5 Ways To Start Financially Fresh for the New Year

New Year's layout with calculator, Santa's hat and Christmas decorations stock photo
Marina Tikhonova / iStock.com

It’s a brand new year, and that means starting fresh. It’s the perfect time to make healthy financial decisions, and you’re not alone if your New Year’s resolution is money related — 66% of Americans want to set a financial goal for the coming year.

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As the new year rolls in, it’s time to reflect on our past financial habits and plan for a brighter financial future. With hard work and dedication, anyone can start their year with a fresh financial outlook. Here are five ways to help you do just that:

1. Set a Monthly Budget and Stick to It

One way to get back on track with your finances is to establish a monthly budget and stick to it. Track your spending for one month. After identifying your expenses, categorize them and set limits on what you can spend in each category.

2. Plan To Get Out of Debt

Debt can quickly snowball and be difficult to shake, so you must take steps to get yourself out of debt as soon as possible. This might mean making extra monthly payments on your loans or credit cards or refinancing high interest debts.

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3. Make Savings a Priority

If you have debt, it’s important to make paying off your balances a top priority. But don’t forget about your savings, either, Being financially stable requires setting money aside for emergencies and other unexpected expenses. So be sure to make regular contributions to an emergency fund or savings account.

4. Start Investing

Saving money is excellent, but if you want to ensure that your finances stay on the right track for years to come, consider putting some extra cash into investment vehicles like stocks or mutual funds. These types of investments allow you to grow your money faster than if it was sitting in a bank account.

5. Seek Out Professional Help If Needed

If your finances are still in a rough spot, don’t be afraid to reach out for assistance. A financial advisor can help you create your customized plan tailored to your specific situation and goals. And with the help of a professional, you’ll be on your way to a better financial future in no time.

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Whether you’re starting the new year with debt or making plans for long-term financial success, just remember to stay dedicated, keep working towards your goals and seek help when needed.

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About the Author

Becky Neubauer is a personal finance and science freelance writer who specializes in writing about managing money, sustainability, entrepreneurship, and alternative living. She has a bachelor’s degree in environmental science, and she learned about personal finance on her journey to pay off $100,000 in student loans. Becky is an avid traveler focused on helping others live location-independent lifestyles, make money on the road, and travel the world through her website
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