10 New Years Resolutions for a Financially Improved You

It is never too late to add to your New Year's resolutions!

Choosing a resolution that helps you improve your finances is often a wise choice, but make sure you choose something achievable. Here are ten great options that can help improve your finances over the next 12 months.

1. Increase your savings. Every little bit can add up; start small! Transfer a designated amount of money to a savings account immediately after payday. This way, you'll still allow yourself to have funds in checking while building your savings.
2. Spend less money on groceries. You can make this happen! You can achieve this by making a list & sticking to it (not just browsing), shopping sale products, viewing coupons prior to shopping, cashing in on rebate offers, and purchasing the generic, or store-brand versions of your favorite snacks (they taste just as good)!
3. Refinance your loans. While 2020 wreaked havoc in more ways than one, a few good things did come out of it, such as – lower loan rates! Do your research to see if there are better rates available to refinance your loans.
4. Analyze your spending. One of the best ways to positively impact your finances is to figure out where your money is going! From there, you can see how even small, unnecessary purchases can add up. Do you need to purchase coffee every morning? Do you need to subscribe to 3 streaming services? By laying everything out in front of you, you'll be able to see where your money is going.
5. Pay down your debt by making it a priority. Set up an unofficial payment plan. After reviewing your finances, set a realistic goal to pay monthly or bi-weekly to start relieving your debt.
6. Boost retirement savings. It’s never too soon to start thinking about your future. Check with your employer to see if they offer a retirement plan and be sure that you are making the most of it. Another option, look into starting a Roth IRA to get a jump on those retirement savings.
7. Cut out one impulse purchase a week. Set up a 24-hour rule and sleep on any purchase decisions for a full 24 hours before spending your hard-earned cash.
8. Trim your electric bill by being cautious! Make sure to shut appliances off when not in use, turn off lights, and ensure that all of your devices are running efficiently and conserving as much energy as possible.
9. Boost your income by learning a new skill or adopting a "side hustle." There are many resources online that can teach you new techniques and broaden your knowledge in your chosen field. Use this as ammunition for a raise or to establish a side job!
10. Improve your financial literacy. Education is an investment in yourself. The more you learn, the better decisions you can make to maximize your finances and be smart with your money! For resources, read our blog!

Achieving financial wellness is a goal that can start at any point in the year! Start implementing these options to improve your finances today!