5 Tips For Better Finance Management In 2016

MNP's TAKE: It's already February. Have you set out your financial goals for 2016? Considering today's economic climate, it would not be surprising to hear that many have replaced financial planning with financial survival. But that doesn't have to be the case. Taking an in-depth look at where your money is going and trimming unnecessary spending might actually reveal that you have more money than you think! 

There is no time like the present to start thinking big picture. Where do you see yourself a year from now? What about five? Go for the gusto and set the bar high! What are your short- and long-term financial objectives and what obstacles are in the way of you achieving them? When you make meaningful plans for your future, the sacrifices you make along the way to reach them will seem inconsequential. After all, living the life you want to lead is priceless! 

If unmanageable debt is keeping you from setting aside the money you need to get to where you want to be, contact Grant Bazian, CIRP, President of MNP Ltd. at 778.374.2108 or grant.bazian@mnp.ca for information as to what debt solutions are available to help you achieve a fresh financial start.

BY CHARLES CRAWFORD FOR BUSINESS TO COMMUNITY

How do you like to spend your free time? If you enjoy shopping as much, then you are like all the rest. Who wouldn’t when you look from left to right and all you see are the huge signs that say SALE! And yet you only realize that you’ve wasted your time and money buying the things you don’t really need. When you do your spring cleaning or prepping up the house for the holiday season, you realize that you own so many things that you do not know what to use it for. At the end of every year, you regret going to all those shopping spree trips and wished you have saved the money instead.

This is the lament of almost everyone, so you are not alone in this struggle. And because the new year seems to spark a new desire in you to save, it is important that you carefully look into the many ways this can be done. Saving doesn’t have to mean not spending a single penny to buy yourself a pair of shoes when you need it. Saving means setting aside a good amount of what you earn and spending only what you need.

How do you keep yourself from jumping into the next wagon of a shopping spree? Here are the top 5 tips for better finance management in 2016.

• Live within your means.

This can be very hard to do when you have big dreams for yourself. When you think of yourself as really rich, you will think that you need to avail of services and products that in reality, you do not really need. Think about living simply. Have the mind-set that you only need to buy a few things to be able to survive. When you think about living small and living simply, you do not need too many to get by.

• Eat at home instead of dining out.

Your frequent restaurant trips last year gave you momentary happiness and comfort. At the end pf every month, if you add all the money you spent on dining out, you will realize what a big slash it costs you and your budget. So instead, consider eating at home. Make home-cooked meals that the family helped out to prepare. Not only will it be a good bonding time, but you can be sure that the meals you prepare are perfectly healthy.

• Only buy what is necessary.

You must admit that you bought products last year that you want but you don’t really need. This year, change this mantra. Tell yourself that you don’t really need some of these things and save yourself from all the credit. When all the basics to survive are covered, there is nothing else that you will need. All those that fall outside the circle of what is necessa ry, fall under the category of wants; thus they are not really needed.

• Save your money.

Think seriously about saving up. It is not about preparing for a big accident or for a big financial burden. Rather, think of saving as something that is part of your daily routine. You save because you want to travel and visit places around the world. You save because you want to retire early and live quietly. You save because it is the most logical thing to do when you don’t know what to do with your money.

• Don’t think you have money.

When you think you have money to spare, you think you have money to spend. Instead, tell yourself that you don’t have money so you won’t be tempted to spend your money. Forget that you have set aside a part of what you earn for your savings, so you wouldn’t depend on your saving for the things that you need. When you condition yourself that you don’t have the money, then you won’t be tempted to spend.

Living simply is perhaps the best key to making sure that you are financially secured in 2016 and the years to come. You don’t need a lot to be happy. All you need is to know that you have all you need and that’s it. Everything else outside of it does not matter.

This article was written by Charles Crawford from Business2Community and was legally licensed through the NewsCred publisher network.