Plan New Year's Bash with Resolution to Save

New Year is round the corner and party is already on. This is the time when your monthly budget is expected to exceed. To overcome this situation you must be setting some plans ahead for the expenditures you are going to meet in the coming year. Where December is the time to take a deep breath and analyse how the past year had been, NewYear Eve is the time to take resolutions, a resolution to save money and get out of debt, a resolution to spend more time with family, a resolution to exercise regularly and stay fit, or any other. This is the time where plans like recharging your savings, getting your fiscal issues fixed and starting some tax savings and retirement plans continue into the following year. All in all, 2010 is the time to turn your pocket into a richer one.

Here are a few good money moves which can be easily taken by you before you ring in the New Year:

1. SIMPLY SAVING MONEY IN THE NEW YEAR

  • Keep a spending-journal with you - This is a simple task where you need to keep a spending journal with you and note down everything you spend money on. Make a note of every sandwich you buy, every distance you travel, at every parking you pay, every gas fill up, and number of other similar things. After a month, go through every expenditure listed in your journal and categorize them under food, travel, gas, utility bills, etc. Categorizing them will help you shun down few pennies from your monthly expenditure, as Benjamin Franklin said, "A penny saved is a penny earned."
  • Saving Money Plan-Start composing saving plan for new year and writing it down. This would help you get better understanding of overall inflow and outflow of your finances, which would give you a direction for a whole new start in the new year.
  • Start Saving Cash-If you had miss out to do something in 2009, the coming year would let you make investments that can work in your favour. Whatever you do, whatever startegy you plan out, but setting up a strategy to start saving more cash would help you comfortably survive in 'rainy day'.

2. ELIMINATING DEBT IN THE NEW YEAR:

  • Pay Down Debt- Faster debt payment will allow you to put more money into saving in the long run. The second option you can follow is to pay towards the debt instead of paying towards the high interest rate every month. As soon as you pay the whole amount and set yourself free from debt, this would allow you the fastest turn around for a sum of money to put towards some saving plan. List out every possible way to quickly pay out your debt.
  • Pay off your mortgage-In this new year, plan to pay off your mortgage quicker. Aim to reduce your mortgage payments by finding ways to save money on higher interest on your mortgage.
  • Save money with balance transfer- These days, credit card companies are offering a set period of time to its customers where balances can be transferred to the new card at zero interest. Isn't getting a balance transfer and taking the burden of paying interests off your head for a little while is a big relief?

3. REDUCING TRAVEL COST IN THE NEW YEAR

  • Petrol saving tips- The car cost can be cut down by using some smart petrol saving tips like avoiding lead foot, avoiding use of toll roads to cut time in traffic, turning your engine off when you are at signal or stuck in traffic, making your car move in higher gear, as getting higher gear reduces engine use and consumption of petrol.
  • Car pooling-Asking your work partner to commute with you can work for both of you to save little money on petrol. This can be a great tip to help you cut the costs of commuting.
  • Using Public transport- Yes, of course it is the most dramatic way of cutting your travel cost. All you need to do is to catch a train or bus to work, for only few days a week.

Happy Christmas and Happy Financing!