As 2017 winds down, you might be considering your next year’s resolutions. Many of us make resolutions to exercise, but it’s worth considering how you can improve your financial health before 2018.
These seven money moves will get you started in the new year.
* Declutter and sell: Have an aunt that gives you an ugly sweater every holiday? Sell your unwanted clothes, gift card, electronics and other items online. Raise, thredUP, or Ebay are all great places to sell your unwanted goods and make extra money.
* Start investing: Investing doesn’t have to be scary. You can even start small, such as selling unwanted items and taking the extra money you make. It is best to be enrolled in your employer’s retirement savings plan. Apps such as Stash and Robinhood are also available to help you get started.
* Check your credit report: Planning on making any big purchases in 2018? The credit report provides information about your credit account status and bill-paying history. Consumer Financial Protection Bureau (CFPB), recommends that you check your credit report at least once a month. Also, make sure to review it again before applying for large purchases like cars or homes. You should be aware that if credit has been frozen, you could face a $20-$30 fee to remove it so that a report can still be run.
* Make a plan to ditch your debt: Evaluate all the different loans and any credit card debt that you’ve accrued and consider combining them into a single loan with one easy payment. A loan that includes a guarantee. LendingClubAll your debts are transferred into one account, with a lower interest rate.
“Managing one payment is a lot easier,” says Alia Dudum, consumer debt expert for LendingClub.
“With lower interest rates on your debt through loan consolidation, you’re setting 2018 up as your best year yet.”
* Create a budget: Ah, the dreaded “B” word. You can avoid adding more debt to your budget in 2018. You can think about your net income. Then, you can allocate 10 percent to your savings. After that, you can list any necessary expenses. Finally, you can use what is left for shopping, vacations, or eating out.
* Take a money minute: Get into the habit of scheduling time to look at your spending and checking in on your financial goals. Set up an alert in your calendar to remind you to check it at least once per week. This should be a family affair. Schedule meetings with your spouse, your parents, and children to discuss your financial situation and financial goals.
* Reward yourself: If your downfall is spending and racking up credit card debt, for example, allocate a small amount of money to treat yourself to something small once you have reached a specific financial goal, such as paying off that one credit card, not eating out every day, or sticking to your budget.
LendingClub makes it easier to manage your debts in 2018. Visit this page for more ideas about how to make 2018 a successful year. www.lendingclub.comConnect with experts who are able to help.
