10 Money Resolutions to Make Your 2018 Prosper

So far this year, you’re hitting the gym 2–3 times each week; you’ve even booked flights and made plans to travel more; now, it’s time to tackle that resolution to be more fiscally responsible. If buying a home is on your “to do” list in 2018, you’ll want to take your financial resolutions a bit more seriously in a hurry. Your financial picture plays a big role in your buying power and lending potential.

Whether you’re planning to make a big purchase or not, what can you do to put yourself in the best financial situation in 2018? Follow these 10 money resolutions:

1. Get help.

If you’ve already tried to get your finances together by yourself, it may be time to turn to a money-management app or financial planner to make your money go the extra mile in 2018. Make this the year you stop refusing help when it comes to managing your finances.

2. Have a plan.

Whether paying off debt or saving X amount of dollars is on your resolutions list this year, you’re going to have to plan ahead to reach your goal. Embrace your financial goals—big or small—and make a plan toward reaching them.

3. Embrace the “b” word… budget!

Don’t know where to start when it comes to getting your expenses in order? Make a list of bills you must pay, then move to the entertainment and other extras you choose to spend on. Eliminate the expenses you can, and prioritize those you must pay.

4. Start with your credit score.

Whether you’ve set financial goals like buying a car or home—or neither—you’ll still be doing yourself a favor by understanding and working to improve your credit score. Using credit is healthy, as long as you are paying that credit off in an on-time manner each month.

5. Pay bills as soon as you get paid.

If payday is always a welcome relief, you may need to structure your month a bit differently. Spread your bills out over the month by making sure you pay some of them as soon as your pay comes in. Then, you won’t feel the instant relief when you get paid—only to be followed by the dread of upcoming bills.

6. Monitor your monthly statements.

How closely do you monitor the amount of money you have coming in and going out? Instead of blindly trusting your bank to calculate what you’re making and spending, make an effort to review your monthly bank statements when they come in each month.

7. Learn something new—about investing.

Don’t be fooled by the assumption that you must have a lot of money to make an investment. Do a little research and find a stock or stocks that you’re personally interested in. Take a leap and put some money into something you believe in. It could make a financial difference for you in the future.

8. Create an emergency fund.

Financial experts may suggest you have six months of finances saved up in case of an emergency. If that amount seems daunting to you, start by stashing away three months of funds you can live on. Your stress will go down and your savings will go up!

9. Commit to spending cash.

Don’t have much faith in your ability to not swipe your credit or debit card? Don’t give yourself and opportunity to do so! Take out a cash allowance each week and stick to only spending the cash you’ve allotted.

10. Limit your meals out.

For everyone from families to single professionals, it is awfully easy to grab a bite to eat or place a takeout order on your way home from work or running errands. Instead of caving into those cravings, plan (and prep) ahead! Store a few tasty meals in your freezer so you can avoid temptation when it comes to spending money on dining out.

When it comes to your money, start big in 2018 or simply aim to follow one of our money management tips. Either way, we’re sure you’ll make an impact on your financial picture this year!

This post is sponsored by PA Preferred Mortgage:

Pennsylvania Preferred Mortgage is a full-service mortgage banker and is a member of the Prosperity Home Mortgage, LLC family. Specializing in residential and refinance loans, Pennsylvania Preferred Mortgage offers a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, and renovation financing. Learn more at www.papreferredmortgage.com