We are about to start a New Year and it is high time to focus on the New Year’s resolutions. When it comes to New Year’s resolutions, you are encouraged to pay more attention to the financial resolutions. Then you can make sure that you don’t run into any financial issues in the long run. Here is a list of some of the most prominent New Year’s financial resolutions that are available for you to consider in the upcoming year.
1. Take a look at your credit score quarterly
It is important for you to take a look at your credit score on a quarterly basis. Failing to do it can lead you towards some negative complications in the long run. This becomes extremely important with the Equifax information leak, which took place in the recent past. Therefore, now you are provided with the ability to try credit monitoring services or freeze your credit. Or else, you can even monitor your credit on your own. Then you will be able to notice all the changes that take place in the credit activities. You will not have to spend any money out of your pocket to take a look at the credit score as well.
2. Save at least 15% of the gross income
If you are a person who didn’t have the habit of saving money, it is the high time to do it. It is recommended for you to start saving at least 15% of your gross income. Then you will be provided with the opportunity to overcome a large number of financial issues in the future. Most of the people in today’s world have the need to save money, but they don’t have a clear understanding on how to do it. That’s where you can start saving 15% of your gross income. In other words, if you are a person who is making $3,000 per month, you need to make sure that you save at least $450. When you continue this habit, you will be able to save a considerable amount of money in the long run. It would be more than enough to help you overcome the financial difficulties that you will come across.
If you find it as a difficult task to stick to this habit, you can open up another savings account and configure a standing order, so that you will be able to transfer 15% of your funds to the new account. Then you will not have to put any extra effort to save money.
3. Craft a debt plan
If the debt has been troubling you in the past, it is important for you to craft a debt plan as well. It can provide great assistance to you with overcoming the debt related issues that you are dealing with. When you pay your own debt, you will be climbing a mountain. It will take strategy and time to get to the top.
As the very first step, you need to take a moment and see how much debt you have. Then you need to take a look at the interest rates associated with your debt. To make your life easy with managing the debts, you can note down all the information in a spreadsheet. Then you can craft a plan on how to settle your debts. When you follow this kind of approach, you can make sure that you don’t miss out on anything.
Some of the options available for you to consider when you are crafting the debt consolidation plan include personal loans, 9% balance transfer credit cards, and student loans. You need to compare all available options and discover the best repayment strategy available out there to consider. Then you will be able to overcome the pain points with debt consolidation.
4. Invest on a monthly basis
It is recommended for you to make your investments on a monthly basis. It is another excellent method available for you to save a considerable amount of money. This is applicable to all the investment methods that you can try as well.
However, some of the investment methods are not in a position to deliver the best possible results to you. For example, if you keep your money in a bank account, you will not be able to get an interest to cover up even the inflation. As a result, you will be losing the value of money that you have in your bank account in the long run. To overcome this issue, you need to look for other investment opportunities.
Since a large number of investment opportunities are available to consider, you need to make sure that you select the best investment out of them. No matter what investment opportunity you decide to go ahead with, you should do it on a monthly basis.
5. Track all your expenses on a daily basis
You are spending a considerable amount of money on a daily basis. However, most people find it a difficult task to survive during the last few days before they get the paycheck. That’s because they tend to spend their money unnecessarily during the other days of the year. To overcome this issue, you need to start tracking your expenses on a daily basis. Then you will be able to see how much money you have spent at the end of the day. These details will also help you to manage your money in an effective manner. Hence, you will not come across any financial issues at the end of the month.
You don’t have to write down all your expenses when tracking money. You just need to download one of the smartphone apps available and get the job done. This is one of the most convenient methods available for you to track your daily expenses as well. In case you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100
