4 New Year Money Goals To Make Before The New Year Starts
December is a time for reflecting, analyzing our lives, and creating New Year money goals. It’s natural to want to improve your life from one year to the next – in fact, we hope you do! As we grow in our careers, plans, emotions, and finances, it’s important to do so while following some clear-cut goals.
The 4 essential New Year money goals we’ll discuss are setting a savings goal, improving your credit score, learning about passive income, and paying off overdue bills.
4 New Year Money Goals
1. Set A Savings Goal
Everyone has something they want to save for, but 2023 is your year to dream and plan big. Aiming to save for something that will positively impact you over the next few years is one of the best New Year money goals. For example, you may want to save:
- For a down payment on a home
- For a car or to pay off your car
- To cover past bills or credit card debts
- To build up an emergency fund
- To pay for another life milestone (new baby, marriage, etc.)
Once you have your “why” you can decide how much money you need. Then, break down this number into how much you must save per month (and per week) and come up with a plan to get there.
Can you pull this money out of your current income? Will you need to pick up a second job? Where can you make cuts elsewhere? Success comes with hashing out the details.
2. Improve Your Credit Score
Not all lenders – especially here at Southwest Title Loans – require good credit, but you will likely need to improve your credit if you want to do something like buying a house or car in the future. Plus, good credit is a general reflection of good financial practices, so it’s a great goal for anyone to have.
Credit scores from 670 to 739 are considered good and anything above that is excellent. While fair credit is OK, poor credit could disqualify you from most major loans.
To improve your credit, review your credit reports to see where most of the flaws lie. The most important aspects of maintaining good credit are paying your bills on time, lowering your debt-to-income ratio, keeping your accounts open for a long time, and limiting the number of new accounts you apply for. Improving your score may take some time, but it will be well worth the effort.
3. Learn About Passive Income
Most people focus on working for money, but the wealthy focus on having their money work for them. Passive income is when you make money from something other than work. Examples include:
- Rental income
- Income from a business you own but don’t participate in
- Dividends from stocks and investments
- Interest from high-yield savings accounts
- And more
Passive income may seem difficult to attain or understand, but there are tons of free resources online through Google and YouTube that can quickly teach you how to invest your money to make more money – without spending hours doing so. This is the way you can snowball your savings and, after some time, make more than you would have if you had taken on a second job.
4. Pay Off All Overdue Bills
It’s hard to have big New Year money goals when you have a looming bill in the back of your mind. Emergency or overdue bills could include:
- Utility bills
- Overdue mortgage payments or rent
- Home repairs
- Car repairs
- Emergency travel
- Medical bills
If you have one or a combination of these bills, consider consolidation, paying them off with savings, or paying them off through an online title loan.
Cover Your Costs With An Online Title Loan
Southwest Title Loans offers online title loans for hundreds or even thousands of dollars. Title loans use your car’s lien-free title as collateral while you keep your car during the loan term.
To qualify, you’ll need your state I.D., car, and the car’s title. Remember that your car should be paid off to count as lien-free.
Once you have your documents and car ready, fill out our online loan inquiry form and chat via phone with one of our loan representatives. You’ll then arrange for a quick document and vehicle inspection that can take as little as 30 minutes. This can be done at your home or a nearby location of your choice.
If all goes well, you’ll be approved and receive your cash that same day or the next business day, meaning you can finally pay off those bills and start your New Year off right.
Stay On Top Of Your Money Goals
Setting New Year money goals is important, but the key is to follow through with them. Once you set up your savings, credit score, passive income, and bill-paying goals, be sure to document them and share them with others to be held accountable.
If you could use assistance to pay off those looming bills, reach out to us to discuss the option of an online title loan. By getting all of your bills up-to-date and setting up your future financial goals, you’ll be well on your way to a thriving New Year!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.