New Year financial resolutions

The start of the year is always a good time to reflect and make changes to one’s life and financial situation. If like most people, your New Year’s resolution is simply to save more money, you will find that setting some goals and having a plan in place would increase your rate of success.

What better time to review your financial position with the help of Financial Health Check, get rid of bad money habits and develop some good ones to get ahead financially this new year.

Here are some practical tips: 

Spare 10 minutes a day to record your daily expenses with the IFEC Money Tracker mobile application. It helps track your expenses and identify unnecessary spending. Don't forget to check your latest bank statements and bills to avoid late payment penalties.

Designate a week every month as "Money Saving Week" and try to spend less on unnecessary items during the period.

Always set aside some of your income as savings first, and don’t blow away your financial windfall or year-end bonus right away. To prevent impulsive buys, take some time to consider carefully before making the purchase.

The minimum annual interest rate for credit cards is 30%. Paying only the minimum sum or making a late payment will incur interest immediately for any new transactions, existing interest-free instalments, automatic payments or Octopus value-adding transactions.