By Jackson Henry —-
2012 is here and many Palauans are making their new year’s resolutions and others are re-affirming old ones. It has become a Palauan tradition to do so, since adopting the western culture that traces its roots back to the ancient Babylonians some 4000 years ago.
The dilapidation of time, like the weather, is one thing man cannot control. So when the new year is ushered in, we ride on its ambience as the greatest time to renew our commitments to improve ourselves and cast off the “demons” of the past. In 153 BC, the ancient Romans used the mythical God Janus as the head of their calendar and also the symbol of their resolution to forgive their enemies and welcome a new era of optimism. InJapan, the tradition of Kadomatsu, is celebrated during the new year by decorating homes as a tribute to their lucky gods.
But no celebration is more extravagant than that of theUS, where fireworks light up the skies and the lighted ball descends down atNew York’sTimes Square. Kissing at the stroke of midnight symbolizes casting off the evil spirits of the past year and purification into the new year.
2012 is a great time to jump start your personal finances. Given the challenging economic times we face in Palautoday, the first resolution should be to pay down your debts. It is important to retire debt free so you can enjoy your golden years with no money stress. If you can refinance your existing debts for interest rate, do so and save yourself a ton of interest payments. If you are burdened with the weight of credit cards, then cut them off on January 1st.
Second is to put together a workable household budget. Pay your monthly bills through automatic deduction system. That way you do not touch money designated for your fixed expenses. This prevents you from spending tomorrow’s obligation today.
Third is to cut off your bad habits that eat up your revenues. They include tobacco use and excessive drinking. Smoking and chewing tobacco only piles up unnecessary doctor’s expenses and jacks up your insurance premiums. Remember the saying, “spending like a drunken sailor”. A drunken person looses control of his money and blows holes in his budget.
Lastly, make a commitment to be financially literate. Do not spend or invest at the whims of the economic “weather”. Palauans cannot be in the dark when it comes to money matters. With so much siukang and rising cost of living putting your cash flow under siege, it is critical to understand the secrets of financial planning and the smart way to reach your economic goals in life.
2012 is a time for renewal. Celebrate it with a bang but always remember that nothing is more honorable than to be a productive contributor the betterment of your country. Kmal Ungil Bechesserrak everyone !!
