Majority of the Americans are eagerly waiting for 2015 to end as they’ve fell short of accomplishing their financial goals, as per studies revealed by a famous credit card comparison website. Although the Americans were determined to do a better job this year with their money, yet they failed to do so. Only 35% of Americans feel that they have achieved a part of their financial goals which they had set. Only 17% of the respondents of the survey are sticking to their monthly budgets.
The question is why are so many people failing to stay within their means and follow their budgets? Do they lack a spending plan? Or are they ignorant about their finances? If you wish to make up for your mistakes and spend a debt-free 2016, here are some worthy personal finance tips for you to get back a firm grip on your finances.
- Change the way you spend money: There are different ways in which you can stretch your dollars and yet save them. How about going on a spending freeze with your spouse or best friend or colleagues? Try to create a support system for each other so that you can keep helping them. Try to make it fun. For instance, instead of going out for a night out, you can plan a night in. Bring home some snacks and some good movies or some good music and try and spend the night with some good company.
- Always have a Plan B ready: Remember that your financial situation can spiral out of control when you’re taking steps according to the simultaneous changes in your life. So, you should have a Plan B ready so that you can fall back on this cushion during times of emergency. This can be done in the form of cash reserves, emergency fund or even in the form of an alternative job that can help you with passive income.
- Stop getting stuck in a dead end job: Most millennials spend 40 hours a week working for their full-time jobs. By the time they reach home, they’re totally drained out and don’t have time to think about something out-of-the-box. If you think your employer is not giving you enough wages, don’t get stuck with that job. Give yourself new chances to start something new provided it can offer you with something better than what you were getting before.
- Tap into your tech gadgets: With the advancement of technology and invention of brand new financial apps, tallying over your money has become much easier than before. Tap into your tech gadgets and install some of the necessary apps that can help you maintain a firm grip on your finances, your expenses and your savings.
So, if you wish to spend a debt-free 2016, make sure you follow the expert personal finance tips mentioned above. To know more on such tips, you may even hire a personal finance expert who can help you with a detailed discussion on your finances.