Here are Some of the New Year Resolutions That Should be on Your List

You may have set some resolutions when the year 2015 started rolling and as it came to an end, you might have realized that you did not meet those resolutions.

It is always good to set clear New Year’s resolutions but is very good to follow up and accomplish the set resolutions.

Laying down resolutions and strictly sticking unto them requires self-discipline. Self-discipline is that ability to be able to YES or NO, and especially NO to yourself.

The best resolutions to make this year should be resolutions to do with the economy. Given the tough economic times witnessed the just concluded year, 2016 is not going to be different either.

It is, therefore, prudent to develop a saving culture this year of 2016. It has been proved by various economic analysts that Kenyans have a poor saving culture. The majority of Kenyans do not know how to save the little they get. Wealth is accumulated as a result of saving. Developing a saving culture and sticking unto it is a worthy culture to embrace. The best saving rule is that of do not save that that has remained after spending but spend that which has remained after saving. If you have a stable job, it is recommended that you develop a habit of saving at least 15 percent of your salary every month. This implies that if you earn a total of 50,000 shillings, you are to save a total of 7, 500 shillings. This implies that after 12 months, you will have saved 90,000 shillings. Saving is not meant for the salaried people only. If you run a small business for instance, be saving 10 percent of your profit everyday as you inject the rest of the profits back into the business. If you get 500 shillings as profits every day, save 50 shillings every day. At the end of the month you will have saved 1500 shillings. Save and see your wealth grow.

It is said that it is good to invest and wait and not to wait and invest. Many Kenyans only think of investing when they are nearing a retirement age for the salaried people while others see investment as taking a risk that is prone to wastage of money. There are numerous investment opportunities in Kenya that will always guarantee the safety of your money. You can invest in a piece of land and watch your money grow. Land has become one of the most valuable commodity in Kenya. In fact, economic analysts have said that the price of land in Kenya has become more than that of gold. You can also invest in real estate business. This is the business that has been identified as giving people profits of 500 percent of whatever they invest. You can buy and sell houses, construct and sell houses or construct and rent them out, whichever the way, the business is lucrative. Many people are also going for the government bonds. This is the case where you buy bonds from the government and after a year or two you get back your money with lots of profits as interests.

Always budget for whatever you wish to spend your cash on. Make it a culture of never spending your cash without budgeting. This implies that before picking up that shopping basket, make sure that you have a list of what you need, why you need it and at how much. This helps in reducing what economists call impulse purchasing. This is where you spend your money on purchase of things that you have not initially planned for. If you have gone for shopping, and you see something that you had not budgeted for, and then you feel like you need to buy it, first go back to your house and ask yourself if you really need it. If the following day you will feel like you need it then go for it but do not just buy it because you have seen it.

Lastly, check on your health. Health is important in ensuring that you meet all your resolutions. Do not expose yourself to conditions that will harm your health and your year will be prosperous.

Article by Juma Fred.