We’re racing through 2019. Before you know it, 2020 is going to be upon us, and you have a chance to take control of your finances and enjoy financial freedom. Many people’s New Year’s resolutions revolve around money—around 50 percent! As you prepare for the new year, learn how to take better control of your finances ahead of time.
Create a Personalized Budget
If you don’t have a budget in place, you’re setting yourself up for failure. To start a budget of your very own, there are free software applications available online and for mobile devices. They’re a good start.
On your end, you want to add up all your monthly expenses and subtract from your net pay. You can then carefully examine areas where you can save money. (For instance, you may need to cut back on the pre-work coffee from the artisanal coffee shop downtown.)
Then, decide what you want to do with the money you’re saving. You might deposit it in a high-interest savings account, pay down your credit card debt, or save for a down payment on a home—the choices are endless.
Increase Retirement Contributions
Taking better control of your finances is not a short-term matter. You need to plan for the future, too. For that, consider increasing your retirement contribution. You may wish to gradually increase your contributions by setting a dollar limit or percentage amount. Some choose to increase theirs with each pay raise.
Pay Off Your Loans
Whether you have student loans to pay off or recently applied for a personal loan to help pay down your credit card debt, take charge of the payments. Every month, make your payment on-time and keep whittling away at your loan. By making regular payments, you’ll reduce the accumulated interest and boost your credit score, too.
Apply for a personal loan today to take back your finances. Call Wise Loan at 800-516-7840!
The recommendations contained in this article are designed for informational purposes only. Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.