Financial New Year’s Resolutions

Although most people will make their New Year’s resolutions on January 1, it doesn’t really matter when you decide to make changes; a little way into January is just as good as right at the start, and even making a resolution right at the end of the year is positive — as long as you follow it through. 

So, no matter what the date might be, if you need to make changes, you can think of some excellent resolutions to help you get there. When it comes to your finances, it’s never too late — or too early — to put plans in place to make things better. With this in mind, here are some financial New Year’s resolutions to consider. 

Increase Your Income

It’s obviously very simple to say that one of your money resolutions should be to increase your income. Of course, it will take a lot of hard work and some serious thinking to do this, but hard work or not, it’s certainly something that can make a big difference in your life, and therefore it’s definitely worth putting in the effort. 

If you want to save, pay off debts, move to a better house, or buy a better car, you’re going to need more money. If you don’t have the money to do these things right now, you need to increase the amount of money coming into your household. 

One option is to get a better job, but this isn’t always possible depending on your qualifications and experience. Another option is to start a side hustle. If you plan it carefully to work alongside your current workload, you can increase the money coming in. You might find some shipping work at https://www.shiply.com/us/load-board, for example, or you could sell e-books or courses online. Find something that works with your current situation and you can increase your income. 

Review Your Money Goals

Having financial goals is a big part of getting your finances in order. Your goals might be to save as much as you can, or you might have something specific in mind to save for. Perhaps you want to have money in a contingency fund just in case any problems occur. No matter what your goals might be, you need to review them on a regular basis, so this could be a good resolution to undertake. 

By reviewing your goals every quarter or six months, you can tick things off your list when they are complete, and you can feel much more motivated to move on to the next ones. You’ll also be able to re-evaluate your other goals and see what’s achievable and what needs to change. By doing this, you’ll be constantly up to date with knowledge about your finances, giving you more confidence to make decisions in the future. 

Check Your Credit Score

When you have a good credit score, you’ll have more chance of getting loans or credit cards when you need them. The same is true of a mortgage. Not only this, but the better your credit score, the better the interest rate will be, so you’ll save money and pay less each month. 

Therefore, it’s important to check your credit score on a regular basis to see what’s happening. If it’s low, you can put measures in place to help improve it. If you think it should be higher than it is, you can look more closely at the report and if there are any mistakes that need to be rectified. Your credit score is a lot more important than many people think, and checking it means you can keep on top of ensuring it stays good.  

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