Some New Year’s resolutions to save money

New Years resolutions to save money

RICHMOND, Va. (WWBT) - Setting New Year’s resolutions is easy, but keeping them is much harder!

This year, why not make those resolutions about money. It’s so important to set realistic and achievable financial goals for yourself.

So, if becoming debt-free is your goal let’s make that more achievable. Maybe your resolution is to make tackling your credit card debt a priority one in 2021.

You could also have the resolution to make an extra payment or two toward your mortgage. That one time step is not only are you reducing the time and amount it will take you to pay off your home, but you will be reducing the amount of interest the banks receive.

Another resolution could be to find a way to generate a side income. Even an extra hundred dollars a month can be a great way to reach other financial goals like paying down debt or building an emergency fund.

Which is another great idea for a new year’s resolution. Make it a goal to build up that rainy day fund. As we all learned in 2020, you never know what tomorrow could hold. So, having a goal of an extra $500 or $1,000 in the bank is a great and attainable goal for the year.

Also, your New Year’s resolution can be really simple, but helpful-- like build a budget. It doesn’t have to be some fancy spreadsheet, either. A simple handwritten list of expenses is a great start to 2021

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