It has been found that about one-third of Americans vow to make a resolution for the New Year. These resolutions are made to instill change in people’s everyday lives, make changes in our diets, or maybe even in our moral character. Although these are great changes to make for a healthier lifestyle, it's also important to keep your finances in mind. If you are having financial troubles, it might be a good idea to include them into your New Year’s resolution, too. Here are some resolutions to improve your financial situation:
One of the most important steps to get you started is to figure out what your goals are. Think about what about your financial situation you need to change. Are you overspending? Are you drowning in credit card debt? By understanding what needs to be changed, you can take the next step necessary to get back on track.
A good way to avoid overspending, especially if you have been making a habit of it, is to keep track of it. Start a journal and write down what you are spending your money on each day. You can even start to categorize your spending in your journal. Make separate sections for essentials, nonessentials, and bills. You can even color-code the sections to have a visual. In doing this journal, you will see where the bulk of your cash is going and where you need to start cutting back.
Many of us have the bad habit of forgetting to check our credit report. It is important to always keep on top of your score because it reflects your current, past, and future financial situation. If you are noticing a drop in your score, it can be due to a few things like late payments on credit cards and bills, maxing out credit cards, or having too many lines of credit. If your score is dropping, don't worry. There are many ways to bring it up! You can start by making sure to always pay above the minimum payment of your credit cards. Know when your payments are due and set a reminder to ensure you are not late. There are many sites such as Credit Karma that allow you to check your credit score for free without any penalty against your score.
Do you have subscriptions that you pay for and do not use? This may be Netflix, magazines, or even the gym. If there are monthly bills that you can cut out, you can begin saving a lot of money. If you frequently go to the gym, but cannot afford it, there are many alternatives. You can go for jogs outdoors, go for a hike, or even use Youtube or On Demand to watch free workout videos online and on TV.
If you feel that trying these resolutions are simply just not enough to help your finances get back in order, there is another option. Title and payday loans are fast and easy options that can get you back on your feet and out of debt if you use them wisely. Happy New Year & Happy Savings!