5 New Year Financial Tips For Keeping Your Financial Resolutions This Year
December 29, 2021 | June Mckaig
We all want to commit to our resolutions, and these New Year financial tips will certainly help! The key to keeping your financial goals is by setting realistic and achievable goals. So, things such as creating a budget managing your debt, and automating your savings can help a lot.
In this article, we will describe in detail our top 5 New Year financials tips to stay on track with your finances in the new year. We’ll also describe how getting a title loan online can help you when facing an emergency and assist you in staying on the right track.
5 Things To Do To Improve Your Finances
1. Start By Creating A Budget
We’ll start our list of New Year financial tips with the most important step. Creating a budget at the beginning of the year that is realistic is essential to staying on track for your financial goals. If you plan out how you will spend your money throughout the year, you can make sure that you are spending on things that you actually need, rather than making impulse buys.
Of course, your budget will change over the course of the year, but this way you can track those changes and see if you are spending money the way you want to spend it.
The best way to ensure that you are increasing your net savings is by following the 50-20-30 rule. When you set your budget:
- Allot 50% to essential spending (food, housing, etc.)
- 20% for savings
- 30% for other needs or wants
If you are unable to pay for the essentials by using 50% of your earnings, then you need to consider changing your lifestyle. Look for a cheaper place to live or try shopping at a discount grocery store.
2. Manage Your Debt
Debt can be full of unexpected expenses and fees. Carrying a large amount of unnecessary debt can really impact your financial goals.
We aren’t saying that you need to pay off your mortgage but instead to consider how much that credit card is eating into your savings. For example, if you have $5,000 in credit card debt and have a 17% APY while you make a minimum payment of $200 per month on the card, you would be accruing $36 each month. That’s $432 a year in interest alone.
Before setting a saving goal for a new purchase, make sure you consider how debt will affect that goal. Most times you are better off paying the debt first, rather than saving.
3. Identify And Understand Your Motivation
Another one of our New Year financial tips is saving and sticking to a budget is extremely difficult. New technology, fashions, and entertainment come out monthly. It’s not always easy to resist the temptation of buying the newest things.
It’s important to not only identify what your goals are but also identify your motivation behind achieving those goals. Remembering that motivation every time you want to break your budget to buy something new will help you resist the temptation.
4. Celebrate The Small Achievements
Most people set extremely lofty financial goals. While it’s great to dream big, it’s not always easy to meet those goals in the anticipated amount of time.
Therefore, it’s important to set smaller goals that will ultimately lead to your larger goal. For example, if you are trying to save $20,000 for a down payment on a house set a goal of saving about $1,000 monthly.
Breaking a goal into individual achievements makes it seem more achievable and you will be more likely to achieve your ultimate goal.
5. Automate Your Savings
The last one of our New Year financial tips to achieve your financial goals is by automating your savings. If you work for a job, have a portion of your paycheck deposited into a savings account.
If that isn’t an option, set up a reoccurring transfer from your checking account to your savings account.
It’s best to keep your savings account in a place that isn’t easily accessible. If you have to go out of your way to access your savings, you’ll think twice about whether or not you actually need it.
Staying On Track Even If An Emergency Happens
We can make our resolutions using these New Year financial tips and try our best to stick to them. But it’s important to understand the risk and impact of possible emergencies.
Emergencies can happen without a warning and tend to derail people from their goals. This is why it’s important to have a plan B for dealing with them. Acquiring an auto title loan online can be an option worth considering in such a situation.
How Do I Get Auto Title Loans Near Me?
You only need to prove you’re over 18 years old and outright own your car to be eligible for the application:
- A state-issued ID or driver’s license.
- Your vehicle for a quick inspection.
- Your vehicle’s title.
To get your process started, simply submit a Wisconsin title loan online form. the form will send your information to the nearest Wisconsin Auto Title Loans, Inc. location.
Once the form is processed, a loan representative will give you a quick call with further instructions. After ensuring you have all the necessary information, they’ll set up a meeting with an associate at a location of your choice.
Once you meet the associate, they will inspect your vehicle and assess the documents, determining if you qualify for the loan.
If you are approved, they’ll explain the final steps of the application process and help you get finished. This in-person procedure usually doesn’t take more than 30-40 minutes. Once it’s all done, you’ll get the money on the same day or the following business day.
Begin Your New Year On The Right Footing
Following our New Year financial tips can greatly improve your chances of committing to your resolutions and goals for the entire year, so make sure to use every tip that feels right.
And know that even if you face something unexpected at any point, that you’ve got options to deal with it without getting sidetracked. Submit the form for title loans online today to find out if you qualify.