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Come Up with Financial Resolutions for 2019

November 29, 2018 | By Mason Roberts

Do you want to make some changes in 2019? With the New Year coming, it's time to think about what your expectations are. Maybe you want to start a new diet, volunteer for a soup kitchen, go back to college. But when we make these New Year resolutions, we always give our finances the back seat. It's rare that people decide to make their resolution to get themselves back onto their feet, financially.

If you are in a tight spot with money and need to get rid of your debt, you may want to consider a different kind of resolution this year. There are many different ways to get yourself onto a better path with your debt. Here are just a few.

Monitor your Credit Score

Many of us don't really worry about our credit scores, especially if we have multiple sources of debt. But our credit score is a huge part of our consumer identity. It's like a stamp that tells people how you handle your money, and it determines whether we can buy a home or car, take out a loan, or even get approval for a credit card. You never know what situation will arise that will require you to have a decent credit score. That's why we need to keep our credit score in good shape.

You can raise your credit score by simply paying more than the minimum balance required for your credit cards. By paying higher than minimum, you'll slowly start to build your credit score higher and higher. You may also want to stay away from maxing out your cards. The closer you get to the maximum limit, the lower your credit score will go. With these simple tips, you should have your score back in check in no time.

Utilize Your Savings

Do you use your savings account? It's not uncommon for us to get our paychecks directly deposited right into checking, leaving our savings account untouched. But in the saving game, your savings account is much more important than checking. Your savings account is the money you build up in case a situation arises that you need quick cash to resolve, like as a car accident or medical emergency.

In order to utilize your savings, there are a few things that you can do. One option is to deposit a designated amount of money into your savings each week that you get your paycheck. This will ensure that you will not accidentally spend your savings cash. You can also download an app such as Mint or Digit that will automatically deposit your designated amount into your savings each week. This will prevent you from forgetting to do it yourself.

Create a Spending Diary

Sometimes, we get our check on a Monday, and we're asking ourselves, “Where did the money go?” by Friday. If this is you, a spending diary can be very beneficial. All you need to do is get a journal to write down your weekly spendings on. When you get paid, write down the amount you have received, and the date that you received the check. After each day, write down how much you spent, and what it was spent on. Total your spending at the end of each day and each week.

At the end of the month, you will see how much you have saved. You can also see what you are spending the majority of your money on. You can even choose to color-code your spending on essentials, non-essentials, and bills. This will allow you to see whether you are spending the bulk of your money on essentials or nonessentials.

How a Car Title Loan Could Help

If you realize after trying these resolutions that you are still struggling to make ends meet, you may need to look into other options. You can always try a car title loan. This can give you some extra money to get yourself back onto your feet, and pay off some old debts. This will give you only one bill to have, saving you from excess interest charges.

Happy New Year!