New Year's Resolutions - Save Your Credit and Your Marriage

The New Year is a great time to make resolutions that will help you achieve your financial goals. One resolution that many people make is to spend less money overall. This can free up extra cash each month for other financial goals or for things you enjoy. Here are some examples of ways to save money.


Building a nest egg helps pay for big ticket items without taking on additional debt
While building a nest egg may seem intimidating, it is easy to do. Even if you are struggling with debt, a small amount saved every month can add up to a substantial amount in no time. Creating a budget, including any net business income, can help you keep track of your expenses and create wiggle room for saving. It also allows you to better manage your cash flow.

A survey by Fidelity Financial found that 59% of respondents said their top financial resolution was to save more money. Having more money saved is essential for many reasons, including the ability to buy a big ticket item without taking on additional debt. It can also be useful in an emergency, such as when you need to make a large payment.

Building a nest egg is important for many reasons, but retirement is probably the biggest. Having an ample nest egg in retirement can help you live comfortably after retirement. A financial advisor can help you assess how much you will need to retire and find the most efficient ways to save. The growth of your nest egg will depend on how diligent you are in saving.

Reducing monthly expenses frees up cash for other financial goals
Whether you're trying to tackle debt, save up for an emergency fund, or simply get ahead, cutting monthly expenses can free up cash for other financial goals. However, cutting expenses means changing your lifestyle. It can be difficult to determine where to cut your monthly spending, and you'll need to find a plan that you can stick to. Start by identifying your fixed expenses. These are the things you spend money on every month, like rent or mortgage, insurance, and internet and cell phone bills. By reducing your expenses in these areas, you can save a significant amount of money and get closer to your goals sooner.

If you're currently living in a high-cost area, consider buying a less expensive home. Larger homes often come with higher housing costs and maintenance. You can also consider refinancing your mortgage or moving to an area with a lower cost of living. Another option is house hacking your home and renting out unused rooms. If you're renting, you can bargain for a lower rental rate by signing a longer lease.

Automating bill payments eliminates late fees
If you use online banking, you can set up automatic bill payments. Once you've set up automatic bill payments, you can check on the status of payments regularly to ensure they have been made. If you can't set up automatic payments, you can always manually make the payments. However, it's best to keep an eye on your account balance.

Automating bill payments is a great way to save time and avoid late fees. You'll be able to spend more time on other tasks while your bills get paid. Plus, you'll get a better credit rating and maintain a good reputation with customers. By eliminating late fees, you'll save yourself the headache of worrying about forgetting to make a payment.

Once you've set up automated bill payments, you'll need to input information such as the amount of payment and your payment schedule. Typically, you'll choose to make a payment on the date your bill is due. You can also choose to pay using a debit card.