Saturday, May 4, 2024

New Year finances

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Did we attain the 2013 financial goals which we set, or at least moved progressively in the desired direction? Let us all make an honest assessment of what was achieved in this difficult year before we settle our financial plans and goals for 2014.
Let this review serve as the basis of our recommitment to further progress during 2014. Then, what follows is a ten-point drive for sustaining and growing our finances during the new year:
1. Like never before, we will all account for every cent we earn and spend/save during the year to come. At the least, we will all have a simple list by month of all our cash income and expected cash spending. It will be apparent what we can save or invest monthly.
2. In spending, we will ask for discounts, negotiating every dime that we spend. If cash was king before, it should be viewed as super royalty during 2014. Before we spend, we will check around within reason for the best price available.
3. The new year will be one to gather all those unused items around the house that we can do without and sell them. There is a new trading service for unused or gently used items being advertised. This can serve us well in acquiring certain items at a reduced cost as well as providing a market for items we are willing to part with. If our unused items are not saleable, give them to someone who can make better use of them.  
4. In a similar vein, let us consider buying or renting used or second-hand items.
5. The credit union can be our friend in the year ahead. Compared to commercial banks, they provide lower loan rates, higher savings rates and lower fees. A credit union loan can provide vastly cheaper financing than the typical hire purchase agreement.  
6. An energy audit of our residences can provide the guidance we need to contain rising energy costs.  
7. For 2014, let us all commit to reusing, recycling and conserving wherever possible. Recycling can actually bring in some cash even if a nominal amount. Let us specially conserve electricity and water.    
8. Let us exploit the Internet for communicating locally and internationally, for buying and selling services and products, and for promoting products, services and events. Related transportation, communication and marketing costs can usually be significantly avoided by transacting business online.  
9. Let us grow more of our food; even a small herb garden can make a difference to our monthly cost, especially if we can sell some of what is grown. There is a wide range of activities to choose from depending on one’s facilities and one’s preferences – from growing vegetables to fruits to flowers, to even rearing fish, birds or animals.  
10. Do-it-yourself will be a necessary mantra for all of us to the extent that we are able to do repairs, make new fittings or garments ourselves, prepare interesting meals and improvise through innovation.
The new year portends to be one like no other before. We will all be adjusting as the year progresses. In all the planning and action to follow, make it explicitly clear to your entire household that everyone needs to be on board in the drive to sustain the household finances. To garner success, everyone needs to contribute.  
May we all have peace, goodwill, good health, prosperity and happiness in the new year.  

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