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Top 6 Personal Finance Resolutions for 2012

Time flies swiftly. Year 2011 is about to bid goodbye. This is the time when you should sit back, relax, and assess how the year has been, financially. Most consumers by this time are busy spending for the holidays. You could be one of those. But be sure to take some time to think about your personal finance for this year. For sure, there is a need for improvement.

Personal finance resolutions should be set for 2012. That is if you do not like to make the same personal finance mistakes you have committed in 2011. There are still many things you want to do to boost your financial standing in the future that you may not have done this year. Create a list of your personal finance resolutions for the New Year and intend to follow those. Here is a simple guide that could be of help.

● Live within your means. There are just so many things available in the market that could facilitate stylish living. However, not all of those are necessary. The latest gadgets would always be costly but you may not actually need those. Living in extravagance could be a cozy lifestyle but if you really could not afford it, why would you insist? Spend only the amount you actually earn so you could avoid obtaining loans and using credit cards to make hefty purchases.

● Be frugal. Being one does not mean lowering the quality of your life. You could start by getting more conscious about how your household uses water, electricity, the Internet, and other utilities that incur charges by the minute. Curtail your spending for luxurious and unnecessary items. Try to buy only the things you actually need instead of purchasing items that you just feel like buying.

● Lower your reliance on credit cards. If you are used to swiping your plastic card whenever you go to the department store, try to control yourself next year. You may begin by disposing some of your credit cards, especially those that incur higher interest rates and annual fees. If you could not live without swiping cards, how about replacing your credit cards with debit cards? You would not get into financial or debt troubles for doing so.

● Try to settle all your loans. If it could not be possibly done due to financial constraints, you may opt to repay more than minimum amount required for payment. If you still have fixed loans that you are repaying, try your best not to obtain new loans.

● Bolster your savings and make significant investments. Save money while you still could. Use your savings to make high-yielding investments. The stock market could be a great place to start this. How about establishing a home-based or small business? You could be amazed at how much you could possibly grow your savings in just a short time.

● Lastly, explore many other opportunities to earn money. You could use your idle or spare time to be productive. How about accepting data entry jobs or online writing tasks that pay well? During weekends, you may earn money from facilitating tutorials. Or you could find and get an easy part-time job. Additional income means making your personal finances better.

Peter Christopher

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