The year 2020 marks the beginning of a new decade for everyone. For some, this means a fresh start—pursuing new avenues for growth, taking big steps or making important decisions. For others, it’s another year of making financial mistakes, missing out on opportunities and surviving financial ruin. It’s hard not to get attracted to the glitz and glamour of brand-new things. However, it’s also hard not to be hard at yourself when you realize that you’ve been wasting money all this time.

This new year, turn a new leaf and resolve to achieve financial stability. Consider these new year’s resolutions that will lead you to the road to financial success.

I will make a financial plan and see it through.

Every financial advisor will tell you that planning your savings and expenses is one of the keys to financial stability. Financial planning lets you examine your financial goals—both long-term and short-term—and makes sure to achieve them.

By thoroughly mapping your expenses, income and other financial items, you’ll be able to hold yourself accountable to your finances. Combine this with proper bookkeeping, you can maximize your money and minimize the debts you incur.

I will invest in myself.

You are still your greatest financial asset. As such, investing in yourself lets you increase the number of available work opportunities for you. Continuing to upgrade your skills and knowledge will make you a great addition to any company; you can debate for better pay or get a promotion. As time goes by, companies will struggle to fill the void left by retiring higher-tier personnel, so make sure that it’s your name that first comes into mind when they’re looking for replacements.

However, don’t forget that vacations, hobbies, and other leisurely activities can also count as a self-investment if done without breaking the bank. Having the financial knowledge to utilize your financial freedom properly will help you make valuable investments to yourself.

I will make sure I have backup plans.

Emergency situations are often savings killers. Make sure that you have enough money for an emergency fund for such events instead of getting money from your personal savings account and then starting over again. To start, you can allot 10% of your monthly salary into your emergency fund; once it piles up, you’ll have a financial safety net when the unexpected happens. You can also consider getting health insurance to decrease the burden of paying for health emergencies on yourself.

I will control my urges when it comes to money.

If emergency situations are savings killers, impulse buying will murder it twice. Money is a double-edged sword; it provides and it tempts. Maybe it’s because of the image boost the object of your current affection carries. Or maybe you want that high, the instant gratification shopping gives. It’s why people must learn to stop themselves from making reckless purchases. The momentary pleasure isn’t worth it once the high wears off and you realize you’ve reduced your savings to the brink.

I will never live paycheck to paycheck ever again.

Financial security means having the means to survive every day while being able to save up for the future. You can spend something for luxuries without having to break the bank. Living month-to-month, while it gets people through, is not financially stable. Work hard so that you won’t ever find yourself in the jaws of financial ruin. Promise that to yourself this year.

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