Seven Financial Resolutions to Set in the New Year
What does 2018 look like to you—joining a gym, starting (and sticking to) a new diet, traveling more? When it comes to New Year’s resolutions, we all mean well. But, more often than not, these lofty goals have fallen by the wayside by the time the next year rolls around. Because of this, many people have given up setting any resolutions at all. Whether you are pro-resolutions or anti-resolutions, a new calendar year is the perfect time set new financial goals. Setting achievable and easy-to-work-toward goals can make a big difference in your long term financial health. Here are seven goals to consider setting in 2018.
Make and execute a plan to start becoming debt free
If you’ve been plagued by debt throughout the past few years, 2018 is the year to act. There are several different options you can choose ranging from debt settlement to bankruptcy. For a debt consultation, visit www.newcreditamerica.com.
Improve your credit score
Your credit score is one of the important indicators of your financial health. Your credit score determines if and how much a bank will lend to you. Improving your credit score will allow you to get better offers on loans and credit cards, slowly improving your overall financial profile.
Start using autopay to pay your bills on time each month
Do you sometimes forget to pay all your bills on time? This costly habit can hurt your credit score. Make 2018 the year you break that habit. Through your bank, you can set up all of your bills to be paid automatically. This is a good way stay on top of your payments with minimal effort on your part.
Take some stress off your credit card
Now is a great time to set rules when it comes to your credit card. Overusing your credit card is a dangerous and costly habit. Try using cash for more of your purchases. This will help you have a better grasp on your monthly spending. Plus, this decreases your monthly bill, making it more likely you can start making more than the minimum payment on it.
Create a budget and stick to it
If you aren’t already using a budget to help you manage your money, start the year off by creating one. Having a plan for how much you should spend every month will help you avoid the trap of needless spending. Use these steps to get started.
Stop spending money on things you don’t need
We spend money so often, we don’t always recognize we’re even doing it Or, because it’s a small purchase we don’t think of the bigger impact. But, these little charges add up—and they can hurt. In the new year, be more mindful of your spending. Try to cut back on purchases like cups of coffee or meals out. You’ll see a difference in your checking account.
Start saving money each month
If you don’t have a savings account, start working toward monthly savings. Check your budget for any extra room. If you have any residual money each month, you should set it aside. You’ll be happy you did when a large, unexpected expense occurs.