Smart New Year Resolutions to make

Published Dec 19, 2017

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Durban - With 2018 just around the corner, it's time people make their to-do list for the year ahead, as well as plan how they are going to chose and carry out their new year resolutions. 

The co-founder of the Walnut App, Patanjali Somayaji, compiled five smart resolutions for people to make in the coming year.

1. Save more, spend less (and pay bills on time).

Check your past spending and work out how much you want to save each month. Allocate part of your income automatically so you're not tempted to use the money elsewhere. Use a money management app to track your spends, create a budget and get reminders to make your bill payments on time.

2. Clear high-interest debt

If you have multiple credit cards, give them up and keep a maximum of two, with the highest credit limit. Avoid any fresh spends on your cards till dues are cleared. List all your debts, from highest to lowest, and clear them in that order.

3. Health is wealth - insure it

Being healthy and fit is the best gift to yourself, your family and dependents. Cut down on wasteful spending and eating/drinking, make actual use of that gym membership, get a complete health check-up done and make it a yearly habit.

Set aside money each month for an emergency which could see you and your family through any medical emergency.

4. Documentation and nomination

It is a good idea to ensure your spouse/family is aware of your finances or in case of a life insurance policy, updating beneficiary from parents to spouse. Documentation can be further split into financial/debt, health/life and legal (if applicable). Ensure it is easily accessible to next of kin in case something happens to you, so they are spared the running around and unnecessary paperwork.

5. Remember to have fun!

Working 8 to 5 daily, five days a week can take a toll of your health and personal life. Make an effort to set aside time for your family and friends. Plan mini-breaks every quarter and a full-fledged vacation once a year. Do something that makes you happy, take up a new hobby, travel somewhere you've never been before -- all these will help you refocus and realign your goals and priorities.

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