REALISTIC NEW YEAR MONEY RESOLUTIONS YOU CAN TRUST – FROM MAX HORNE

We all make them, but seldom stick to them,  but when it comes to managing your money better as a young person, New Year Resolutions concerning your finances are some of the most important to get to grips with.

With this in mind, Fife based Financial Adviser turned first time author, Max Horne, who is the expert behind “The Money Instruction Book”, an easy to digest guide to money management for 16-22 year olds, has put together a list of achievable New Year Resolutions regarding money habits. Many of them are applicable to people of all ages, but his advice on learning to cook from scratch, which can save a great deal of money compared to the cost of convenience foods, is particularly relevant to young people.

Max’s top financial resolutions for 2020 are:

  1. This is a constant resolution. Don’t spend more than you earn.
  2. If you are not in your employer’s pension scheme, join it immediately and contribute at least 5% to it.  If you are in a pension scheme, contribute 2% of your salary extra to it from this year onwards.  By doing this you will cut the number of years you have to work, and you could receive your own private pension before the state pension cuts in.
  3. Question every purchase you make that is over £30.  Is it value for money, will it enhance my life, does it really give me satisfaction?
  4. Check you are not paying too much for energy.  Check with your electricity and gas company and look online to see if you can get a cheaper deal.
  5. Reduce your reliance and intake of fast food and pre-prepared microwave style meals. These run away with costs and if you learn to cook fresh produce you could end up saving around 50% of your weekly food bill by doing this.
  6. Check that you are getting the best return from your savings, whether these are short term bank and building society savings or long terms stock market related savings. Go and see a good Independent Financial Adviser for a second opinion on what you are doing.

“I hope this advice helps youngsters compile an effective plan for 2020 which is looming ever closer,” said Max. “The festive season can see them get carried away and no one wants that dreaded January feeling that they have no money, and have overspent to a dangerous extent.”

“Don’t be afraid to ask for help or advice either, “ he said, “from parents, or from those working in financial services, and of course share tips with friends.”

Max’s Money Instruction Book is available from Amazon 

For further details on the book go to his website at www.themoneyinstructionbook.com

Phyllis Stephen
Website | + posts

Founding Editor of The Edinburgh Reporter.
Edinburgh-born multimedia journalist and iPhoneographer.

RELATED ARTICLESMORE FROM AUTHOR