A New Year’s resolution is worth having even if it may only be partially achieved. Having a resolution gives us a wave of hope and a sense of determination to recover what have been lost and make the future better.
New Year’s resolution ideas on saving
1. Save money.
Live a simple life. If you do, you will notice that you don’t need much. Hence, you can save unused money.
Avoid unnecessary expenses. For example, I forgot about maintaining Average Daily Balance (ADB) in the bank for two months. I was charged 300 pesos for each month.
Create a projected cash flow at the start of every month. Start by deducting tithes, savings, and payment of debts. Divide the rest for expected expenses. If expected expenses yield a negative balance, find additional income or remove or delay the purchase of some items in the list.
Create additional income no matter how small it can be. Sell unused things, plants, food, etc. Offer services with pay. Then save as much of the additional income.
Save a certain amount regularly. Money Market Fund (MMF) is the best for the emergency fund. It gives a higher return than a regular time deposit and savings, allows liquidity, and is the safest investment. Inquire from your bank about it.
2. Be debt-free.
If you have debts, pay as much and as fast as you can. Remember that interest accumulates. The bigger your debt, the higher the interest. The longer you pay the balance, the more interest you have to pay.
Have a plan on how to pay your debts. If possible, pay debts first before investing. I borrowed money before for my medicines and supplements. I paid only little by little. It’s only now that I realized that it has been taking me a long time to pay it.
Avoiding borrowing is the simplest way to be debt-free; reasons that may justify borrowing are when there is a sure way of return–business and study–and for health and life. On the other hand, sometimes business and education may not work well as expected; hence, be wise and cautious.
New Year’s resolution idea on giving
3. Give to others who are in need.
Give to others, and God will give to you. Indeed, you will receive a full measure, a generous helping, poured into your hands—all that you can hold. The measure you use for others is the one that God will use for you. Luke 6:38 GNT
Give to the sick, victims of calamities, underprivileged, and those who work hard yet are still suffering. Give to the church and missions.
New Year’s resolution ideas on investing in education
4. Learn to earn active and better income.
Times are changing. We may have been able to support ourselves with what little we have, but as situations change, we see that what used to be enough is no longer enough. Our jobs may no longer yield enough income.
Most of my students have told me that globalization has put them in situations where they need to improve their English to communicate with foreign customers, clients, counterparts, or employers. Some have wanted to go back to the university but need to improve their English to pass admission. Others want to apply for higher-paying jobs but need to practice interviews in English.
Do you see the need to improve your English, re-educate yourself, or even change your career to keep up with the times? Many do. We need to invest in our education.
To help, I will write about the highest-paying jobs and where and how you or your relatives can learn the best at the lowest cost.
For those who want to improve their English skills, I am now offering English tutoring services through this website. If you need to improve in English, contact me. I offer a free trial class so that you can see if we can be a good match.
5. Learn to earn passive income.
I have written here about Investa University, where Filipinos can learn investing for free. I had taken some time to learn the first lessons and videos until I had problems with my computer’s charger. (That was one reason I couldn’t publish my intended number of blog posts.) However, the delay in learning about investing gave me a chance to weigh my priorities.
These are what I have started doing so far: paying debt and insurance premiums and saving for any emergency through Money Market Fund. This year, I will continue educating myself on website design and development to give me a chance to earn more than I do now.
When I have earned more, that would be the time I would continue learning to invest for passive income.
In case you are wondering what investment opportunities there are, here are the many possibilities:
Saving for education and education itself
Bank products (regular savings, time deposit, Money Market Fund, UITFs)
Bonds
Mutual Funds
Index Funds
Extra Traded Funds
Options
Annuities
Retirement
Alternative and Complex Products
Initial Coin Offerings and Cryptocurrencies
Commodity Futures
Security Futures
Insurance
New Year’s resolution ideas on the most important matters
6. Invest in your health.
Give up bad habits that harm your mind and body; remember that health is the best wealth we can ever have.
I thought I was healthy until I was diagnosed with two sicknesses no one would ever want. These illnesses caused financial losses and stress for my family and me. Praise God that I’ve been surviving.
7. Invest in your family.
Give time and love, be present for them, and find ways to give them comfort and joy.
Before I got sick, I had tried to give my parents some holidays. Now, I haven’t been earning much, and my income has just been enough for necessities and health supplements. However, I’m resolving to earn more again to be able to hire a house helper to lessen my mother’s tasks in the house. For me, that would be a good enough New Year’s resolution.
8. Invest in your life after death.
Get saved. The only thing where you don’t need money for is insuring your life after death. It’s completely free, paid for by no other than the Lord Jesus Christ, the Son of God who came to be a man to be our sinless substitute for the punishment of our sins.
If you need help understanding this truth, contact me.
It is worth nothing for a person to have the whole world, if he loses his soul. Mark 8:36 ICB
Turn away from sin. This serves you and everyone well. Study the Bible to know more about what the Bible calls sin.
Get closer to God and know Him more and His plans for you. No matter how poor or rich and how sick or well you may be, God is your only source of true love, hope, peace, comfort, and joy while you are on earth.
