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5 Financial New Year’s Resolutions

November 15, 2018 | By Mason Roberts

The New Year is a time for people to make changes and set goals. Each person has their own personal goal that they would like to accomplish throughout the coming year. Although they may have financial problems, many people don't think about setting financial goals for the New Year. Many people try starting a new diet, being kinder to people, or maybe even looking for a new job. Setting goals and making changes with your finances and spending habits could alleviate pressing stress that you may have. Here are 5 Financial New Year’s resolutions to help you enjoy your year while also staying organized.

Monitor Your Credit Score

It's important to know how you are doing financially, especially with your credit, so keeping on top of your credit score is an absolute must. It's a way to see how you're doing with keeping on top of bill payments and whether your line of credit is under control. There are many websites, such as Credit Karma, that not only give you a free credit score, but also give you a report and advice on how to raise it. Your credit score is important when purchasing a home, a car, and taking out a loan or credit card. If you take care of it, you can rest easy knowing it will do the same for you!

Create a Budget

A great thing to do to maximize your savings for the new year is to create a budget diary. Start a spending journal. In this journal, you can write down a list of your upcoming expenses each month. This will allow you to see how much you have to put out each month and help you stay organized. Another helpful tip is to write down what you are spending your money on each day. This will allow you to see where the majority of your money is going, and what you can cut out of your spending to help save.

Cash Diet

As stated, many people try to start a new diet as their New Year’s resolution. This is a good and healthy thing to look forward to, but it won't help your finances. This year, make a resolution to go on a cash diet. This means limiting spending each month and making some big financial changes. If you typically spend around $100 each month shopping, maybe try to bring that down to $50. In the end, this will equal big change for your life and your pocket.

Schedule Weekly Check-Ins

Each week, try to take a look at the budget journal that you have created. Take some time to sit down and look at your monthly expenses and spending. Keep on top of your spending and try not to let it get out of control, and check your bank account consistently and make sure you have the money for upcoming bills. This will keep you organized and prevent stressful financial situations from occurring.

Utilize your savings account

A very helpful way to be on top of your savings is to, well, use your savings account. When you use a savings account, you can keep money separate from your checking so that you don't touch it unless it's absolutely necessary. If you have money that you need to use for an upcoming bill, put it in your checking account right away to prevent tapping into your savings later.

If you find yourself trying these tips but still have financial debt to deal with, you may want to look into taking out a cash advance. This could help you get you back on your feet without putting yourself in a deeper debt. Happy Saving, and Happy New Year!