Marcus RichardsWith the new year right around the corner, it’s time to reflect on what you want to change. It’s also a good time to plan out and set goals for the year ahead. Resolutions are hard to keep up with because of work or life demands, but that mean you need to throw in the towel. Here are three resolutions you’ll want to last beyond January.
Grow Investments
One of the easiest ways to grow your money is by investing. You don’t have to be a billionaire or an expert investor; anyone can do it. If you have extra money in your bank account, why not invest? If you’re looking for something low-key but still lucrative, consider investing in bonds. Bonds are essentially loans that companies take out with investors in order to finance projects or make purchases. Because bonds earn interest over time (just like loans), they can help build up some extra cash for you without requiring much effort on your part.
If there’s any kind of financial goal you’d like to achieve this year, whether it’s buying a house or starting a small business, it may be worth considering putting some extra work into growing those investments first so that when it comes time for achieving those goals next year, they’ll already be well on their way towards being achieved. Educate yourself against the worst investments to make so that you are going into this endeavor with the best laid plan, born from research and a comfortable risk tolerance.
Get a Better Job
If you’ve been thinking of getting a better job, 2023 is the year to make it happen. If you’re able to step into that new role now, there’s no need to hesitate. On the other hand, if you need to earn another degree before you can apply, you can look into getting a student loan. Students loans are a great alternative to bank loans, and can be customized to suit your needs and ability to pay it back. Once you’re enrolled, do some research on companies you want to work for. Make a list of why you want to work there and how getting hired would benefit you. Once you graduate, you can apply for jobs you are qualified for.
Pay Down Debt
Many start the new year by making a list of resolutions, but then they don’t follow through with them. Instead, you can make a resolution that will actually stick. If you have any debt to pay off, here’s how to get started. Look at your budget and see what you’re spending money on each month. Can you cut back? If so, do it. That way you’ll have more cash available for debt payments. Remember that saving money is important as well.
You’ll want to know how much money to set aside for emergencies or unexpected expenses like car repairs or medical bills. Once you know where all those dollars go each month (and perhaps after making some cuts), look at your credit cards and other outstanding obligations. Figure out which ones are costing the most in interest rates or minimum payments every month. Start paying those off first. It may seem harder than cutting back on spending but once they’re gone there won’t be anything left hanging over your head anymore.
