guide you through the process.<\/p>\n
This will give you a clear picture of how you\u2019re using your money and where you may need to make changes in your spending, saving or investment habits.<\/p>\n
Repeating this exercise regularly is a good way of monitoring progress.<\/p>\n
Next, check your credit score.<\/p>\n
This is the rating that everyone including landlords, credit providers and retailers use to find out how financially reliable you are.<\/p>\n
A poor credit score will limit your ability to access finance or may result in you paying higher interest rates as you\u2019re considered a greater risk.<\/p>\n
By law you\u2019re entitled to ask any of the credit bureaus for one free credit report annually.<\/p>\n
Regularly checking your credit score allows you to ensure that the credit bureaus haven\u2019t made any mistakes and that nobody is using your profile to access credit.<\/p>\n
A sudden decline in your score could indicate that a fraudster is pretending to impersonate you to borrow money or open accounts.<\/p>\n
ALSO READ:\u00a0Encourage your children to start saving early<\/a><\/strong><\/h4>\n\u201cYour budget will give you a clear understanding of your monthly income and expenses and the credit score provides an independent view of how financially reliable you are.<\/p>\n
\u201cWith this information you can start setting and prioritising your financial goals,\u201d said Marlies.<\/p>\n
<\/p>\n
Hav<\/strong>e a story?<\/strong><\/p>\nContact the newsroom by emailing: Melissa Hart (Editor)\u00a0<\/span>germistoncitynews@caxton.co.za,<\/a>\u00a0<\/strong>Leigh Hodgson (News Editor)\u00a0<\/span>leighh@caxton.co.za\u00a0<\/a><\/strong>or Busi Vilakazi (Journalist)\u00a0busiv@caxton.co.za.<\/strong><\/a><\/p>\nAlso follow us on:<\/p>\n
\u201cYour budget will give you a clear understanding of your monthly income and expenses and the credit score provides an independent view of how financially reliable you are.<\/p>\n
\u201cWith this information you can start setting and prioritising your financial goals,\u201d said Marlies.<\/p>\n
<\/p>\n
Hav<\/strong>e a story?<\/strong><\/p>\n Contact the newsroom by emailing: Melissa Hart (Editor)\u00a0<\/span>germistoncitynews@caxton.co.za,<\/a>\u00a0<\/strong>Leigh Hodgson (News Editor)\u00a0<\/span>leighh@caxton.co.za\u00a0<\/a><\/strong>or Busi Vilakazi (Journalist)\u00a0busiv@caxton.co.za.<\/strong><\/a><\/p>\n Also follow us on:<\/p>\n
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