Many people think that we can only make New Years Resolutions in December and January each year, but that’s not true. You can and should make resolutions all year long; especially financial ones.
The financial world is so dynamic that it is constantly changing. Since its continually in motion, your finances are in continual motion also; so making financial resolutions all year long is not that hard to achieve. You can improve your overall financial health by making certain financial resolutions.
Never Changing Financial Resolutions
Improve Credit Score
Unless your credit score is 850, you can always work to improve your credit score. A credit score of 850 is a perfect score and the target we should all strive to hit. With a credit score of 850, creditors, insurance companies, lenders and even employers will love you.
How To Improve Credit Score
The first step to improve credit scores is to order your free credit score so you know where you stand. You can’t improve your credit score if you don’t know what it is. You can order a free credit score once a year from each of the 3 national credit reporting agencies.
If your credit score is between 300 and 750 you may need to look into getting some credit repair help. There is nothing wrong with getting credit repair help if you have a bad credit report. You are better off getting credit repair help than doing nothing about a bad credit reports. If you ignore a bad credit reports and do nothing you will just sink deeper and deeper into a black financial hole, and may never recover financially.
Improve Debt Management
If you are carrying any type of debt, you can always use some improvement. You can work on improving eliminating your debt forever. You can work on not going into debt again.
The most common debt people find themselves in is credit card debt. We get ourselves into credit card debt because of spending beyond our means and buying based on what we want instead of what we need.
How To Improve On Your Debt Management
To stop the debt spiral, create and live on a budget. If you want something and it’s not in the budget, you cannot buy it, period.
If you already carry a large credit card balance, stop adding more debt to those credit cards, stop spending.
Unless you already have a million dollars invested in your 401k account and other investments, you could always improve your amount of savings every month.
How To Improve Your Savings Rate
Even if you can only save a little bit more each month, just do it, it all adds up. The money you will save by not making your purchases based on wants but instead your needs can be put into your savings.
When you get a raise or a bonus, invest that amount. You lived without the bonus/raise before you received it, so continue to do so.