What is a good new year’s resolution? 

For many, it’s a goal to improve health, wealth, and happiness. And goals are important. Goals keep us motivated and moving forward. If you’re still unsure about what your goals should be, here are a few ideas to inspire you with links to further reading so you can get fully informed. 

Once you choose the resolution that’s right for you, we’ve also got a few tips that will help you stay on track to reach your goals in the new year! 

Need a new year financial goal inspiration?

What short term personal financial goals can you work on in 2020? Here are a few popular ideas that are more than achievable with the right tools and mindset:

1. I’m going to make more money.

If you want to become a bigger earner, the internet is the first place you should be looking. No matter what your talents are, there’s demand for it somewhere. The Art of the Side Hustle is a quick-but-comprehensive guide that sheds light on all the ways you can earn some extra cash in the new year. 

2. I’m going to get out of debt.

Are ready to dig yourself out of debt? When it comes to better money management a little education goes a long way. Debt reduction requires a little planning and strategy, but we’ve got you covered. With this comprehensive guide, we’ll show you how you can cut down your debt load, choose which debt to pay off first, and maybe turn that debt boulder into a pebble.

Maybe you want to learn more about how a debt consolidation loan can relieve some of your financial worries? Or, if credit card debt is your biggest problem, a balance transfer card is another powerful solution you should consider. 

Student loan debt can be like a nagging voice in your head. Just when you start to earn your own money and are tempted to splurge some cash, thoughts of your outstanding student loan balance always come along to dampen your purchasing plans. Well, it’s time to silence the nagging for good! We compiled 5 powerful strategies to help you say goodbye to student debt forever! 

3. I’m going to start saving more.

If debt isn’t an issue, good for you! On the other hand, it’s just as stressful living paycheck to paycheck. Why not focus on growing your nest egg?

When it comes to saving, don’t underestimate the power of habit. In a few weeks, you can train yourself to be an exceptional saver trained in the science of frugality. 

Tracking your expenses should be a big part of your saving routine where you take the time to understand exactly where your money is going. For example, you might be surprised at how much money you spend eating out every month. If that’s the case, the decision to spend more time in the kitchen is a worthy investment. Preparing your own lunches and dinners instead of frequenting restaurants and bars can save you a small fortune over the course of 12 months.

But it’s hard to stay motivated without goals; you need to know what you’re saving for. It could be: 

  • An emergency fund: It’s good to prepare for the worst-case scenario. It’s better to have an emergency fund and not need it than to need one and not have it!
  • A down payment for a house: The motivation to get on the property ladder is all some people need.
  • Retirement: It’s never too late to start saving for retirement, and it’s a highly advisable long-term savings plan. Remember, there are excellent tax breaks to take advantage of. And if you do master the art of saving, you might even be able to enjoy early retirement!

Pro Tip: When you're building your saving skills, it's always a good idea to have a few simple tools at your disposal—such as budget apps

4. I’m going to travel.

The end of a year often finds us tired and weary as we look back at the last 12 months and wonder where the time went. 

Don’t let another year slip by without going somewhere you’ve never been before!

Great travel deals are out there, so if you see a bargain, don’t let it slip through your fingers. We offer insights on all the ways you can save for and fund your next adventure.

5. I’m going to renovate my home.

Nothing says “new year, new me” like a premium home upgrade. You’d be surprised at how a few small jobs can help you save money AND raise your home’s value.

For example, you can lower your bills and reduce your energy footprint with better insulation. Therefore, a home renovation is an investment. If you don't have the money to pay for a home reno at the moment, the right home renovation loan can help you make that investment sooner rather than later.

6. I’m going to buy a new car.

By the time January rolls around, your old vehicle has probably been through the wars of cold winter days and even colder nights. How did it hold up? Maybe it’s time for an upgrade? 

Or, maybe you’ve never owned a car but you’re finally ready to quit “riding shotgun.” 

The good news is, getting approved for auto finance has never been easier thanks to tech companies like Canada Drives. Car-shopping used to take weeks. Now, it only needs to take a couple of days. Canada Drives has streamlined car-shopping for all Canadians. Even if you have bad credit, service providers like Canada Drives can help you get approved for a vehicle and a auto financing that makes sense! 

And the best part? You don’t have to wait until next year; you can start the journey to a new car right now by filling out their 3-minute, no-obligation online application.

7. I’m going to raise my credit score

Your credit score impacts you in more ways than one. Better interest rates and higher chances of loan approval are just a couple of reasons why it’s wise to know your credit score and make sure it’s in good health. 

If your credit is less-than-perfect, the good news is, your credit score isn’t a static number and bad credit doesn’t have to stay bad for long. With a little education and the right credit solutions, you can have a good credit score faster than you think. 

If you have no credit history, it’s all about getting your foot in the door. You’ve got to establish a reputation of being trustworthy to lenders such as banks and credit card companies. 

Since you are unknown to lenders, you are a risk! Don’t worry, you have options. Get the ball rolling today and start building a positive credit history with entry-level credit solutions like a secured credit card or credit-builder loan

How to set financial goals and achieve them

Staying on track with your financial resolutions.

    A. Write it down and commit

    Journal your plans in detail and display them somewhere you’ll see them every day. Humans are very fickle when it comes to changing their behaviours and being consistent with their intentions. Life tends to get in the way, but don’t lose sight of your goals. There’s a better chance you’ll remember your goals when you write them down. And when your priorities are top of mind, there’s less chance of a slip up or reversion to old habits. 

    B. Dream big but plan every step

    It’s okay to be ambitious about your resolution, but remember, a goal without a plan is just a wish. But big dreams should be broken down into actionable, bite-size steps. Think in terms of long-term, medium-term, and short-term goals. This will make the path to progress and achievement clear. 

    C. Do something EVERY DAY

    You should work on your resolution every day, even if it’s just a few minutes. Consistency is key for progress and building good habits. With daily momentum, achieving just gets easier. 

Achieve more in 2020 with Fresh Start Finance 

Fresh Start Finance serves Canadians facing all types of credit situations with practical advice and credit-building solutions. We also offer quick-and-easy secured and unsecured installment loans to help you take those first steps to a better financial future. Apply today to see how we can help!