 Print this page |
Make your financial New Year's resolutions
|
We’re all full of good intentions when 1 January comes around. Find out how you can use your New Year’s resolutions to improve your finances
Sticking to New Year’s resolutions is never easy, but with the world in financial turmoil and a recession on the way it’s a good idea to make one or two with financial implications.
If you keep to your word – and stick to at least one of the following resolutions – you’ll be better placed to weather any financial storms 2009 might bring, and will hopefully be able to end the year on a more stable financial footing.
earn more interest
Resolution 1: Clear your debt
It might not be the most festive of tasks, but the Christmas break represents a fantastic opportunity to evaluate your finances.
If you have debts, prioritise your repayments by looking to pay off the most expensive debts first, whether that’s an overdraft, credit card or loan.
Sean Gardner, chief executive of price comparison site MoneyExpert.com says: “If you’re able to reduce the cost of your debts then do so.
“Many of us put off switching our credit debts to a 0% balance transfer card purely because we haven’t found the time.”
Gardner advises consumers to use the holiday period to compare products and pick up deals that will save you money during 2008, which could be a tough year for the UK economy.
“With so much nervousness about job security,” he concludes, “reducing your outgoings and having a budget that allows you to put money away for a rainy day will help should the worst happen.”
by Emma Lunn, 30 December 2008
