The New Year is here, which means it’s time to turn over a new leaf and consider changing some old habits that got you in trouble during 2017. For many people, they focus their attention on exercising and eating healthy. Although this is certainly an admirable goal, for the majority of adults, don’t forget the financial side of things. If you’re stressed by your financial situation as 2018 begins, it’s worth throwing in some financial New Years Resolutions to the list. For example, investing a tiny amount of money on a credit monitoring service, that will help with managing your finances, budgeting, maintaining a good score and it will protect you against identity theft.
New Year Financial Resolutions
You can get in total control of your finances this year, and even dream a little bigger with a personal loan or two. Here are financial New Years Resolutions to consider:
1. Personal Loans
Do you have a dream of opening a business or buying a home or car that is out of your reach? A personal loan, an unsecured form of financial investment, is a great way to achieve that dream. Of course, ensure you have the financial network in place to make the payments on that loan in the future so it doesn’t add to your debt. Make 2018 the year that your dream comes true.
2. Debt Prioritization
It’s easier for us to write off debt problems when they are too difficult to organize and make sense of. We continue to throw out statements and ignore the debt that is looming behind our backs. For 2018, it’s time to prioritize your debt and organize it. The debt coupled with the worst interest rates needs to go first. Start making payments to close the accounts that are strangling your finances the most.
3. Retirement Account
No matter your age, the present is always a good time to start thinking about retirement. If you haven’t done so already, open an individual retirement account and start making contributions to it. Be sure to do some research on the difference between a traditional or Roth IRA, and which one is better for your individual situation. Both options offer important tax advantages that will add up by the time you retire.
4. Close Unused Accounts
We all open credit card accounts we don’t need when we’re hit with the rewards programs and incentives in stores. Banks and financial institutions charge fees for everything under the sun today. If you have checking, savings, or credit card accounts open that you are not using, chances are, you are racking up penalties from the lack of activity. Close all unused accounts this year.
5. Save Your Change
Piggy banks aren’t just for children! Place your own adult piggy bank next to your key holder. Make a commitment to throw all spare change under $5 into the bank every time you think of it. By December 2018, treat yourself with the spared cash that would have been otherwise misused. If you’re feeling really ambitious, you can up the deposit to $20 and under. You’ll be able to go on a mini-vacation with those savings by Christmas next year.
Financial New Years Resolutions
Whether it’s debt settlement, personal loans, or fun and interactive saving, make 2018 the most financially responsible year you have ever lived. Maybe saving a bit more may be a good start.