The New Year is a good time to mend your life for the better. The best place to start is by making solid financial resolutions that can help you get closer to your money goals, whether it’s saving for a down payment on a house or increasing your retirement savings.
Besides trying to learn more about betting at bet-ny.com, here are a few more resolutions you may add to your list.
- Enroll in an Automatic Saving Plan (ASP)
Unsurprisingly, the top financial resolution is to save more money. And if you have a financial decision to increase your savings, then using an automated saving plan helps you because the money is drawn directly from your bank before you can get your hands on it.
Automatic saving plans are now provided for everything, from government bonds to brokerage accounts. Generally, you can easily complete a few online forms, or call your broker and tell them you want a certain amount of money withdrawn from your saving or checking account every month, on a specific date, and deposited into your investment account.
Investors can also sign up for ASPs through a company’s direct stock purchase plan. In this case, the money is withdrawn and used to buy additional shares of stock in the specific company.
- Prioritize your debts
Make a list of your debts and organize them by the annual interest rate. Intent to pay those with the highest interest rates first – most likely your credit cards.
It could be a good idea to sell your savings bonds, certificate of deposits, or other cash holdings and use the cash to pay down your interest balance in full or in part.
- Begin using Personal Finance Software
Having a clear picture of your finances is a crucial part of reaching your financial goals. It’s hard to figure out how you can get to where you want to go if you don’t know where you are. Most people don’t know how much they spend on movie tickets or haircuts. However, for someone using a personal finance software can easily keep track of their investments and finances, with a few keystrokes.
- Open an Individual Retirement Account (IRA)
If you haven’t opened one already, it’s time you open one and start making contributions to it. Make sure you consult with your accountant or financial planner on which between a traditional or Roth IRA is suitable for you. They both offer significant tax advantages that can add up to an impressive amount of money by retirement.
- Collect your change
Any time you pay for things with cash, make sure you spend whole dollar amounts. If you go to the store and your purchase total comes to $67.39, pay $ 70 in cash and pocket the change. When you go home, put the money in a container and think of it as a piggy bank for adults.
Some financial applications and institutions also provide digital versions of spare change collection by automatically rounding all of your purchases up to the nearest dollar and putting the difference into a different account.
If you adhere to this policy and don’t spend your change, you’re likely to save a few thousand dollars over the cause of a year, and you can use the money to buy stock or pay down debt.
