Many of us make resolutions when the calendar turns over to a New Year. With January just around the corner, now is the time to start thinking about your New Year goals. What are you aiming for in the next twelve months? What do you want to achieve? With money a huge talking point in our daily lives, what are your objectives when it comes to both your business cash flow and your personal finance? Let's look at financial resolutions for the New Year.
Let's first look at financial resolutions for the New Year to do with your business.
Keep On Top Of Business Admin
One of the hardest things to do as a business owner is keep on top of everything. We may think that we can take everything on ourselves, but that list of things to do never clears. There are things that keep getting pushed to the bottom of the pile, simply because we do not have the time to do them. Business admin can be the worst. It's not the reason you set your business up and can easily be seen as a boring part of business ownership. If you need help to keep on top of things, don't be afraid to delegate. Maybe you have a friend who is a whiz with social media or a contact who can update your website. If you are looking for a bookkeeper, please get in touch.
Make The Business More Financially Stable
There has been an awful lot of unknown over the last couple of years. Business have faced some of the toughest times. Ensuring that your business is financially stable is a huge deal. You need to ensure your company can weather whatever storm is heading our way next. Yes there might be tough decisions in order to stay afloat, including redundancies, however having a plan that you can fall back on in times of trouble is important. Watch those pennies and the pounds will take care of themselves.
You should also consider financial resolutions for the New Year personally. For you and your family.
Create A Personal Budget
Keeping an eye on our personal purse strings is an important part of life. When we know how much money we have to spend, we can stay financially viable. If you plunge ourselves into debt because of a lack of financial awareness or education, that is less than ideal. Creating a personal budget based on our income and responsibilities is essential. However creating a budget isn't enough. We also need to stick to it.
Improve Your Savings Fund
Your savings fund could be looking a little depleted at the moment. Many of us have had to dip into it over the last year, or use it to keep us afloat. Saving more is constantly one of the top financial resolutions for the New Year. You might simply have a savings account linked to your current account, that you occasionally shift some money into. If you are looking at gaining real money from your savings though, look into boosting your pension or investing in stocks and shares. It should be noted that it's not just about saving cash into an account or compound interest, it's about saving money where you can. Stretching what you get for what you spend, finding ways to make your money go further and cutting back on spending.
We can focus on the here and now whilst also planning for the future. Will you be implementing some financial resolutions for the New Year as we open a brand new calendar for the twelve months ahead? Be sure that you note down these goals as well, so in twelve months time, you can see just how far you've come.