5 New Year Financial Planning Resolutions

It's that time of year again: forget the diet and instead get your finances in order for a prosperous year ahead

Holly Cook 5 January, 2015 | 8:30AM
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This article is part of Morningstar’s Guide to Investing Ideas for 2015, our comprehensive round-up of where the most promising stocks, funds and markets can be found this year.

It's that time of the year again, when we draw a line under the successes and failures of the past year and shift our thoughts towards ideas of eating mor healthily, exercising more and perhaps doing something more altruistic over the next 12 months. Another year, another list of New Year resolutions only half completed. We offer some fresh New Year resolutions to help you get your finances in order and put funds to good use.

1. Draw Up a Budget and Live Within Your Means

It sounds straightforward—and it is—but many people struggle through each month worrying whether the cash will run out before the next pay cheque arrives or if they have enough saved up to cover a household emergency such as a kaput boiler. Calculating your total incomings and outgoings can go a long way to reducing these concerns as it will leave you with an ongoing idea of where you stand financially.

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The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

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About Author

Holly Cook

Holly Cook  is Manager, Morningstar EMEA Websites

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