Search

10 New Year resolutions to follow in 2022

Who doesn’t want a life with money-liberal choices. 2022 is offering you a chance to start afresh. Here are the 10 New Year resolutions to give your 2022 a boost.
10 New Year resolutions to follow in 2022
If your credit score is below 700, it is time to build a better one in the new year. A personal budget can seem restricting at times, but it is very helpful in tracking your expenses and saving and seeing where you can save more. Balance transfers clear the debt but the real benefits come when you actually pay your debt before the deadline.
In this article

New Year resolutions are a trend that most people forget to honor after the first month or even week of 2022. But you are going to stick to them this year because it involves finances and who doesn’t want a life with money-liberal choices. So, here are the 10 New Year resolutions to give your 2022 a boost!

Build better credit score

If your credit score is below 700, it is time to build a better one in the new year. A credit score can be improved by not delaying your bills, getting rid of debts, managing your expenses prudently, and using autopay for recurring bills. This is your first step in building and maintaining New Year resolutions.

Saving is a must

Savings always top the list of top financial New Year resolutions. Why? The more money you save, the more you have! There are numerous paths you can take to save a lot. These entail using a high-yield savings account, 401(k) contributions, halting the impulsive spending during holidays, etc.

A credit card can also motivate savings. That is because they offer credit and rewards like cash back, miles or points to offset the expenses. For example, you can use the annual $120 dining credit from American Express at related restaurants like Ruth’s Chris Steak House, Seamless, Grubhub, The Cheesecake Factory, and other Shake Shack locations.

Commit to a personal budget

A personal budget can seem restricting at times, but it is very helpful in tracking your expenses and saving and seeing where you can save more. A calculated budget helps to maintain a clear policy of what is necessary and what is not. 

The process is to first note down all the fixed expenses including phone, mortgage, savings, and grocery. Then you come down to the flexible expenses like eating out and entertainment costs, etc. You can get a list of all your purchases from the credit card statement. You can also see the spending with categories which helps create a budget for the new year too.

Clear credit card dues

Credit card debt is common and most people face it at some point in life. The data by Experian shows that over 61% of Americans carry a credit card and a balance of $6,194, hence a debt is natural at some point. 

If you also have credit card debt, you should think about merging. It will balance transfer credit cards where you can incur 21 months of interest-free usage.

A good example of this would be the Citi Simplicity@ Card, it has 0% APR in the starting 21 months and when you make any new purchase you have 14.74% or 24.74% APR. The balance should be transferred within a window of 4 months. 

Don’t delay credit card payments

Balance transfers clear the debt but the real benefits come when you actually pay your debt before the deadline. Prior to transferring the balance, you should be well aware of different terms like the interest-free and expiration provisions.

After being familiar with your 0% APR period, make the needed contributions to your credit card debt payment of credit card, and you won’t be incurring anymore in the future if you keep following the path.

Don’t get multiple credit cards

There is no defined limit on the number of credit cards that one can possess. Americans have 4 on average. But that doesn’t stop them from getting one more. The matter is about how much you can handle proficiently. 

You should note that your credit report will be the hot topic of discussion for your issuer whenever you apply for a new credit card. Hence, these might have a negative impact on your score, but nothing that cannot jump back after some time.

Pay credit card balance monthly

The credit score is built upon the foundation of payment history. Hence. It becomes all the more crucial to pay your balances in time each month. Paying early helps transform your credit with lower utilization of credit and fewer interest charges or penalty. This also means you will be entering the new month debt-free.

If you cannot pay in full each month, paying the minimum amount is also good. By doing this, you can dodge up to a $40 penalty each month. 

Review credit score

You can check your credit score free of cost with line. You can also apply to get your credit score automatically each month. Line’s tools also help you to define the consequence of action like expenses or paying a debt.

Also Know About: How to set realistic New Year resolutions

Review credit report

Checking your credit report is another crucial step that helps to stay away from fraud and updates the information for the data collecting agencies like Equifax, TransUnion, and Experian. You can get your monthly free credit score report at CreditWise by Experian or Capital One.

You can also get access to credit reports from the bureaus by visiting www.annualcreditreport.com that has been given authority by federal laws.

also Know about: How to celebrate New Year’s Eve on a budget

Get identity theft protection

Getting a subscription to identity theft protection may save you from scams and frauds that drain your money and energy. Protect yourself online with line and get $1 million in identity theft protection insurance.

Line also monitors your social security number, actively reviews your credit and looks at the dark web for any instances of your personal data and alerts you. Good luck with your New Year resolutions.

Was this helpful?

Did you like the post or would you like to give some feedback? Let us know your opinion by clicking one of the buttons below!

👍👎
Devanshee Dave

Devanshee Dave

With over 4 years of experience in financial writing and a master’s degree in mass communication & journalism, Devanshee is currently preparing for her CFA (Chartered Financial Analyst) exams. In her spare time, she likes to dance and learn about cosmology, astronomy and anything that can expand her knowledge from the big bang to the big crunch.

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

Related Posts

Apps Like Vola Finance: Exploring Alternative Financial Solutions
Apps like Vola Finance – Top 10 Vola Finance alternatives
Discover alternative financial solutions that extend beyond Vola Finance. Let's learn more about Vola Finance, which provides various features, advantages, and innovative methods.
Profit and Loss Statement
Profit and Loss Statement
Examine the Profit and Loss (P&L) statement, a financial compass that navigates through sales, costs, and net profit or loss to decode a company's fiscal health.
Six Tips to Set Financial Goals in 2024
Every year, we all make a slew of resolutions that we follow for a few days before abandoning them. This time, let's set more practical financial goals to build confidence.
Build a Better Financial Future: Strategies and Tips
The pandemic has shown us the uncertainty of life and the importance of having a solid financial plan. Stepping into the New Year, it is important to start with a plan for your kid's financial future.
10 Financial New Year Resolutions for 2024
If you want to increase your income in line with inflation and fortify your personal finances against setbacks, these are the 10 financial goals to set and achieve in the coming year
Tips to Improve Your Financial Health and Well-Being
The old year is fading away and the new year is set to begin. Have you set your financial goals? If you haven’t, let's do it together.
Features
Essentials

Get up to $1,000 for emergencies

Send money to anyone in the US

Ger personalized financial insights

Monitor and grow credit score

Get up to 20% on everyday spends

Save up to 40% on car insurance

Get up to $1,000 for loss of income

Insure up to $1 Million

Coming Soon

File federal and state taxes at low cost

Quick estimate of your tax returns

Get up to $1,000 for emergencies

Send money to anyone in the US

Save big on auto insurance - compare quotes now!

Zip Code:
Zip Code: