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5 tips to be on top in 2017
For the last post of 2014, I couldn’t resist writing about RESOLUTIONS. New year resolutions are always a hot topic and in 2015 we will focus on… MONEY! Typically, when it comes to New Year resolutions, we often think about kicking an unhealthy habit like smoking or improving our lives by getting more exercise. And yet, according to the last ING International Survey, financial resolutions are also on top of mind for many. For example in Luxembourg, 79% plan to have resolutions for 2015 on financial matters (higher than the European average!). We also are among the best (64%) in fulfilling our New Year pledges. Among our favorite New Year resolutions, in 2015 we want to focus on control spending (46% of Luxembourg residents, according to the study by better managing our money and through this article I would like to help you to do so.
Avoid compulsive shopping
Compulsive shopping can rear its head at the most inopportune time – always stay vigilant! Don’t be fooled by the price of an item and remember that it is not because it is cheap that you absolutely need to purchase. The same goes for special discounts. Start by taking control of the situation by spending what you can really afford
Budgeting
And what better way to know what you can afford than with an established budget? We have already tackle this topic previously in this blog: we all know shopping brings joy but remember that unwanted excesses can lead to bad surprises! Budgeting is not only about knowing how you spend your hard earned money. It is also about thinking about your future, planning in advance and avoiding serious headaches! You have some trouble budgeting? Refer to the article: 8 tips on how to create a budget
Eye on the plastic
We have payment cards and they make our life easier – but they make overspending easier too! Paying with plastic hurts less than spending cash, so especially when shopping with your cards evaluate whether you truly, absolutely need the latest high tech device
Start saving
Better managing your money also means to save. No matter how little the amount is, the most important step is to start and be prepared, it is not always the easiest part.
Sharing is caring
According to researchers from Columbia University and Harvard Business School, when you spend money on others rather than yourself you increase happiness. In 2015, think about giving to charity. And in Luxembourg, giving to charity does not only increase your happiness, it is also good for your tax declaration. If you give €120 or more to certain agreed NGOs the total sum of your donations can be deducted from your taxable income (as long as you do not go over 20% of your net taxable income or € 1.000.000 ).
If you have any other basics to share, please share them by commenting this post.
In the meantime, Mymoney.lu’s contributors wish you all a Happy New year!!!
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