New year call for new financial objectives: If you’re beginning the new year with a list of resolutions, take a moment to add some financial goals, including raising your credit score and creating a strategy to pay off your credit card debt.
Pro tip: Ensure you have actionable objectives for both short- and long-term. And of course, goals must be S.M.A.R.T (Specific, Measurable, Achievable, Realistic and Timely). Here are seven suggestions to help set the course for a successful 2023.
Financial Resolutions For New Year
1. Understand Your Numbers
Do you know what your monthly cash flow is? What about your net worth? If you’re scared to open up your bank account every month, then you’re likely feeling a lack of control over your money.
If you spend a few hours understanding your current situation, it will provide so much clarity and help you understand what your short term goals should be.
If you don’t know where to start with this, Netwherk Wealth Society, has a mini-course and user-friendly templates that will help you get started. Don’t sleep on this!
2. Improve Credit Score.
Make it a priority goal in 2023 to improve your credit score. One of the most crucial indicators of your financial health is your credit score. It provides lenders with a quick snapshot of your credit usage behavior. Your chances of getting authorized for new loans or lines of credit will increase as your score rises.
Fortunately, there are several actions you may immediately take to raise your credit score:
- Take a look at your credit records.
- Get a handle on paying your bills.
- Use at most 30% of your credit line.
- Put a cap on new credit requests.
- Fill out a sparse credit history.
- Keep your previous accounts active and take care of past-due bills.
- Think about debt consolidation.
- Monitor your advancement with credit reporting.
Whether short-term or long-term, these actions can help you raise your credit score and establish a solid credit history.
3. Pay-Off Bad Debts.
Consolidating your debt into a loan with a reduced interest rate may be a good idea if you need help paying off high-interest credit card debt or loans. With only one monthly payment, debt consolidation might enable you to concentrate on reducing the overall sum. Once you have paid off the debt, saving and investing your money is much simpler.
4. Increase Your Income.
A little extra cash could go a long way. You may be building up your savings for emergencies or saving for a major purchase like a house or a new automobile- only once you finally get into finally going after these goals that you realise how much of a cushion your “side hustle” can prove to be.
There are several ways to raise your income:
- Starting a business
- Airbnb Arbitrage
- Career changes
- Real Estate Investing
- Options Trading
These are just some of the few masterclasses that are happening inside Netwherk Wealth Society
You must invest if building wealth is one of your financial goals in 2023.
Finding your risk tolerance and defining your money goals are the first steps in building a portfolio that works for you and makes you money in your sleep.
If you are looking to learn more about investing, then I’m opening doors to Netwherk Investor Academy soon (and this will be the last cohort at this price. Get yourself on the waitlist if you want to be the first to know when doors are open.
6. Review Insurance Plans.
Your demands for life and disability insurance will alter as you advance in your career or life. Consider the level of protection you require and compare it with any existing insurance you may have obtained via your employer’s benefits program.
Think about whether you require more or less life insurance and whether term or permanent coverage would fit your requirements best.
7. Improve Financial Literacy.
The most important step in your financial journey is improving your financial knowledge. Netwherk Investor Academy helps women become investors and achieve financial literacy (without the confusing jargon!). Becoming financially literate will not only help you reach your money goals YEARS ahead of your initial time, but will also empower you to create multiple streams of income so you can take back control of your time.
If there’s anything important in today’s world, it’s financial independence for women. So make sure you land the right place and seek financial knowledge from experts to reclaim your freedom for yourself and your future generations.
Take this chance to reaffirm your New Year’s financial resolutions coherently. Avoid making unattainable or excessive financial ambitions. If you do so, you can not practically complete them.
Maintaining a checklist could be a good idea to monitor your progress throughout the year so you can make any necessary adjustments. Cheers!