10 Financial Resolutions for 2018

Have you made financial resolutions for 2018?  If you’re still thinking about specific resolutions to add to your list, you may consider the following suggestions:

  • Monitor your credit report.  When was the last time you’ve seen your personal credit report?  How many times did you check your personal credit report last year?  If you don’t check your report that often, resolve to do it at least twice this year.
  • Start the year 2018 by ordering your free annual credit report.  All consumers are entitled to receive one free report from each of the three major credit bureaus annually through www.annualcreditreport.com – the only resource online authorized by the government to distribute free annual consumer credit reports.
  • Start your personal emergency fund.  Do you have an emergency fund that you can use when confronted with unexpected expenses?  If you don’t have one, resolve to start one this 2018. Set aside a portion of your daily budget to build up this fund.  This way, you don’t need to turn to lenders for short-term loans or payday loans with high interest rates.
  • Set a realistic budget plan and religiously follow it. Perhaps you’ve created a budget plan last year but the question is, were you able to stick with it until the end of the year?  If yes, that is commendable.  Evaluate your plan and see if you need to make some adjustments depending on your situation.  If you don’t have one, start creating a realistic budget plan that you can follow.  A plan will enable you to monitor your spending more efficiently.
  • Do an inventory of your personal belongings.  Do you use all the things you purchased last year?  Do you really wear all the clothes in your closet? Why not do an inventory and see which items are really important and which ones are only occupying space in your home or dorm.  You can donate your old things to charity or give to someone in need or you can sell them for extra money.
  • Pay off your credit card bills in full.  If you used to pay only the monthly minimum due required by your issuer, resolve to make full payments regularly this year.  Instead of paying interest rate fees by carrying a balance, you can use the money you save for more important things.
  • Set positive financial goals and work towards them.  What financial goals do you plan to work on this year?  For instance, if you still have unpaid debts from the previous year, your primary goal can be to complete repayment in the first quarter of 2018. Setting a specific goal and focusing to achieve that goal is better than aiming for several goals at once.
  •  Hang out with people who are financially responsible. Being with the company of people who are conscious about keeping their personal finances in good shape will help you to stay focused on your goals.
  • Use credit responsibly.  It’s not bad to acquire debt as long as you can manage repayment.  However, if you find yourself having a hard time catching up with your bills, it is a clear sign that you have acquired more debts than you can handle.  You should know the right time to borrow, how much debt to take and how to pay off your debts on time.
  • Boost your personal credit score.  Whether you have poor credit or an average credit rating, it’s always good to strive to achieve a better score.  Remember, an impressive credit rating can be a major advantage for you especially when applying for loans, insurance, and credit.

Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

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NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

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