Financial Resolutions That Make A Difference

A New Year is another opportunity to make a difference. It’s a time to start over again or do things differently. As we think of resolutions, it’s a time to evaluate how we did the past year; the rights and the wrongs and come up with fresh strategies on getting the most out the ensuing year.

The New Year’s resolutions are personal and customized because they come from an individual’s past experience, so are the financial resolutions.  As one is trying to save up more and acquire a new asset, the next person wants to pay all their debts and be free. Every person’s circumstances are different and so is the approach on resolutions. As much as our financial positions differ, the goals have something in common. We want to manage our finances better and thrive where we failed.

It is always challenging to keep up with New Year’s resolutions. In fact, statistics have shown that more than 80% of the resolutions Americans come up with for a new year fail by February. This does not mean that they give up. Here are some ideas and tips of the common objectives that can help you achieve your goals:

Start by Getting Organized

Financially, getting organized entails taking some time to examine your income and spending. How much money are you making and where or how are you spending it? This the perfect starting point. It also means figuring out what you really need to achieve financially and how long you suppose it would take you. For goals to be attained, you must recognize your current financial situation and the pathway to getting where you want to be by the end of the year.

Getting started is never easy but it’s possible. Begin by going through your statements, credits cards, and tax forms if you need to. If you think financial training will help you do better, take a bold step and get the training you need to get your finances in order. Know your liabilities and assets. Get a clear picture of your expenses and income; this will shape up the starting point.

Look for opportunities to save more money

No doubt that 48% of the American population put saving money as one of their top resolutions as they ushered in this year. Be it through retirement, emergency funds or stashing away money to buy an asset, most people wanted to save more. Saving is however easier said than done.

There are proven ways that can help you out such as an automatic deduction from your paycheck or systemized transfers to your savings account from your checking account. Once you form this habit, you can achieve your savings goal.

Paying off Debts

Reducing debts by paying them at the right time can sometimes be overwhelming, but it’s important, especially with high-interest loans. Different approaches are required for different types of debts you may have accrued. Strive to ensure that your installment debts are paid on time to put you on a good credit rating. This could be your mortgage or your student loan.

Set your priority on revolving debts. An example of this is your credit card debt. This is because the interests may spin out of control if it’s left unpaid for long.

Take Control of your spending Habits

Overspending is not only tempting but also very easy, especially when you are using credit cards. If you bought some of the things you buy on your credit card using cash you’d be surprised how much you tend to lose. Discipline is essential in an attempt to curb your spending. There are software applications that can keep a track of your spending.

To reduce your overall spending, start by knowing how much you are spending and cultivate a habit that puts your spending under control.

We are already a month into the year, but it is not late to rethink and upgrade your strategy. Do not accept to fall behind due to lack of clear ways to achieve your goals. If you feel swamped, it is time to get back to the drawing board, either through modification of your resolution or by drawing up fresh strategies. Your plans may not run smoothly all through but significant improvements and progress will have been made at the close of the year.

 

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Are you tired of being at the mercy of banks when you move money? You may live in Thailand, but no doubt you want to send funds for bills, expenses, and your family all over the world. So, why does it feel like your money is shackled to your bank account? And why is the cost of releasing it so high?

In today’s society where we can live and work practically anywhere, moving money should be frictionless. But so often it isn’t.

High exchange rates, exorbitant bank/transaction fees, and hidden charges all work to cripple our hard-accumulated funds the minute we even consider sending money abroad. Sending money out of Thailand is both challenging and expensive—everyone’s least favorite combination of factors. Repeat an exchange transaction more than once, and you may as well gift wrap your money for the bank with a bow.

We know you’re not alone with these frustrations too. Members of expat forums for cities all over Thailand see the oft-repeated question time and again, “What’s the best way to send my money abroad?” Because to date, there hasn’t been a cost-effective, transparent solution available.

SWIFT transactions—which are anything but—are expensive, just like Western Union. Thai Bank transfers for foreigners involve tedious forms and multiple document verification followed by a three-day wait just to attach an international account to your personal one. That’s before you then suffer the high exchange rates and processing fees of up to, and beyond, 1300 THB. Attaching a business account—don’t bother trying.

Sure, it’s free to send money through PayPal, but your recipient loses out on a significant chunk at the other end thanks to the company’s high commission charges which take some finding on their website. Payoneer’s ‘Global Payment Service’ is yet to include THB. So first, you need to exchange your money before you can ACH it across to another country. And TransferWise doesn’t offer the capability to upload THB. (Yes, you can trade THB, but you can’t add it to your balance—even with the new borderless account.)

But what am I telling you this for? You know all this already and have chalked up the frustrations to “This Is Thailand.”

There is, however, a new solution. At the top of Soi 8 on Sukhumvit Road is the headquarters for DeeMoney. With just one form of ID, you can register to become a member in a matter of moments. DeeMoney is the ONLY non-bank in Thailand to hold the required special international money transfer and money exchange licenses, issued by the Bank of Thailand, for moving THB abroad. We cater to 5000+ customers already.

 

Launched in July 2018, DeeMoney is partnered with Moneygram for global distribution. We also leverage direct partnerships for countries outside of the Moneygram network to ensure customers can send money to 16 countries as swiftly and easily as possible. For these 16 countries, we charge a single FLAT fee of 150 baht for ALL transfer amounts. Which means you can send up to 800,000 THB and still only pay 150 THB for the opportunity.

Compare this with other companies and banks mentioned above which stagger rates the more you wish to send, and the savings become astronomical.

In addition to ease of registration, there’s also a DeeMoney app available on Android and from the App Store. The app works with KPlus linking quickly and easily to your Thai bank account or you have the option to pay for your transfer through a QR Code too. Now you can send money abroad anytime, anywhere all from your phone. There’s no need to log on to a laptop to make an international bank transfer—consider that a thing of the past.

The 150THB FLAT rate is for transfers to Australia, Bangladesh, Cambodia, India, Indonesia, Malaysia, Myanmar, Nepal, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, the UK, the US, and Vietnam.

No hidden charges. No high exchange rates. No additional transaction fees. Everything is as clear as Dee.

DeeMoney, what are you waiting for?

 

The Style Souk