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10 new year resolutions to help grow your bank balance

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File Photo: IOL

1. New Year, new me

Some of your New Year resolutions might require some new equipment such as a bicycle, trainers or a set of golf clubs. This should not be seen as a shopping opportunity but rather one to save your bank balance. Before you buy new equipment, try your local pawn shop or one of the many online second hand sites for easy savings.

2. No joining fees

This is the year you get fit, healthy and learn something new. Before joining the gym, a cooking class or golf club, ask around. You can save on expensive joining and membership fees by learning the basics from YouTube or a friend or family member. You will be surprised what you can learn online, anything from yoga to making the perfect espresso to bird watching.

3. Change your bank balance, by changing your bank

There have been many changes in the banking industry over the last few years, including lower bank charges and bundle options. When was the last time you checked what your monthly banking charges are, and what value you are getting for those fees? Look into the option of switching to another bank which offers you a more suitable solution for your needs and banking habits.

4. Hit “unsubscribe”

Leave your bad money habits in the past. Identify the clubs, daily deal newsletters and subscription services you are no longer interested in and unsubscribe. By eliminating the “loyalty fee” on an unused rewards programmes or magazine subscriptions your bank balance will improve month by month.

5. Paying off your debt is in your best interest

A quick way to increase your disposable income is to pay off as much debt as possible. By decreasing the principle amount owed you will decrease the interest payments. For maximum effect start with the high interest loans first like credit cards and store accounts.

6. Just Google it

Who needs a shopping assistant when you have Google? Google will allow you to search, compare and locate the cheapest prices for just about anything. A Google search is a quick way to increase your bank balance by not overpaying for goods and services.

7. Maximise your financial health

Financial health is just as important as mental and physical health. You can check your financial health by calculating your cash flow and net asset value. To increase your cash flow, eliminate any unnecessary expenses like bottled water and daily cappuccinos and increase your asset value by reducing your debt.

8. Do It Yourself

The house needs cleaning, the car needs to be washed or the roof needs to be painted. Instead of hiring a cleaning service or handy-man, get into the habit of doing it yourself. This will save you money and maybe you’ll burn off a few calories which will help with some of the other New Year’s resolutions.

9. Ask a professional

When you need financial advice it is okay to ask a professional. Speak to an accountant, debt counsellor, or financial planner. Making use of an outside party with industry knowledge can help you find efficient ways to manage your finances, save and set a plan into action to achieve your financial New Year resolutions.

10. Grow your income

Turn your passion into cash by teaching what you know and love to those willing to learn. It can be as easy as teaching computer skills to the elderly at a retirement home, or your ball skills at the local primary school. Or be even more ambitious by going back to school and studying to acquire new skills to further your career.

Remember saving is a process and not a single event. The easiest way to save a lot is to save a little each day.

Content supplied by Alexander Forbes.

PERSONAL FINANCE

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