Are New Year’s resolutions your thing? I’ll be honest, they’re definitely not mine. Honestly, I’m not sure I know a single person who’s told me about having one this year. So, if you don’t have a resolution, you’re not alone. But if you’d like to make one now, it’s still January, so why not? Obviously, you know I like to talk about personal finance, so here are four personal finance resolutions you can strive for in 2022…
Refinance your mortgage: Refi rates might not be quite as good as they were a few months ago, but they’re still pretty good. If you’re paying a ridiculous rate on your mortgage, what are you waiting for? A lower rate equals lower payments. And you can look at that one of two ways: It’s more money in your bank account OR you can keep paying what you’ve been paying and put a little extra on your principal.
Pay down your credit card debt: Hopefully you’re able to pay off your credit card balance each month, but if you’re can’t, just know that the average household had $8,006 in credit card debt in Q3 2021. So hopefully that figure will make you feel a little better. Make this the year you finally get out from under that pile of debt.
Create a budget and stay with it: Budgeting can be hard no matter how much money you make. But if you can stick with it, you’ll love the ways a budget will pay off. If you’re not sure where to begin, start here.
Add beneficiaries to your accounts: We’re living in strange and sometimes stressful times. If you’d like to alleviate the stress on your loved ones when you pass, make sure your bank accounts, retirement counts, and insurance accounts have a beneficiary listed. Need some more reasons? Read this.