We all have a new year resolution, but did you think about setting some financial resolutions? Whether is to start saving for a long term goal or clearing your debt, you need to ensure that your 2019 financial resolution are realistic and reachable.

We have thought of a few financial resolutions to get you back on track and more prepared for this time next year.


  1. Know what you owe.

One of the simplest and possibly most important financial resolutions to make at the start of a new year is to audit your financial status and know what you owe, and who you owe it to. A home loan, your car, or even a TV you may have bought on credit – tally it all up to see exactly what you still owe on each. This will also show what your monthly repayments are, and help when putting together your monthly budget to ensure you are not overspending.

  1. Settle that debt with a debit order.

It might seem tragic to spend the money you earn on old debt, but look at it this way: Debt makes more debt and before you know it you’ll be in deeper than you think if you don’t get it under control fast.

As soon as your salary comes in every month, settle over-and-above what you need to and shed that debt as soon as possible:  A debit order is the best way to do it.

  1. Spend your money on learning a new skill. Try learning an instrument or do an online course?

Money well spent always feels better, and why not make a financial resolution on spending your hard earned money on self-improvement. So, rather spend some money on something that you can learn, rather than buy. Art classes, writing seminars, even pottery! Then there’s music: Ever wanted to learn the guitar?

Spending money on a skill instead of a thing-to-buy doesn’t just satisfy you momentarily – it can last a lifetime.

  1. Get better premiums.

You might be paying too much on your insurance. Your car, your medical aid – all may need to be re-evaluated to save you money. It’s unbelievable how much you could save if you kindly ask your insurance companies to bring your premiums down. Do so every six months and get the most from your hard earned money.

  1. Collect your change. It all adds up over time.

It may seem worthless at the time, but as they say, “every penny counts”. Get out a jar and as you pay for things, go home and throw the left over coins in a jar; Just like a piggy bank; and at the end of the year you can count your pennies and get yourself something you have been eyeing out for months. It’s a quick and easy savings plan you don’t even need to think about.

2019 is still unwritten and you now have a chance to do it the right way. Help yourself by adopting resolutions that ease long term financial anxiety and get where you need to be when it comes to the wallet. Importantly, keep track of your spending to keep your budget in order to help maintain these changes.

This time next year, you’ll thank yourself for thinking ahead and adopting these smart money habits. It’s the least you can do for yourself and your family as the new year rolls on in.