A new year means a fresh start. If you’re one of the many people who creates a yearly list of New Year’s resolutions, you know how tough it can be to stick with it. Maybe you set a goal to exercise more but got caught up with work or your personal life. It happens, and it’s completely OK. Remember that progress and effort are still valuable steps toward reaching your goals.
Many people also set their sights on improving their financial health. In fact, a recent survey shows that 66% of Americans’ New Year’s list included financial resolutions. The survey also found that over half (53%) of those respondents made paying off debt a financial goal. Depending on the amount of debt you owe, paying it off could take over a year. However, this is a great long-term goal, and making yearly progress is key.
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Growing your savings
Will this be the year you make your dream purchase? Perhaps your New Year’s resolution is to buy or save up for a house, car, or even a much-needed vacation.
You may also be looking to build an emergency savings fund. The COVID-19 pandemic proved that it’s best to be prepared for unexpected events such as an illness or job loss. According to a recent Plinqit report, 32% of Americans are saving for a long-term emergency fund and 28% are saving for a short-term emergency fund. If you don’t already have an emergency fund, it’s strongly recommended to create one and contribute to it regularly or as often as possible.
Check out National Debt Relief’s full article here.
