The new year is approaching fast, and that means many people are making resolutions for 2019. If you are looking to improve your financial status, you might want to consider including a financial resolution to your list. Resolutions are great as goals for the new year and can keep you on task when you want to make something happen. Whether you want to learn more about budgeting, interested in saving more for your retirement savings, or you are just getting started in investing, making it a resolution might be the best option you can make.
Saving a Portion of Your Income
Everyone has the best intentions and will say they want to save more money, but when you choose an actual amount, it’s more likely you will actually do it. We suggest you make a resolution to save 10 to 15% of your income every time you get paid. This doesn’t have to be a complicated process, either. You can choose to have an automatic transfer done each time you are paid, so the money goes into savings. You’d be surprised how easy it is to live off of 10% less and you’ll be set for emergencies in the future.
Check Your Credit Report Frequently
As you likely know, there was an information leak from Equifax this year, which should give you an idea of how important it is to monitor your credit score. While you can only get each credit report once a year from the major companies, there are plenty of other options. Sites like Credit Karma and Credit Sesame give you an idea of what your credit score is and you can access them as often as you like. We recommend checking on your score every three or four months just to make sure everything is in order.
Get Involved With Investing
If you’re just getting started in investing, it might seem a bit overwhelming, but it doesn’t have to be. All you have to do is set up your bank, so a certain amount goes into an investment account automatically. The reality is that bank sitting in your account earns very little and popping it into an investment account will grow your money for you. There are many options and some of them require only a small amount of cash to get started. You can work on your retirement savings or save for big purchases you have coming up.
Track All Your Expenses
There’s something about tracking your expenses that really opens your eyes. When you aren’t tracking, you have no idea how much you’re spending in a certain period on various items. There are free apps that can help you determine what you’re spending your money on, so you are more mindful about where your paycheck goes. This gives you a place to start if you need to cut a few things out of your budget to save money.
These are only a few options you have for making a financial new year’s resolution. Feel free to think about your specific needs and build a resolution all your own!