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Personal Finance Expert Shares the Five New Year’s Resolutions Britons MUST Make If They Want to Become Better at Handling Their Money
As we bid farewell to an eventful year, many of us are already thinking about making a fresh start in 2024. And for personal finance experts, there’s no better time to share crucial advice on how to take control of our financial lives.
In a recent interview, a leading expert emphasized the importance of setting New Year’s resolutions that focus on improving our financial habits. These are not just vague promises to “save more” or “be smarter with money.” No, these resolutions must be specific, measurable, achievable, relevant, and time-bound (SMART) – and most importantly, they must address some of the most common financial pitfalls Britons face.
So, what are the five New Year’s resolutions that our expert recommends making? We’ve got you covered!
1. **Start tracking your expenses**: “It’s astonishing how many people don’t keep a record of their spending,” the expert stressed. “By doing so, you’ll be able to identify areas where you can cut back and allocate that money towards more important goals.”
2. **Pay off debt (and avoid new credit card traps)**: “The first step towards financial freedom is getting rid of those pesky debts,” our expert advises. “And for goodness’ sake, avoid falling prey to those ‘buy now, pay later’ schemes – they’ll only lead you further into the red.”
3. **Boost your emergency fund**: In a world where the unexpected can happen at any moment, having a sizeable emergency fund is crucial. Our expert emphasizes that this should be the top priority for anyone looking to take control of their finances.
4. **Diversify your investments**: “Don’t put all your eggs in one basket,” our expert cautions. “By spreading your investment portfolio across different assets, you’ll minimize risk and maximize potential returns.”
5. **Prioritize long-term savings goals**: It’s easy to get caught up in the instant gratification of spending money on impulsive purchases or treating yourself too much, but our expert stresses the importance of keeping a long-term perspective. “Remember why you’re working hard for that salary – it’s not just to indulge in fleeting pleasures!”
In conclusion, making these five New Year’s resolutions will undoubtedly set the stage for financial success in 2024. By committing to track your expenses, pay off debt, boost your emergency fund, diversify investments, and prioritize long-term savings goals, you’ll be taking the first crucial steps towards achieving financial freedom.
But remember – it’s not just about setting these resolutions; it’s about actually following through on them!
Source: www.dailymail.co.uk
