It Is Never Too Late To Start

By Sally Lizwa

A New Year Resolution is a promise that you make to yourself to start doing something good or stop doing something bad on the first day of the year. Resolutions can vary hence it is advisable not to limit what you set yourself out to accomplish.

If 2020 events are anything to go by, then you definitely need to make resolutions. These resolutions could be short or long term and since it is still early in the year, you have time to make and catch up with those resolutions.

With the uncertainty that surrounds a pandemic, most people have lost their jobs hence being rendered financially incapable of meeting needs they would easily meet pre-Covid 19.

Paying specific attention to Financial Resolutions, here are a few tips to follow to achieve this goal in 2021:

1. Save

Find a financial institution that meets your money-related needs. Extensively inquire about products they offer, interests, and advantages to their clients. Service provider banks to look out for are such as Co-operative Bank of Kenya, Absa Bank, and Stanbic Bank.

2. Invest 

If you are contributing to a retirement plan and a savings account and you can still manage to put some money into other investments, all the better. Inquire with your respective Financial institution on Investment plans in place.

3. Budget

Create a detailed plan on how to spend your money. This plan not only allows you to have enough funds to purchase the things you need but also helps you track your spending habits, having a clear list of things you spend on.

4. Spend less than you earn

No matter how much or how little you are paid, you will never get ahead if you spend more than you earn. Often it is easier to spend less than it is to earn more, and a little cost-cutting effort in a number of areas can result in savings and, it does not always have to involve making big sacrifices.

5. Live within your means

The pandemic may have not affected everybody and pressure to stretch your finances may come knocking. Do not fall into the temptation to overspend is well aware of your financial position. Learn to say NO if it does not align with your financial goals and resolutions.

6. Prioritize

When purchasing goods and services, give priority to needs that are important. This can be rent, school fees, bills. Go for affordable goods and services when you shop, compare prices to get value for your money.