Sound finance strategy and staying prepared for emergencies with help from Delaware Title Loans, Inc. are two ways to kick-start your New Year’s goals. It’s never too early or too late to get started, and you will learn more here!
Here, you’ll discover 5 actionable financial strategies to build momentum toward your New Year’s resolutions and increase your odds of success!
5 Actionable Financial Strategies For Your New Year
No matter what your financial New Year’s resolutions are, here are 5 actionable strategies that you can implement to kick-start them immediately:
Strategy 1: Set Clear Goals
One of the most critical strategies to kick-start your New Year’s resolutions is to set clear goals. You can’t pursue your goals effectively unless you define them clearly, down to the last cent.
So, take some time to develop your goals completely. You can use the SMART approach to do that, meaning your resolution must be Specific, Measurable, Actionable, Relevant, and Time-Bound or restricted by a deadline.
Once your goals are crystal clear, you can pursue them more effectively.
Strategy 2: Track Everything
Another crucial strategy is to start tracking everything. That means you should write down every dollar you earn and spend to know where each cent goes.
You can do that using simple methods like writing in a book. Alternatively, you can also use a spreadsheet or one of many mobile apps designed for that purpose.
The most important thing is to have a clear record that you can use to measure your progress.
Strategy 3: Automate Wherever Possible
Automating your finances is easier than ever, and you should implement that as a strategy.
For example, many people automate their savings to ensure money goes towards their goals as soon as they’re paid.
The same is also possible for automating bill payments. Doing so will ensure you never miss a deadline and prevent late fees or penalties.
These automation features might take time for you to get the hang of. So, it’s best to start immediately and learn everything you can about them. That way, you’ll be able to leverage them as much as possible to benefit your New Year’s resolutions.
Strategy 4: Optimize For Tax
One thing that many people overlook in their financial New Year’s resolutions is the need to pay taxes. Unfortunately, that could disrupt your finances when tax season comes around.
Instead, you should begin optimizing your financial plans for tax payments. You can find out what they are by reading guides prepared by the authorities.
Besides that, you might find it worthwhile to engage a qualified tax expert. They can educate and advise you on tax matters, including the benefits that you’re entitled to.
The most important benefit of this strategy is that it could help you free up more of your cash. Then, you can channel those extra funds toward your financial New Year’s resolutions.
Strategy 5: Prepare For Emergencies
Last but certainly not least, you must have a strategy to deal with financial emergencies. Many studies have shown that the average person cannot cope with even small financial emergencies, and that’s a reason to worry.
Simply put, a financial emergency can erase your progress toward your resolutions if it catches you off-guard.
So, there are two things you can do immediately to protect your New Year’s resolutions.
First, build an emergency fund and add to it continuously. The larger that fund grows, the better you’ll be able to handle any crisis that comes your way.
Secondly, you must be able to access cash urgently if your emergency fund isn’t large enough. Understand where you can get that money and what requirements you must fulfill to be prepared if that day ever comes.
For example, you can get emergency funds through a title or signature installment loan. Both are easy to qualify for and fast to get, but the best one for you will depend on a few factors.
First, a title loan requires a lien-free car title as collateral. If you have that, you could qualify to borrow up to $15,000, depending on the value of your car.
But if you don’t have a car or prefer not to use collateral, you could opt for a signature installment loan. This type of loan requires only a few documents but no collateral and could give you up to $1,250 quickly.
Understanding your options will ensure you can choose the right one for your needs if a financial emergency threatens your New Year’s resolutions.
Get Started Now
Whether you use one finance strategy or all of the above, it’s best to start immediately. That will put you in a much better position to pursue your goals when the New Year comes around.
Remember to get in touch with Delaware Title Loans, Inc. anytime you need an urgent cash boost. Take the first step anytime by submitting the online form with your information. Soon after, a friendly representative will call to guide you through the rest of the process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
