Another year, another set of resolutions. From losing weight to spending more time with loved ones, setting resolutions is a time-honored tradition for many of us.
Aside from the usual diet and exercise goals, many are also aspiring to make 2019 a year of financial resolutions.
According to Fidelity Investments’ annual survey, around 32% of Americans are planning to tackle the money issue head on. Specifically, 48% of respondents hope to save more, 29% want to lessen debt, and 15% plan to spend less.
Interestingly, Americans are still largely optimistic about their financial situation. Seventy-five percent of respondents feel that this new year will be an improvement from the last.
Whatever mindset you are in right now, it wouldn’t hurt to know how to get your financial health on track. Let’s look at the top financial resolutions you should consider to make 2019 your most bountiful yet:
- Save more
More than half of the 2,000 respondents in Fidelity Investments’ survey admit to making some financial mistakes the last year. In fact, dining out too often and splurging on things they could not afford were the top responses.
This year, you have the chance to have a do-over with your lifestyle. Pass on those weekly nights out, or check for discounts online. Check the subscriptions you currently hold. Do you still use each one?
You can also set up overdraft protection with cash advance apps. A quick link-up with your bank will give you a little cushion and help you avoid unwanted fines in case you’re tight on cash.
These small adjustments add up as a whole. In just a few months, you’ll find that you’re able to save a lot just by being more mindful about your spending.
- Tackle your debt
While many are generally hopeful about their financial future, it’s a fact that almost everyone is tied down by considerable debt. Mortgage, college loans, credit card debt, and others could be overwhelming even for someone with a high-paying job.
To make your new year’s resolution come to fruition, try to be strategic with your repayments. For instance, if you have several debts, tackle the smallest one first. Allocate most of your resources into paying off that loan. Don’t feel bad about paying the minimum on other debts. Once that’s taken care of, you can move on to the next one, and so forth.
In case you get short on cash, there’s the Dave app, which allows you to access overdraft when you need a small cash loan. With apps like Dave, you will be able to make your debt payments on time and not worry about facing penalties and accruing interest.
- Spend Less
It’s said that no matter how many resources you have, you’ll eventually dry it up if you don’t know how to curb your spending.
If you really want to make a change this year, try being extra conscious of your expenses. If using cash makes you less inclined to spend more, then by all means park your credit card and go cash-based.
Going less will make you realize that getting that new smartphone isn’t so crucial after all, especially when your current iPhone works just fine!
If apps help you track your spending, then go for that as well. There are so many strategies you can employ to make this commitment happen.
The important thing is to always give yourself a realistic picture of how much of your money is available at any given time.
- Try getting a side hustle
Side hustles are on-trend now, with about 44 million Americans having one. For good reason, too: 36% of them report that it brings in an extra $500 per month.
Sure, you’re pretty busy, but it wouldn’t hurt to explore how you can earn extra money. Some popular side hustles at the moment include paid surveys, ghostwriting, and mystery shopping.
Whatever activity you’re into that has a potential earning aspect to it, go ahead and try it! You might even change your mind about your current career path.
Committing to better financial health is definitely a worthwhile prospect this year. The key is in doing. Don’t limit yourself to wishful thinking and make concrete moves to make your finances better.
Disclaimer: This content does not necessarily represent the views of IWB.