Start your 2012 with some cash resolutions

We all enjoy starting the year with a clean slate, forgetting any troubles which might have plagued us during 2011 and moving on to something bigger and brighter. Unfortunately banks don't tend to be so forgiving and there are many of us who will begin 2012 not - as much as we might wish - both worry - and debt-free, but rather struggling to keep a handle on our finances following some over indulgence during the holidays.

Firstly, fear not, you're far from alone.

Secondly, while you might be unable to erase your debt with one quick New Year resolution, there are key steps that you can take toward ensuring a bright financial future for the next year.

Start your year off as you mean to go on and restrict any and all usage of credit cards and overdrafts. Prevent yourself from falling into the same sticky spots that you find yourself in now! Try and follow a strict cash-only budget for your day-to-day payments. Start off the week by withdrawing a set amount of cash and try and stick to only using the money that you have in hand. It might sound simple but limiting your finances and removing the temptation of credit and debit cards can be a quick and effective way of restricting your debts throughout the year.

As well as helping you with your weekly spending habits, cash can also be used as a great money saver. Start storing away a little bit of cash on a regular basis. £1 per day, £5 per week, the amount is completely up to you, but being able to save that cash in a physical form will not only let you keep track of how much you've got, it will also encourage you to keep storing (and provide you with a much-needed excuse to purchase a new piggy bank!).

Financial resolutions don’t need to be scary and daunting - the smallest steps can make a world of difference. So start your 2012 off on the right financial foot and invest in your cash future. 

Friday, 6th January 2012

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