New Year Financial Resolutions to Make [And How to Keep Them]

When we were in Secondary School and we resumed the 2nd term of any academic session, which is usually the second week in a new year, we had a tradition. ?

All the millennials gather in.?

We just don’t continue writing in our notebooks. On a new page, we'll write “2nd Term Begins” and whatever vibe we were rolling with for that year. Some people wrote their personal mantras, their religious mantras, others wrote how they’ll ace their subject, etc.

It was in secondary school that we started saying “New year, new system” ?

I think it was where we learned how to procrastinate change. We knew we wanted to be better but we’d typically wait till we can make New Year resolutions to do it. Why??

That’s why this article is coming two months earlier than when you’ll need it. ?

As James Clear, the author of Atomic Habits said, “Rather than focusing on the outcomes you want next year, focus on the identity you’d like to build. The goal is not to read 40 books this next year, which may be a New Year’s resolution. The goal is to become a reader. To develop that identity”?

Setting SMART goals are great and we’ve shared how to do that but what’s better than SMART goals? Developing the identity of the goals you want to achieve. ?

Develop the identity of a budgeter. A Saver. An Investor. A Financially intelligent person. An expense tracker. ?

So, if you are ready for a great 2024; sit back, bring out your notepads, and let’s get to developing the identity you need for financial wellness. ?

BUDGET ?

If you had a great financial year in 2023, we are certain that budgeting was part of the reasons you achieved financial health. If you didn’t, we can bet that budgeting wasn’t a consistent habit you prioritized. ?

If you’re going to have a good financial year in 2024, you must cultivate the habit of creating and sticking to a decent budget. You can use the different methods of budgeting or even download free templates from the internet if it seems like a stressful task to do. ?

You won’t just automatically start creating and living on a budget in 2024. If it’s hard now, it’s going to be hard then. Start seeking out ways to simplify the process now. Try creating a budget for December and see. Create your spending plan for the festive period. Build discipline by sticking to it. Add a fun plan as well so you don’t get bored and start to "add to cart". ?

?

SAVE SOMETHING EVERY MONTH?

Everyone wishes they could put a certain amount of money away every month but not everyone does. Have a savings plan for emergencies and have a savings account that makes you more money. It doesn’t matter how little or much you can put aside each month, do it. Start now. Cultivate the habit of saving a percentage of your income each month. This way, you’re cultivating the habit of becoming a saver. ?

With the Moni App right now, you can start saving as low as N100 daily or weekly or as high as N5000 in a fixed savings plan. Start with what you have and where you are right away.?

BECOME AN INVESTOR ?

Investment is a long-game step in financial wellness. It’s like savings but you aren’t just putting money away. You’re putting money in a high-yielding concept like stocks, real estate, businesses, properties, etc. The best thing about investment is that you can save up for your first investment and in today’s world, you don’t have to start with a million dollars. With mutual funds and treasury bills; you can put your money in a low-risk investment scheme and all you must do is sit back to enjoy your returns.?

Investment requires a lot of research. So spend the rest of this month researching the best investment choices you can choose from and start to make plans on how you’ll get started once you see a window of opportunity.?

?

TAKE A FINANCIAL COURSE ?

If you’re going to be financially intelligent and successful, you must learn how money works. Take an online course, sign up for newsletters, read financial blogs, read the money columns in the newspaper, subscribe to YouTube channels that dissect money, and bank with a bank that helps you become prosperous. ?

?

DIVERSIFY YOUR INCOME PORTFOLIO?

The truth is that sometimes, it’s not about financial management. It’s about your income. Inflation is at an all-time high right now and no one knows what 2024 holds for us in that regard. It’s time to start to look for other ways to make money. You can diversify your income streams with a side hustle, a business, monetizing your skills, teaching what you know and so much more. ?

You can ask your friends and colleagues what they would buy from you if you were to sell something. Their answers would help you discover your market, and you can choose which one to serve.

Conclusion

You don't have to wait till we are in the new year before you start to plan and remember that the journey of a thousand miles begins with a step. Moni is your partner on your journey to financial prosperity. Hit your goals and live your big life with Moni.