WalletHub’s Top Personal Finance Resolutions Ahead Of Midnight

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It is almost midnight on December 31st. are you ready?

December 31st is a timeless tradition for many of us to reflect on the events of the past year and set resolutions or intentions for the year to come. After 2020 was “adventure” given to us, and with 2021 looking like a spirited second runner-up, it’s understandable if people feel nervous in the coming department, or as some say “next ?!”

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While you can’t predict whether you’ll get that raise or bonus, change jobs, or go to the gym three times a week consistently, there is something you can consider and set some goals for your finances.

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According to a survey conducted by, should you participate in this exercise? WalletHubYou are in wonderful company. More than 92 million Americans said they are likely to make 2022 resolutions that are directly related to their finances. Notably, about a third want to save more money, making it the top resolution across the board. However, WalletHub’s findings also show that despite the best of intentions, only 42% expect to make it a full year, and seven out of 10 people admit that in the past, they have cheated on a resolution. .

Without a proper plan of attack, it’s easy to see how any resolution has the potential to become a good impression of you. But with your finances, being prepared is paramount so you don’t have to be prepared. Here are some tricks:

Create and keep a realistic budget

Budget is not a dirty word, but if you’re doing it for the first time or after spending, it can be a painful start all over again. What’s more painful, however, is the amount of credit card debt the National Federation for Credit Counseling says we noted in 2021 and our debt currently exceeds $950 billion. The good news: WalletHub says creating a realistic budget you can stick to is simple. All you have to do is collect your bills for the last few months and make a list of all your recurring expenses. “Then rank them in order of importance, with actual needs such as housing, food and healthcare, which clearly rank at the top.” According to WalletHub, other steps include chatting down the list until the amount you take home is “more than what you plan to spend,” and tracking monthly spending throughout the year “to ensure For that you are following your budget”.

Pay off 20% of that credit card debt

With an average household short of nearly $8,000 in credit card debt, the thought of facing that beast after all you’ve been through in the past few months can be overwhelming. Best plan of attack: Start small and remember that 0% balance transfer can be your best weapon in battle. Per WalletHub, a credit card holder in debt of $8,000 can commit to paying 20% ​​over the course of the year, which is approximately $1,600 with a card offering 0% balance transfer for 12 months or more, or Will cost $133 per month. “If you can afford to pay more, by all means do them,” writes WalletHub. “The sooner you can get out of debt, the better off your wallet will be.”

talk credit card

Did you know that credit cards serve different needs and purposes that can benefit you in the long run? In addition to the 0% balance transfer type benefit, using different cards for different purposes (known as the island approach because consumers use their cards as if they are a chain of islands) in the long run Can make for some pretty sweet rewards and fallbacks, according to WalletHub. “By doing this you can get the best possible terms on each card instead of settling for average terms on one card.”

physical health is still wealth

This last one is a bit difficult for most of us. How many times have we said we would do something to improve our overall health, like sign up for a gym membership, or buy new sneakers for running, only to look a few months later and realize we had to cancel that membership? Should do it. Not using it or notice that the sneakers haven’t got as much road time as we initially expected? WalletHub notes that the average person spends about $5,177 per year on healthcare-related expenses. Meanwhile, according to the American Psychological Association, our biggest sources of stress are money and the economy. WalletHub writes, “This underscores the importance of getting your financial home organized, as well as exercising regularly and engaging in other healthy practices aimed at reducing healthcare costs.” “It won’t be easy, but it’s a resolution that will certainly pay dividends in many areas of your life.”

As you count down to midnight and anticipate or dread what’s to come, wouldn’t it be nice to have your money looming over your head? I’ll drink to that!

For a complete list and reports from WalletHub, click here,


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