what resolutions can I make to improve my finances this coming year 2016?

Dear Sir, what resolutions can I make to improve my finances this coming year 2016?
Well it is that exciting time of the year again when we say good bye to an old year and usher in a new one. Many times people make all kinds of resolutions at this point with great optimism for what the New Year will bring. The danger however lies in turning this into a ritual of resolution making and breaking only to wait for the next New Year to repeat the cycle.

A good resolution must be clear, measurable and backed up with a credible plan to execute it as well as firm commitment towards the desired goals. If you say you want to be financially stable this year, do you want to double your income? Or reduce your expenses by half? The resolution must also have a time frame and need not be just a year. If your resolution is to become debt free, this could take three years to execute.

Many times people will have to make considerations to match resolutions with their lifecycle stages, for example, if you are retiring this year, then your resolutions should be skewed towards life after retirement, if you are getting married you need resolutions that speak to a home, if you are changing jobs you might want to plan for new transport means.

Some examples include; to save 10% equivalent of all my expenses this year, or to save 15% of all my income for the next five years starting this year, or not to borrow at all for consumption this year. Ultimately, you only get one New Year each year so it is important for you to tap into the energy and the hope for future achievement that the New Year brings. Happy 2016.
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The writer is the corporate sales manager at UAP Insurance.