Every end of the year, there is a ritual across the world where people make all sorts of promises to do better, be it exercising more, eating better, financial resolutions or any number of well-intended goals.
The trouble with this however is that by Valentine’s Day those vows would have vanished. Maybe what you actually need to uphold those financial resolutions in 2019 is an incentive. Here are 5 financial resolutions that are worth keeping because they’ll make you more money.
Take on a side hustle
One of the best financial resolutions to make and stick to is to take on a side hustle. As much as 70 percent of people the world over need extra cash to make ends meet. However, some consumers just don’t want to commit to a second job and give up nights and weekends away from their family. Luckily, there are plenty of easy ways to make money from a side hustle that doesn’t require a huge time commitment.
For instance, you can use your talent and skills to earn money. If you are a writer or graphics designer, you can earn a lot of money through sites such as fiverr.com and freelancer.com. You can write in your home and keep up with your daily routine while making extra income.
If you’re handy in the kitchen, you can become a cooking instructor through the virtual cooking lesson site VonnieApp.com. There are limitless ways to earn extra money, so you don’t have to drown in debt or struggle to pay your bills every month.
You know how hefty late fees can be, so why give creditors more money than they deserve? You can may bills payment easier by setting up auto-pay for your monthly bills. Not only do you save a bundle by avoiding late fees, but some lenders and utility companies also offer reduced interest rates or other benefits when you use their automated payment services.
Build an emergency fund
It is always best to have a stash to draw on when an emergency arises. Try to save enough money to cover six to nine months of basic living expenses. Then when an unexpected expense comes up, like a car repair bill or medical expense, or if you suddenly lose your job, you won’t have to pile up more debt.
Plan your vacation
Many people start thinking about summer vacation in March or April when it’s time to start booking those trips. You may want to consider putting a little money away every month to avoid the stress of an expensive vacation.
Experts recommends creating a separate savings account for vacations and travel expenses, then adding a certain amount to the savings account each month. When the time comes to enjoy your vacation, you won’t have to go into debt to pay for it.
Improve your banking IQ
A survey found that as much as 65 percent of people do not realize the benefit of incremental gains from keeping money in a high-interest savings account. If you aren’t earning at least 1 percent on your savings, you’re leaving money on the table.
By simply switching to a high-yield savings account, you could earn money from your money and also get into better savings habits.