The New Year is slowly approaching, and it's time to think of some resolutions to make changes for the better. Making big changes in your life and setting goals is a great way to kick off the New Year on a positive note. Many of us choose to make our resolutions to start a new diet, quit our jobs and find a new one, or even be more kind to one another. Although these are great changes to make, they do not help us if we are in a bad financial situation. Making financial promises this New Year's Eve for the coming year can turn your life around and get that heavy weight of debt off of your shoulders. Here are some New Year’s Eve promises to bring you wealth!
Being aware of your current credit score is an absolute must. It's not only a way to see how you are doing financially, but it can also give you insight on your open lines of credit and debts. If you notice that your score has dropped, it can be due to a few different things: late bill payments, too many credit cards, or maxing out credit cards.
So, if it is low, how do we bring it up? Start by always making sure to pay above the minimum payment required for each month. Bear in mind, however, that your credit score will not rise if you're paying only the lowest amount necessary, however. Also, make sure to pay on time. There are also many free websites that can give you access to your credit score with the click of a button, such as Credit Karma. This site gives you your current score and a report on why your score has gone down or up. This can be very helpful in fixing it.
A great promise to make for the New Year to enhance your savings is to create a money diary. Start a journal. In it, you can write down upcoming bills and the dates they are due, how much you are spending each week, and also how much you have in the bank currently. That way, you'll stay organized and be aware of your financial situation at all times.
When you receive your paycheck, set an amount to deposit immediately into your savings account. If you use your credit card, you'll take money from your checking account, leaving your saved money untouched. This will ensure you have the money you need to pay bills and get a jump start on saving some cash to do with what you wish while you're at it!
Swiping a credit card is so easy that we sometimes have the feeling that it is “free money” that doesn’t have to be paid back. Make a resolution to keep cash in your wallet rather than always using debit/credit cards. Having a visual of how much cash you are spending will make you less inclined to spend. This promise is sure to save you huge sums of money in the coming year.
If you've tried these tips before and still are finding that you have a large financial debt, you may want to try looking into loans. For example, auto title loans can be a quick way to get cash. With this loan, you can pay off your outstanding credit cards and get rid of all of the pesky interest rates. This will allow you to consolidate your debt, saving you hundreds of dollars per month.
Happy New Year & Happy Savings!