How to keep your financial New Year’s resolutions, according to an expert


January is a great time to reflect on your financial habits over the past year and find ways to improve your spending behavior, so you can have peace of mind about your financial plan. (iStock)

The New Year is a clean slate after the indulgence of the holiday season. It’s easy to lose sight of your goals in the holiday spirit, whether it’s eating that extra slice of pecan pie, drinking an extra glass of eggnog, or spending too much money on the perfect gift. .

While it’s best to leave diet and exercise advice to a fitness trainer, Bank of America spokesperson Mary Hines Droesch has some tips for consumers looking to improve their drinking habits. in 2022. new BofA survey over 2,000 Americans have found that consumers have made ambitious financial resolutions for the New Year:

Read on for expert advice on how to reach your financial goals in the New Year. Whether your financial resolution in 2022 is to buy a home, get rid of your credit card debt, or pay off your student loans, visit Credible to explore a wide range of financial products. You can compare interest rates on mortgages, student loan refinancing, and debt consolidation loans, all in one online marketplace.

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Share your financial resolutions with a friend

Personal finances can sometimes seem too personal to discuss, even between loved ones. But when you’re open about your financial goals, like spending less and saving more, there’s an added level of responsibility.

“Communicating openly about finances with someone you trust can help you stay accountable for your goals,” Droesch said. “Whether you and a coworker agree to cook lunch instead of eating out, or you and a friend engage in Friday night activities below a certain amount, it’s easier to stay motivated when you have a partner who encourages you. “

If your goal is to increase your savings in 2022, consider opening a high yield savings account to see your money grow over time with interest. As an added bonus, set up automatic contributions through direct deposit directly from your paycheck. This way, you don’t have to worry about hitting your savings goals.

Visit Credible to compare high yield savings account offers for free without affecting your credit score.

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Make budgeting part of your personal care routine

During the coronavirus pandemic, many people were given more time for introspection and made it a priority to take care of their own mental and physical well-being. Consumers should view their finances in the same way, as part of their overall well-being.

“Financial health is often an overlooked part of personal wellness, but budgeting is a personal care routine like any other. “

– Mary Hines Droesch, spokesperson for Bank of America

Budgeting may not seem as pleasant as meditating in a hot tub or giving yourself some well-earned downtime, but it doesn’t have to be a dreadful task. There are plenty of free budget apps available on your smartphone that can automatically track your spending, making budgeting as easy as checking social media.

“Regularly dealing with your budget, especially when your priorities change, can help fight anxiety and set you up for long-term success,” Droesch said.

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Monitor your credit score regularly

Having a good credit score can help you reach your other financial goals, so it’s important to keep an eye on your credit history as a gauge of your financial well-being. You can request your free credit report from all three credit bureaus – Equifax, Experian, and TransUnion.

You can also sign up for free credit monitoring services on Credible.

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“Credit scores are important because they affect so many areas of your life, like signing a lease or buying a car,” Droesch said. “Make a commitment to healthy habits, including paying off your balance on time and in full.”

Although 60% of Americans pay their bills on time and in full, 1 in 4 are still committed to paying off their credit card debt, according to the survey. If you’ve set a goal of getting rid of revolving credit by 2022, consider using a debt consolidation loan. This debt repayment strategy allows you to pay off debt quickly, at a lower interest rate, and on a predictable payment plan.

Check out your free debt consolidation loan offers on Credible, and use a personal loan calculator to estimate your monthly payments.

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Have a finance-related question, but you don’t know who to ask? Email the Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.


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