Your personal finance may not have run well in 2011. That is why you must be looking forward to make 2012 a better one financially. You may not have to rely on luck. You could actually make a difference on your own if you would be more determined and disciplined.
Now could be the best time to make your finance resolutions. Take your time and assess your personal finance in 2011. For sure, there are many aspects that need improvement. You could make resolutions and intend to make you personal finance better not just in 2012 but also in the many years that would follow. Here are top 5 of those finance resolutions you should have on your list.


1.    Reduce or eliminate credit card debt. Every year, this is always a part of financial resolutions of almost everyone. If you have become reliant on plastic cards when making purchases, it may be difficult to break the habit. Using credit card is not bad, but only if you know how to use it properly and responsibly. Basically, you need not to spend more than you can afford. Try to resist impulsive and compulsive shopping. You may start by setting a lower limit on your card purchases, cutting off some cards, or getting those with lower interest rates and fees.

2.    Increase monthly allocation for savings. By now, you should be saving a significant portion of your monthly income. Experts think saving 10% of your monthly income is good enough. But it would be much better if you could save more than that. This may have to mean trimming or eliminating discretionary spending. Try not to touch your savings accounts when there is actually no need to spend money on important matters.

3.    Invest your savings. It is not good enough for you to keep your savings on a bank account. Banks are not generous enough to impose ideal interest rates on savings. Instead, invest your money. Be sure to make investments in secured and lucrative investment options, wherein you could count on regular yields. Investing in money market or stocks could be ideal options to consider and take. How about putting up a home-base or small business?

4.    Get another or extra source of income. These days, keeping a single job is not wise enough. Many people keep two or three jobs at the same time. You do not need to exhaust yourself physically and mentally. If you are doing office work the whole day, you may take online income opportunities during your spare time. You may also consider accepting tutorial jobs or simple administrative posts a few hours after work.

5.    Reduce your spending. You could actually save on basic costs. Try to lower your electric and water consumption at home. Take the public transport when going to work instead of driving your car. Do your grocery at least once a week. Or simply try not to spend on non-necessary items. You could be surprised at how much money you could possibly save in a month.