10 New Year Money Resolutions For A Prosperous Future
The New Year is here, and it is time to start thinking about your financial health as well as set some Near Year money resolutions. The only way to have a prosperous future is to take better care of your money today. This includes developing strategies for saving and investing.
Check out this list of New Year money resolutions that will help you jump start your financial future today.
Here Are 10 New Year Resolutions To Try This Year
1. Increase Your Savings Every Month
One of the best New Year financial resolutions you can make to improve your life is to simply commit to increasing your savings every single month. Financial experts suggest saving twenty percent of every paycheck. A lot of people prefer to automate these savings so that their money automatically goes into their savings accounts.
One of the best ways to increase your savings every month is to create a realistic and workable budget. Take your time to go through every category of the budget and look for ways that you can lower your expenses in that category.
2. Develop Your Financial Plan
Unless one of your New Year financial resolutions is to create a financial plan, you are going to have a hard time saving money.
Everybody has long and short-term financial goals that they want to achieve, and it is very difficult to achieve these goals without creating a financial plan first. However, it is even more important to actually follow the financial plan that you set.
3. Evaluate Your Existing Investments
One of your New Year money resolutions should be to regularly re-evaluate your existing investments. Compare your investments to current market trends and decide if these investments are still in line with your investing goals.
4. Build and Maintain an Emergency Nest Egg
One of the most significant parts of your financial health is how well you can respond to an emergency. Therefore, one of your New Year money resolutions should be to add at least one month's worth of expenses to your emergency savings nest egg.
Many financial experts recommend having at least three to six months’ worth of living expenses set aside in case of an emergency. If you already have this money saved and set aside, you should make it a goal to add at least one month onto your emergency nest egg.
5. Minimize Your Debt
Millions of people are drowning in debt, and this has severe negative impacts on their financial health. You should make it one of your New Year money resolutions to eliminate or at least minimize the amount of debt that you owe.
By minimizing or eliminating your outstanding debts, you can improve your credit score which will make your future life much more comfortable.
6. Learn More About Money
While you are making all these New Year money resolutions, you might as well make learning about money one of your resolutions too. You should make it a goal to educate yourself as much as you can about the economy and how money works.
You should learn about the different kinds of investments, loans, savings accounts, and other important factors of your financial health.
7. Seek Expert Advice
A great way to learn about money of course, is to talk to an expert. While you are working on improving your financial health, it would be a good idea to seek the advice of a financial planning advisor.
8. Be Diligent with Your Paperwork
There will be a lot of paperwork on your journey to improve your financial health. As tedious as it may feel, you need to be diligent about filling out and organizing all of your financial paperwork.
9. Protect Your Family’s Financial Future
Nothing is guaranteed, which is why you should consider purchasing life insurance. Life insurance will help you make sure that your family is taken care of after you are dead.
10. Start a Roth IRA
Roth IRAs are one of the most popular types of retirement savings strategies. They are popular because there are no taxes on qualified distributions. They are also exempt from the Required Minimum Distribution rules. Plus, they can keep growing for an additional decade after the death of a spouse.
Have a Backup Plan
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Get Started Today!
It’s a New Year and a new you. Dedicate this year to your prosperous future by making these New Year money resolutions. These strategies will help you grow your wealth and invest for the future. Don't forget that if you get hit with emergency expenses, you can consider getting online title pawn loans from Alabama Title Loans, Inc. You can get started today by filling out a short intake from for car title pawns on our website.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.