5 Essential New Year Financial Tips To Remember
The new year is looming, creating the perfect opportunity to create fresh financial goals. Our new year financial tips will help you develop financial habits that will bring wealth to you in the future.
Those looking at their finances should have the idea of long-term wealth in mind. Many people are struggling to survive now with high gas and food prices, higher utility bills, and other costs, but real wealth is created by long-term planning.
Let's help you get started with our five essential new year financial tips.
The Best New Year Financial Tips
1. Review Your Household Budget
A lot of things have changed in a year. You may not be spending money in some areas or more in others. Look for ways to cut costs but also look for ways to save money for investments.
The apps you used last year for saving money may not have been as effective as you hoped. There are cheaper delivery services than in-store items; you should look at them as part of your new year financial tips. The idea isn't to cut quality or lifestyle but to cut waste.
2. Create Or Improve Your Emergency Fund
Everyone should have enough cash to last three to six months if something happens to their jobs. Few people have that. You should save some money from every paycheck for an emergency as part of your new year financial tips. GNP growth is expected to be flat, and inflation is over 7.5 percent, so saving is highly critical.
An emergency fund will help when something unexpected happens, like the tires going out on the car or a sudden house repair.
3. Reduce Debt
Debt is never good, especially if you run on a tight budget. Look at your debt and devise a plan to reduce or eliminate it as part of your new year financial tips. Prioritize your extra money toward cutting down debt first. That can be debt consolidation, paying off small debts, or negotiating payments.
4. Invest In Things That Matter
Everyone should be investing in something, but people feel better about it when it's an investment they genuinely believe in. New Year financial tips include investing with an app like Acorn that rounds up every debit card purchase and supports a charitable cause. There is also Charles Schwab, great for beginners, and Ellevest, which touts socially responsible investing.
5. Spend On Your Wellness
An Investor Pulse Poll shows that 37 percent of participants stated the pandemic caused their emotional health to suffer.
Your health is the most crucial aspect of your life, so you should spend some money to maintain it. Set aside cash or utilize your employer benefits to improve your well-being. Make the most of benefits, group insurance, or equity compensation.
A new year may mean an update in employer benefits, resources, and tools for relieving financial stress.
Getting A Loan
Those who still need to meet all their financial goals for this year may need extra money for emergencies. A line of credit, also called a flex loan, from Tennessee Title Loans, Inc. is an option to consider.
Tennessee Title Loans, Inc. has flex loans that offer amounts up to $4,000. Getting a line of credit is simple, and you don't need perfect credit to be approved.
What Is A Line Of Credit?
Flex loans are similar to credit cards. It gives you a maximum amount you can use whenever you need it, but you don't have to use it all. You use the money you need and pay interest only on what you borrow. Once you pay back the money borrowed, you can borrow it again.
The difference in a flex loan is you decide when to take out money and how much. It's there whenever you need it up to the maximum amount.
To qualify for a flex loan, you'll need the following things:
- Driver’s License or State Issued I.D.
- Lien-Free Title to Your Vehicle
- Your Vehicle for Inspection
- Proof of Income
Getting A Line Of Credit
Applying for flex loans starts by filling out our online inquiry form. A loan representative will call you to set an appointment. We have many Tennessee Title Loans locations to choose from. At the meeting, we will verify your information, review your required documents, and quickly inspect your vehicle.
They will also answer questions about how flex loans work. If you qualify, you'll get the money requested the same day or the following day.
Fill Out Our Inquiry Form Today!
If you're facing a financial emergency, a flex loan may be what you need until you put all of your new year financial tips in place. Our online form is quick and easy to fill out. It doesn't obligate you to take out a loan but will connect you with a loan representative who can answer your questions.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.