Financial Resolutions for the New Year

December 29, 2021

While many will vow to commit to exercise and dieting as part of their New Year’s resolution, it’s also a good idea to take stock of your financial situation and include some fiscal goals. Examining your overall savings plan, wasteful spending, and debt can help you get your financial health in tip-top shape and increase your prosperity.
 
To that end, BayFirst’s very own financial advisor Roderick Jefferson shares a list of five valuable steps you can take now to make sure you’re closer to where you want to be financially by this time next year.
 
1. Cut wasteful spending.
This may seem like an obvious course of action, but for many it can be a hard one to stick to! Creating and committing to a budget can help you limit unnecessary spending. Apps like Goodbudget, Mint, and Clarity Money can help.
 
2. Create a cushion in your savings.
After you establish your budget, save more for emergency expenses by
using automatic transfers or savings platforms. These transfers make
saving easy because you don’t have to think about it.
 
3. Get a handle on credit card debt.
If you have multiple credit cards, you may want to consolidate into one or
two cards. Start by transferring your multiple balances to the credit card
with the lowest interest rate. Then, challenge yourself to lower these
balances by spending only cash on everything you purchase for an entire
month and see how it affects your spending habits.
 
4. Improve your credit rating.
Whether you’re looking to buy a new home, rental property, car, or solar
panels, your credit score matters because borrowers with low credit
scores can face higher interest rates. This year, make it a priority to
research your credit report, ensure everything is accurate, and then
take the necessary action to improve it.
 
5. Protect your estate.
If you don’t have an estate plan, now’s the time to create one. If you
already have one, now may be the time to make sure it’s up to date. Life
changes can alter your estate wishes and should be addressed as they
happen to ensure that you’re always prepared.

Be sure to make financial wellness a resolution this year with these five tips. Give Roderick a call at 727-258-2978 or fill out the form below to discuss these and additional ways to improve your financial situation in 2022. Or click here to learn more about the investment services offered through BayFirst.

 

Here’s to a prosperous New Year for all!