How to keep your New Year’s financial resolutions, according to an expert

January is the perfect time to reflect on your money habits over the past year and find ways to improve your spending patterns so that you can plan your financial plan with confidence. (iStock)

The New Year is a clean day after enjoying the Christmas season. In the holiday mood, it’s easy to lose your goals – be it by eating an extra piece of pecan cake, drinking one glass of egg liqueur too much, or spending too much money on the perfect gift.

While nutrition and exercise advice is best left to a fitness trainer, Bank of America spokeswoman Mary Hines Droesch has some tips for consumers looking to improve their buying behavior in 2022. A new BofA poll of more than 2,000 Americans found consumers are making some ambitious New Year financial resolutions:

Read on for expert tips on how to meet your financial goals in the new year. Whether your 2022 financial resolution is to buy a home, get rid of credit card debt, or pay off your student loans, visit Credible to discover a wide range of financial products. You can compare mortgage, student loan refinance, and debt consolidation loan interest rates on a single online marketplace.

HOW TO OBTAIN A CREDIT CARD FOR CREDIT TRANSFER

Share your financial resolutions with a friend

Personal finances can sometimes be too personal to discuss, even among loved ones. But if you are open about your financial goals, e.g. B. Spending less and saving more, there is an additional level of responsibility.

“Communicating openly about finances with someone you trust can help ensure that you remain responsible for your goals,” said Droesch. “Whether you and a coworker agree to pack lunch instead of eating out, or you and a friend sign up for under dollar Friday night activities, staying motivated is easier when you have a partner who can Cheers you on. “

If your goal is to grow your savings in 2022, consider opening a high yield savings account to see how your money grows with interest over time. As an added bonus, set up automatic direct deposit contributions straight from your paycheck. So you don’t have to worry about meeting your savings goals.

Visit Credible to compare high yield savings account offers for free without compromising your creditworthiness.

CAN YOU LEND FROM A SINGLE RETIREMENT ACCOUNT (IRA) WITHOUT PENALTY?

Build budgeting into your self-care routine

During the coronavirus pandemic, many people had more time for introspection and took care of their own mental and physical well-being. Consumers should also view their finances as part of their overall wellbeing.

“Financial health often becomes an overlooked part of personal well-being, but budgeting is a self-care routine like any other.”

– Mary Hines Droesch, Bank of America spokeswoman

Budgeting may not seem as comfortable as meditating in a hot bath or taking some much-needed time off, but it doesn’t have to be a terrible task. There are plenty of free budget apps on your smartphone that can automatically track your expenses, which makes budgeting as easy as checking social media.

“Regular maintenance of your budget, especially if your priorities change, can help reduce fears and prepare you for long-term success,” said Droesch.

MEDICAL COSTS ARE THE LEADING CAUSE OF THE GROUP, DATA SHOWS

Monitor your creditworthiness regularly

Good credit can help you meet your other financial goals. Hence, it is important to keep an eye on your credit history as an indicator of your financial wellbeing. You can request your free credit report from any of three credit reporting agencies – Equifax, Experian, and TransUnion.

You can also sign up for free credit monitoring services with Credible.

REVOLVING CREDIT CARD BALANCES REACH PRE-PANDEMIC LEVELS

“Credit scores are important because they affect many areas of your life, such as signing a rental agreement or buying a car,” said Droesch. “Commit to healthy habits, including paying off your balance on time and in full.”

Although 60% of Americans pay their bills on time and in full, the survey shows that 1 in 4 have chosen to pay off credit card debt. If your goal is to get rid of revolving credit in 2022, then you should consider a debt consolidation loan. This debt settlement strategy allows you to pay off debts quickly, at a lower interest rate, and on a predictable payment schedule.

View your free debt consolidation loan offers on Credible and use a personal loan calculator to estimate your monthly payments.

RENTAL PRICES ARE RISING ALL OVER THE COUNTRY, REPORT FINDINGS

Do you have a question about finance but don’t know who to contact? Send an email to the credible money expert at moneyexpert@credible.com and your question could be answered by Credible in our Money Expert section.

Leave a Comment

Your email address will not be published.