Truthfully, most people struggle with keeping their New Year’s Resolutions. By the end of January, folks have fallen back into old habits, routines, or life has “gotten in the way.” Often times, the reasons these resolutions fall by the wayside, is that there is a shortage of tangible results, or the resolutions are unnecessarily complex. Below you’ll find 3 very simple, tangible goals that will help you stay on financially on track this year.
Keep Your Calendar Updated
Keeping your personal calendar updated is a very simple goal, that will do wonders for your financial planning; just ask your financial advisor if you don’t believe me. Every month, review all of your upcoming bills, and upcoming events. Mark the due dates, amounts and details on your calendar.
Simply by updating your calendar regularly, you’ll be able to create a structured budget, based on your life. There will be no more surprise birthdays, or late fees on bills, and you can prepare for future events like weddings, holiday get togethers or other activities.
Once all of these things are laid out on your calendar, you can get the shopping done ahead of time, and spend (and save) accordingly.
Read Your Credit Reports
Your credit score is very important. For those of you who don’t know, it helps to determine whether or not you qualify for a credit card, or a mortgage. It also dictates the interest rate you will be charged if you get a loan. And yet, according to the National Foundation for Credit Counseling, 44% of Americans did not even check their credit score last year. And even though the amount of people who don’t know their current credit score is higher among those 30 and under, checking your credit score is free and easy to do!
There are three credit reporting agencies, or bureaus, in the U.S.: TransUnion, Equifax, and Experian. And each of them can give you a copy of your credit score and credit report once a year for free. With this information, you will be able to better understand where you are financially and where you need to improve. As an added bonus, you will be able to check for errors on your credit report too. If you’re able to find and resolve them, you may be able to save some money, improve your score, and protect yourself from fraud.
Invest in Yourself
Have you ever thought about going back to school, pursuing an advanced degree, or just taking some classes to further your own knowledge? If money is one of the major issues stopping you, put together a plan and start saving to invest in yourself! There are lots of educational options, like a master’s or associate’s degree, or professional options, like a special license or new certification. You could update your equipment to make the day to day easier, or even taking a class about a subject that’s interested you as a hobby. These will all result in a positive return on investment, and at the end of the day, will increase your quality of life, and may even make you more money.
Financial resolutions don’t need difficult to stick to. But if you have a track record of failing, turin 2019 around by keeping your financial goals simple and, tangible, and attainable.