Tips for a financially successful 2010 by qux32798


									                        Tips for a financially successful 2010

2010 is here and it’s going to be the best ever year for you financially!! How do I know
that? Simple, you are going to get on board with the Ant and together we are going to put
good financial management principles into place to enable to get the best out of your money!!

Christmas is finished and you probably spent lots of money during the festive season on
gifts, eating and drinking and, maybe even some partying! That’s all good but we now need to
lay down some financial guidelines for the New Year to ensure a financially successful 2010.

So here are the Ant’s tips for a financially successful New Year:

1. Invest in your Financial Education- There is a saying “the more you learn is the more
    you earn”. If you are going to acquire a new way of thinking about your finances you are
    going to need to read and study more financial literature. There are numerous books on
    the market that you can buy to help you increase your money management knowledge.
    Not surprisingly I recommend you purchase Go to the Ant - A simple but effective guide
    for day to day money management. It costs £7.50 and is available for purchase from
2. Review your assets and liabilities – At the beginning of the year you need to identify
    your starting point. So review your assets (i) the value of your house (ii) the value of
    your investments such as ISA’s, Shares and bonds (iii) the balance on your current and
    deposit accounts (iv) value of your pension and insurance. Also review your liabilities (i)
    balance on your mortgage, loan, and credit cards.
3. Review your budget – Check your budget to ensure it contains all your income and
    outgoings. Make sure there are no new monthly direct debits that have crept in unawares
    or that there has not been any increase in your monthly bills such as council tax, utilities,
   mortgage, or annual bus or rail passes. Despite being small amounts such increases can
   build up and disrupt your finely tuned budget. Also on the plus side check any increase
   your income such as an annual pay rise, increase in child benefits, family credit, and
   income from your investments. If you don’t have a budget check out
4. Set your financial goals (expenditure) for 2010 – Think about the things you want to
   do in the 2010 which are going to require considerable expenditure. A new home, a new
   car, a wedding, an addition to the family, an expensive holiday. All of these things need to
   be paid for so you need to put plans in place to make sure you can afford them without
   getting into debt.
5. Set your financial goals (savings/investment) - You need a savings and investment
   goal for the New Year. Try and see if you can save a greater % of your salary, check the
   interest rates being paid on your current and deposit accounts; if they are not up to
   scratch the beginning of the year is an ideal time to look around for a better account which
   pays you more for looking after your money!
6. Set your financial goals (debt reduction) – In 2010 you need to maintain your drive to
   reduce your debts to the point where you are debt free. Using your debt reduction plan
   prioritise your highest debts and pay them off one by one till they are all gone. If you
   don’t have a debt reduction plan you should get one right away. Check out
7. Spend wisely – Make 2010 the year you bring discipline to your spending. No more
   impulse spending(i) shop with cash and leave your cards at home (iii) buy online where
   it’s cheaper (iv) no more living off your overdraft, and most importantly (v) if you don’t
   have the money don’t buy it!!!
8. Get a credit check – It is a distinct possibility that at some time during the year your
   credit status will play a significant part in your money management strategy. Even the
   simple exercise of acquiring a mobile phone account now requires that you have a certain
   credit score. So it pays to know from the outset what your credit rating is and get a credit
   report. The report will show your credit history and your rating. It will enable you to
   check all your credit dealings and ensure that they are correctly recorded, and rectify them
    if they are not, as any adverse entry will detrimentally affect your credit rating. You can
    do it all on line. Check out or
9. Review you income potential – The most obvious way of enhancing your financial
    position is to increase your income. So this is a good time to look at your earning
    potential; are you due a promotion or is time to change your job, or maybe even your
    career? Alternatively, maybe you can get second job or look at other income generating
    opportunities such as network marketing or an internet business.
10. Review your security – Do you have life insurance, a pension and a will? If not now is
    the time to get these fundamental things in place. Speak with an independent financial
    advisor ASAP. Check out
11. Get Help – Finally, if after carrying out the above steps you find you are really
    struggling with your finances don’t worry or ignore the problem; get help! Organisations
    such credit action specialise in providing advice for people in serious debt. Check them
    out at

Like I said this is going to be your best financial year ever, just follow the Ant!

Isaac Carter is the author of “Go to the Ant” a simple but effective guide to money

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