As the calendar turns, it’s normal to look for ways we can improve ourselves, our lives, and our finances. New Year’s is an opportunity to set new goals, choose what we want out of the year ahead, and plan for a way we can achieve it.
When it comes to your finances, it can be tough to find extra money, but that doesn’t mean you can’t make realistic financial resolutions. These five tips will help you improve your finances for the year ahead.
#1 Update Your Financial Goals
Every big achievement begins with an intention. You can update your financial goals any time of year, but the arrival of a new year is an opportunity to review what we’ve accomplished so far and where else we want to go.
Now is a great time to evaluate your progress toward your financial goals, decide how much you want to save in the year ahead, and what your budget should be to get there.
#2 Sell Jewellery That You No Longer Wear
Cleaning out the closet and getting rid of clutter is a popular resolution. Depending on what you have in there, you may also be able to give your finances a boost when you do it.
Gold and silver jewellery can be an excellent source of extra income if you’re ready to part ways with it. Gold jewellery can be highly valuable, with the market value of the metal hovering around $2,600 USD an ounce at the end of 2024.
Take jewellery to buyers like Muzeum, who post their buying rates online to quickly estimate what you could earn.
#3 Create a Plan to Get Out of Debt
If you’re carrying around debt that just won’t go away, now is a good time to create a plan for beating it. Getting out of debt is never easy, but it can help to create a budget and shift your priorities around toward paying it off. That may mean shifting your spending priorities, using investment assets, or finding alternative revenue sources.
#4 Update Your Investment Portfolio
Now is a great time to give your investment portfolio an update. Every so often, it’s prudent to rebalance your portfolio to make sure that you have the right asset mix. By updating your investment portfolio, you manage your risk levels and make sure that your portfolio aligns with where you are in life and your new financial needs.
#5 Review Your Credit Report
When was the last time you reviewed your credit score? Your credit report and score are used by potential lenders to evaluate your creditworthiness. If you’re planning on taking out a car loan or a mortgage, getting a new credit card, or even applying to rent an apartment, your credit report will be used to evaluate your application.
You can get both your credit report and score for free. Find out how lenders evaluate your credit so that you can take steps to improve it.
These resolutions will help you improve your finances this year. Give them a try as you get ready to start fresh.