Setting New Year’s resolutions for yourself is easy, but committing to them is where most people fall short. It’s important to set realistic and attainable goals for yourself – especially when it concerns finance. Here are 4 New Year’s Resolutions that will help you to experience financial prosperity in the New Year!
Get ahead on your mortgage. Making an extra payment or two on your mortgage can be a great way to alleviate financial stress throughout the New Year. By striving to make a few extra payments, you’re not only reducing the amount of time it will take you to pay off your home, but you will be safeguarding yourself from stress if you happen to come up short one month. Be sure to check with your financial institution to ensure that your prepayments will cut down the amount of interest you owe, as most lenders have different policies.
Start a rainy day fund. If you don’t already have one, a rainy day fund is a great way to face the unknown with a bit of confidence. You never know what tomorrow might hold in terms of personal finances, so having a pool of savings handy for when the unexpected occurs is the perfect way to ensure that 2018 will be a financial success. Some experts say that you should have at least $500 in a regular savings account, for emergencies. If you’re feeling a bit more motivated to save – aim for $1,000!
Invest in your retirement. It’s never too early to start planning for your retirement. Have a 401k or an Individual Retirement Account? Make a promise to yourself, in 2018, that you will contribute more to your twilight years.
Become debt-free. While freeing yourself from all debt might seem like an unreachable goal (depending on your financial and debt situation) – it can be achieved with dedication and determination. It’s important to start reducing high interest debt first, so once you’ve determined where to start – provide yourself with a reasonable plan to start crossing payments off your debt list.