New Year's resolutions have varying levels of success. While many people are able to follow through with them, others are less ambitious, oftentimes leaving them by the wayside. This is especially true when it comes to finance, which is an aspect of life that many people can use help with. As we close out 2018, here are some of the most common New Year's resolutions that Robert Jain will be able to outline.
When it comes to New Year's resolutions that are designed to help one's finances, building an emergency savings account is among the smartest. After all, you may not know when you'll be in a situation that requires immediate attention. Furthermore, it's possible that you'll have to cover a considerable sum, which can be difficult to do out of pocket. This is one of the many resolutions that names like Bob Jain will suggest that you make.
Next, think about contributing more to your retirement account. It doesn't matter if you have a simple IRA or 401(k), as it's recommended that you add more to what you contribute on a regular basis. What this does, in theory, is allow you to retire sooner. You will have a more substantial account as well, meaning that it's more likely that you will be able to live the rest of your years in the ideal level of comfort.
You can save money next year by being healthier, too. This may seem more like an overall quality of life move, as opposed to a solely financial one, but it's important to note that the ways we stay in shape don't have to be overly expensive. For example, instead of paying for a gym membership on a monthly basis, consider doing exercises at home. By making this slight adjustment, you'll be able to cut costs in no time.
Finally, make a New Year's resolution to improve your credit score. If you've been noticing that your score has lowered, or simply remained stagnant, it may be time to make adjustments to your spending habits. For example, keep a credit card in good standing, paying what you owe on a monthly basis. If you can pay earlier than the due date, you'll be in better shape. The better your credit score is, the easier it will be to complete other financial objectives, such as obtaining a personal or business loan.
When it comes to New Year's resolutions that are designed to help one's finances, building an emergency savings account is among the smartest. After all, you may not know when you'll be in a situation that requires immediate attention. Furthermore, it's possible that you'll have to cover a considerable sum, which can be difficult to do out of pocket. This is one of the many resolutions that names like Bob Jain will suggest that you make.
Next, think about contributing more to your retirement account. It doesn't matter if you have a simple IRA or 401(k), as it's recommended that you add more to what you contribute on a regular basis. What this does, in theory, is allow you to retire sooner. You will have a more substantial account as well, meaning that it's more likely that you will be able to live the rest of your years in the ideal level of comfort.
You can save money next year by being healthier, too. This may seem more like an overall quality of life move, as opposed to a solely financial one, but it's important to note that the ways we stay in shape don't have to be overly expensive. For example, instead of paying for a gym membership on a monthly basis, consider doing exercises at home. By making this slight adjustment, you'll be able to cut costs in no time.
Finally, make a New Year's resolution to improve your credit score. If you've been noticing that your score has lowered, or simply remained stagnant, it may be time to make adjustments to your spending habits. For example, keep a credit card in good standing, paying what you owe on a monthly basis. If you can pay earlier than the due date, you'll be in better shape. The better your credit score is, the easier it will be to complete other financial objectives, such as obtaining a personal or business loan.
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