It’s time to reflect and build goals for next year, from embracing a healthy lifestyle, to developing positive habits, to improving financial well-being, with this year coming to an end. If the target is financial safety, here are seven resolutions to start the right New Year.
Pay bills directly after payday
Worry less about financial obligations by paying bills directly after being paid. Get recurring bills, such as mortgage / rent, loan payments or insurance bills, out of the way first. The avoidance of late payment penalties is a successful practice.
Enhance the credit score
There is a perfect credit score for less than 1% of individuals, but there are ways to improve lower scores. Get a free score for your credit card via the bank and check it. Look during the year for areas of change and focus on them.
Offer priority to debt
A perfect way to raise a credit score is by debt repayment. Second, pay debts with the highest average interest rate, usually debt from credit cards. To develop a customized strategy to pay off debt, consult a financial advisor.
Close unrequired accounts
For savings or checking accounts that have not been used for a certain period of time, many banks charge a monthly inactivity fee. Review all bank accounts and close those that are seldom used or no longer needed.
While many people hate getting change, at the end of the year, those extra coins might amount to a nice sum of money. Keep the change in a piggy bank or container and regularly deposit it in the bank or a change machine at the grocery store. For a travel fund or to help pay off loans, this additional money might be used.
Creating or raising savings for an emergency fund
For anyone faced with an unforeseen incident, such as long-term unemployment or a medical procedure not covered by insurance, an emergency fund is a financial safety net. Part of each budget should be devoted to the creation of an emergency fund.
Read a monthly financial book
Awareness is authority. As a New Year’s resolution, many individuals take up reading, so why not brush up on financial wisdom? Learn how to develop money through investments, set up a portfolio and identify stock growth characteristics for individuals who have been active in it.
Contact Salidaa for a free consultation for more tips on financial planning. Salidaa offers customers with more than 20 years of wealth creation, estate planning and administration, probate business and litigation expertise.