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7 Money Saving Resolutions You Should Make in 2015


The New Year is a time for new beginnings. You can start your year off fresh with resolutions that improve all areas of your life. Whether it’s getting inspired to be healthy, or gaining financial independence, it’s important to have goals to work toward. If taking control of your spending habits is an area of focus for you in 2015, below you’ll find 7 money saving resolutions that will help you strive for a healthy bank account, and get you back in the black.

cash loans post holiday loans

1. Make Financial Goals for the Year

Before beginning your journey to financial success in 2015, you need to determine what you are working towards. Why do you need to start budgeting and controlling your spending habits? Do you want to purchase a home? Pay off your mortgage? Buy a new car? Go on vacation? In order to keep yourself motivated, you need to have something to work toward, so every time you may feel like slipping back into your old spending habits, you can think about the payoff at the end of all your hard work.

2. Create a Plan for Expenses

Once you’ve determined what your financial goals are for the year, you need to map out all your expenses. To ensure you are aware of where your money is being allocated, you should create a spending plan for the year that consists of all your essentials. What are the expenses you are required to pay? You should be thinking about rent, mortgage, electricity, car payments, and so on. Don’t forget to include other short-term expenses like gas and groceries.

Once you’ve established all your necessary bills, you need to know how much you make monthly. This will help you plan ahead so you know what needs to be paid and what extra cash you have available for non-essentials like entertainment. Consider creating categories in your spending plan, and spending goals for each category.

3. Track Your Spending for the Year

As part of your spending plan, you should be tracking where your money goes throughout the year. This includes keeping receipts and billing statements. Check back and balance your budget at least once a month to ensure you are hitting your goals for each category. If you notice you are overspending on your limit, review your receipts and billing statements to see where and why you are going over your category goals.

4. Pay Off All Possible Debt

Interest rates are constantly increasing your debt when bills are not paid. Make it a high priority goal to pay off all high interest loans and erase debt as soon as possible. You’ll save yourself some money because you won’t have the backlash of the interest rates. Pay off the debt with the highest interest rate first, and work your way down to the bills with the smallest interest rate.

5. Create a Good Credit History

In order to have financial freedom this year, you need to work towards building a good credit history. Paying off large interest debt is the first step, but good credit doesn’t just happen, you have to work for it. To build good credit, you need to have credit. This means having your name on bills and credit so you can increase your history. In addition, you have to pay your bills on time. By following these simple tasks, your credit score will improve over time.

6. Start Saving And Create an Emergency Fund

This year, make a point to actually start saving your money. But only do this AFTER you’ve paid off your debts. If you have money is savings, use it to pay down your debt and put a stop to pesky interest charges. Once your debt is abolished, you can focus on putting money aside for your future.

Take a portion of your income and set it aside in a savings account. Discuss an automatic withdrawal system with your bank. This transfers money automatically from your account into a savings account with each paycheck. This way you don’t have to think about saving the money. The bank will do all the work for you.

7. Cut Back on The Unnecessary Spending

After the holiday season has ended, there is no excuse for unnecessary spending. Do you have to go out for dinner twice a week? Do you have to eat out for lunch every day? These might seem like little expenses, but they really add up over time. Consider cutting back on these types of unnecessary expenses in order to achieve your financial goal for the year.

If you’re struggling to pay off your post-holiday bills, Magical Credit specializes in short-term cash loans to help you make ends meet. We offer cash loans to people on government income. Fill out a Magical Credit loan application today and you could qualify for a cash loan to help settle your holiday debts.

We are a Toronto-based loan company that provides bad credit loans to people who receive government income, subsidies and pensions such as Canada Child Tax Benefit (CCTB), Children’s Special Allowance (CSA), Universal Child Care Benefit (UCCB), Working Income Supplement (WIS), Ontario Child Benefit (OCB), Ontario Child Care Supplement for Working Families (OCCS), Canadian Pension Plan (CPP), Old Age Security (OAS), Workplace Safety and Insurance (WSIB), Employments Insurance (EI), Regular Benefits, Maternity and Parental Benefits, Sickness Benefits, Compassionate Care Benefits, Parents of Critically Ill Children, and Private Pensions.

You can call us at 1-877-213-2088. We’ll help you start the New Year off debt-free!