When the calendar flips to a new year, there’s an opportunity to focus on positive change in our lives. As this fresh start approaches, we’re overcome by a feeling that we can accomplish our goals, improve negative habits and navigate a new beginning. The truth is that resolutions can sometimes be hard to stick to. But, when you’re given the proper tools and support, any goal can be achieved!

At Heights Finance, we care about your financial health which is why our team is here to help you exceed your goals every year. As the year comes to a close, we’ve gathered our recommendations on how to review your overall financial health and set yourself up for success in 2022.

Track Your Purchases

The first step in accomplishing your financial goals requires tracking your spending. Even those who make a lot of money can still struggle financially if they aren’t aware of their monthly expenses. Start by evaluating your purchases from the previous year and dividing them into categories. By understanding where your money is going, you can identify the areas where you can cut back. To make this easy, use an online expense tracker. These apps will split your expenses into categories to help you get an idea of your spending behavior. You can even use them in real-time during the new year to help you maintain your goals.

Set a Realistic Budget

Once you know where your money is going, you can set a realistic budget for yourself. Instead of cutting yourself off and going cold turkey, create small attainable objectives. For example, you could decide to cut back your spending by 10% in January and then evaluate and adjust for February based on your experience. The idea of starting a budget can be scary, but it’s extremely useful. Once you’re familiar with following a budget, you can start to explore ways to free up cash that will go towards your future endeavors.

Make Saving Easy & Automatic

With a budget in place, it’s time to start thinking about how to put your money into savings. Without a proper plan in place, this step can be hard. Many people will first pay off their other expenses before considering saving, which only poses restrictions and leads to irregular saving habits. However, setting up automatic deposits makes saving a breeze. When a paycheck comes in, a portion of it is automatically deposited into a separate savings account. This means that your savings are already accounted for in your monthly budget.

Consolidate Your Debt

Another way to help you save is through debt consolidation. If you have credit cards or other loans with high-interest fees, you can gather all your debt balances and consolidate them into a single payment with Heights Finance. Debt consolidation loans offer amazing advantages. You may be able to save money that’s currently being swept up in high-interest rates by locking in a lower-interest rate. Our team members love helping customers save money by consolidating their debt. Give us a call or stop by any of our branches to learn whether debt consolidation is right for you.

Ring in the New Year with Heights Finance

Make this New Year the best one yet by setting yourself up for financial success. By following our simple and easy recommendations, you’ll end up with more money, healthier habits and a positive outlook on your financial health. Remember that you don’t have to do everything at once. It all starts by taking one step at a time. We hope you have a great start to 2022 and are able to celebrate fresh beginnings with your loved ones. Whenever you need a lending hand, a piece of advice or a personal loan, Heights Finance has your back. We invite you to give us a call, stop by our branch or contact us online anytime.