Log out
Key takeaways
- Start saving more. Take advantage of banking apps that let you automate your savings and offer high yield savings accounts.
- Invest and let your money grow. Lots of apps let you easily invest in a diversified portfolio with only $1.
- Pay off your debt. Prioritize paying off high-interest debts through debt settlement, debt consolidation, or taking on a second job.
The end of the new year is a few weeks away, making this the perfect time to reflect on last year and see what changes you want to make. Maybe you want to go to the gym more, eat healthier, or spend more time with your family. All of that is good but don’t forget financial goals and setting resolutions that will grow your wealth. To ensure you start the new year on the right foot, we’ve put together five New Year’s resolutions that can help you prosper.
1. Invest with $1
Regular investment is the cornerstone of wealth accumulation. Even small amounts when invested consistently, can grow substantially over time due to the power of compound interest. Consider setting up automated investments into a diversified portfolio that aligns with your risk tolerance and long-term goals. Apps like Current make it easy to invest and trade in cryptocurrency. Lots of apps, like Albert, let you invest with only $1 making it so that investing isn’t only for the wealthy.
Albert, the simple way to bank!
Enjoy overdraft protection up to $250, your pay 2 days early & up to 20% cash back!
All with NO minimum balance and NO maintenance fees.
2. Automate your Savings
One of the easiest ways to save is to automate it. Set up a direct deposit from your paycheck into a savings account. Treat your savings like a bill that must be paid each month. Whether it’s for an emergency fund, a vacation, or a down payment on a home, having clear savings goals can help keep you motivated and on track. Current makes it easy to save for goals with their savings pods, plus they have a high APY of 4%. Or you could try the Albert app, which helps you save by finding extra money and tucking it away into a savings account for a rainy day.
Banking Made Easy!
Open a high-yield savings account. Earn cash back. Get paid up to 2 days early. All with NO monthly fees & No credit check!
3. Pay Off High-Interest Debt
High-interest debt, like credit card debt, can be a major roadblock to financial prosperity. Prioritize paying off these debts to reduce the amount of interest you pay over time. First, organize your debts and devise a plan to pay them off. Whether it’s the snowball method (paying off small debts first), the avalanche method (targeting high-interest debts first), or a debt consolidation loan from Upgrade, having a plan can make the task less daunting.
Struggling with credit card debt?
If you have debts over $10,000 we can help! Lower your monthly payments. Repair your credit score. Get out of debt in 12 to 48 months.
4. Increase Your Income
In today’s gig economy, there are numerous opportunities to earn extra income. Deliver food for DoorDash or drive people around with Lyft. If you don’t like driving, sell your skills on Fiverr and work from home. Or perhaps being a tasker on Task Rabbit is more your speed. Find something that aligns with your skills and interests and earn that extra cash.
Want to start the new year off debt-free?
Learn how you can escape from under $15,000 in credit card debt and build a new life.
5. Update Your Insurance
Life changes, and so do your insurance needs. Regularly reviewing and updating your car insurance policies ensures that you’re adequately covered. Don’t be afraid to shop around for better rates or more comprehensive coverage. Insurance is a competitive industry, and you might find a better deal next time you look.
New
Final Thoughts
Adopting these New Year’s resolutions can set you on a path to financial stability and growth in 2024. Financial dreams don’t come true overnight. They take commitment, consistency, and perseverance. Adjust your plans throughout the year as needed and celebrate small wins. Just by adopting smart money resolutions for 2024, you’ll be taking a significant step towards building wealth and achieving financial security. Here’s to a prosperous new year!
