If you’re starting to think about New Year’s resolutions, fixing your finances may be near the top of your list. For the 10th year running, the three most popular financial resolutions for 2019 are saving more, followed by paying down debt and spending less, according to a new report by Fidelity.
Just 28% of American households are “financially healthy” according to a U.S. Financial Health Pulse study. It’s time to set your sights on some resolutions for 2019! Here’s how to flip the script in the New Year.
1. Get Your Budget Dialed
At a minimum, be sure to have a high-level budget with three things: how much you’re taking in after taxes, how much you’re spending, and how much you’re saving. This sounds easier than it is, so having a budgeting app on your phone makes it easier to accomplish that. Some of the best apps help find places where some expenses can be cut, such as dining out, recurring subscriptions or streaming services you hardly use. You can even set budgets that alert you when they start to top out.
2. Reevaluate Your Bills
Once you’ve seen where your money is going on a monthly basis, it’s time to see where you can save more. Start shopping the marketplace for cheaper deals on phone contracts, switch up your cable provider, call your credit card company to ask for a lower interest rate, you just might get it.
3. Get Prepared for Healthcare Costs
The immediate action to take before the year is up is to use your insurance while you can in 2018. If you’ve hit your yearly deductibles, get a health checkup! See the doctor about that cough that’s been niggling at you, check your vitals to see if there’s anything amiss, because come January 1, the out-of-pocket expenses start all over again.
Secondly, start shopping for the best deals on the market for health insurance. Each year more options pop up just as quickly as they disappear, so be proactive and jump on a better deal when you see one.
4. Prepare For the Unexpected
40% of Americans can’t cover a $400 emergency expense. In fact, nearly 1 in 4 Americans have bigger credit card bill than emergency fund, according to a new report from Bankrate.com.
Start to build up an emergency fund with three to six months’ worth of essential living expenses, set aside in a savings account. The fund can help you cover unexpected-but-necessary expenses without having to borrow more on your credit card. Brainstorm ways you can save the money you’re already earning and add more to your income; Take up a side-job, sell unwanted possessions or simply put a bit away each month. When it comes to saving and paying off debt, every little bit really can help.
The start of a new year is a good time to take stock of your finances and pledge to do better. Making a list of financial resolutions is one thing; sticking to them is a whole other story. But if you commit to the goals you set, you’ll have a lot more to celebrate at the end of 2019.
Help is at Hand
If you’re faced with unexpected debt over the holiday period, it’s easy to fall into the payday loan trap. Payday Lenders charge fees that yield effective rates between 400% and 5,000%!
The huge downfall is because Payday loans require repayment the next time the customer is paid, they are usually forced to take out another payday loan to payoff the first loan thus keeping them in a perpetual payday loan cycle.
Getting Back on Track with a TLC Installment Loan
Benefits of using a personal installment loan include:
- Lower interest rate than most credit cards
- Use for a variety of purchases
- Consolidate high-interest debt
- Smooth your cash flow
- Boost your credit score
Furthermore, as part of our commitment to helping our customers meet their financial goals, we provide access to educational resources and incentive programs. By offering an installment loan as an alternative to a payday loan we want to see you on your way to financial recovery.
Get cash in one business day—it’s quick and easy to apply. Licensed in the states of Illinois, Missouri, Utah and South Carolina, the loans we make are as individual as the people who apply for them. Contact us here today for any questions regarding the application process.