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Financial Resolutions and How to Achieve Them

December 26th, 2023

As the New Year approaches, it’s the perfect time to reflect on your financial habits and set resolutions that can pave the way toward a more secure and prosperous future. More than half of Americans (52%) said in a 2023 Bankrate survey that money negatively impacts their mental health. Whether you’re looking to save more, pay off credit card debt or simply improve your financial well-being, here are a few tips to consider as your step into the new year.

Budgeting

A well-crafted budget is instrumental in reaching financial milestones. By creating a plan tailored to your income and priorities, you can ensure progress toward your goals. Balance is key to a sustainable budget. Allocate a portion of your budget for fun activities and treats, while still earmarking funds for savings and debt reduction. Need help figuring out what kind of budget you should be planning for? Visit TopLine’s Financial Learning Center and login to access articles and a “Build a Budget” worksheet to help you get started.

TopLine Learning Center Resources: 

  • FINANCES 101
    •  Build a Budget
    • Reduce Your Expenses
    • Spending Guidelines
  • FINANCIAL LESSONS
    • Budgeting
    • Smart Spending
  • PODCASTS
    • KOFE TALK – Budgeting 101
  • VIDEOS
    • Organize Expenses in Your Budget in 3 Easy Steps
    • How to Analyze and Adjust your Budget
    • The Secret to Maintaining a Balanced Budget
    • Budgeting Made Easy: Build a Stable Financial House
  • eLIBRARY
    • Budgeting 101
    • Budgeting Made Easy
    • My First Budget
Saving

You have a budget; now how do you use your budget to save? Look through your budget carefully and you may find that it’s time to cut back on expenses. First, set your goal. Start by thinking about what you want to save for – both short term and (1-3 years) and long term (4+ years). Estimate how much money you’ll need and how long it might take you to save it. Next, identify nonessentials like entertainment and dining out, that you can spend less on. Make sure you’re double checking for any subscriptions you’re no longer using – over 30% of subscriptions go unused each month according to research. 
Another important part in saving is making sure you have the right tools. There are many savings accounts that TopLine offers. Whether it is a few dollars a month automatically deposited or a larger lump sum, TopLine is here to help you save wisely. Choose from a variety of account options-all featuring easy online access and competitive rates. Not sure what type of account is best for you? Check out our Financial Relationship Guide to help you get started on your savings goals.
Once you have the right type of savings account for you, set up your direct deposits so that a portion of every paycheck goes directly into your savings account. The advantage: you don’t have to think about it, and you’re less likely to spend the money instead.

TopLine Learning Center Resources:

  • FINANCES 101
    • ​​​​​​​​​​​​​​Saving for College
    • Saving for Emergencies
    • Saving for Retirement
  • FINANCIAL LESSONS
    • Smart Spending
    • Saving Money
    • Retirement
  • PODCASTS
    • KOFE TALK – How to Save Money Everyday
  • VIDEOS
    • Penny Wise How to Save Money Everyday
  • eLIBRARY
    • Shop Smart and Save
    • Save Energy, Save Money
Improve Credit Score

If you’ve faced challenges with your credit, it may feel like your bad credit score will follow you forever. The good news is that nothing in the world of credit lasts forever. Negative information in your credit report may be dragging down your score now, but those penalties will eventually fall off after a set period. And even before that, you can take positive steps to start building your credit back up. With the right strategy, you can clean up your credit report and achieve the score you want, usually faster than you might think!  The first step to fixing or improving your credit is to know where you stand. This means that you need to get your credit report. The easiest way to obtain your credit reports it to download them for free at annualcreditreport.com. You can also call toll-free at 877-322-8228 to request your reports by phone. 
You can improve your credit score in several ways, including paying your bills on time and in full (setting up autopay can help), paying off debt, limiting how many new accounts you open and cutting back on spending.

TopLine Learning Center Resources:

  • FINANCES 101
    • Understanding Credit
  • FINANCIAL LESSONS 
    • Credit 101
    • Strategic Credit Management
  • PODCASTS
    • KOFE TALK – Tips to Improve Your Credit
  • VIDEOS
    • When Do Credit Inquiries Decrease Your Credit Score?
    • How to Repair Your Credit for Free
    • 8 Credit Habits of Smart Spenders
    • Smart Spender Credit Tips: Using Credit Responsibly
    • Explained in 60 seconds: Credit Counseling
    • 7 Credit Tips to Live By
    • And more!
  • eLIBRARY
    • Repair Your Credit
    • Rebuilding Your Credit 
    • And more!
Debt

Becoming overwhelmed by debt happens for many reasons. Some people lose their jobs. Others suffer medical emergencies, and then there are those who don’t manage their money properly. The important thing to know is that you are not alone. According to the Experian Study, 340 million Americans are currently carrying some form of debt. 
The first step is going to be to take stock of everything you owe, how much you owe in total and the interest rates. Then, you can start to prioritize what you owe. Two popular strategies are the debt avalanche and the debt snowball. The debt snowball tackles the smallest debt first to build momentum, working through bigger debts next, while the debt avalanche focuses on paying down higher-interest debt first to decrease the amount you pay overall. Depending on how your financial situation looks, these repayments can help you pay off debt fast. 

TopLine Learning Center Resources:

  • FINANCES 101
    • Debt-to-Income Ratio
    • Getting Out of Debt
  • FINANCIAL LESSONS
    • Getting out of Credit Card Debt
    • Debt Consolidation
  • PODCASTS
    • KOFE TALK – DMP VS Debt Settlement
  • VIDEOS
    • Explained in 60 seconds: Debt Management
    • Explained in 60 seconds: Credit Card Debt
    • The Secret to Managing Debt within Your Budget
    • Vacation Budgeting Guide: How to Avoid Vacation Debt
  • eLIBRARY
    • Protecting Yourself From Debt Collectors
    • Coping With Financial Stress
    • And more!

There are many ways to achieve your financial goals, but remember to tailor them to your personal situation. TopLine is always here to help, no matter how big or how small. Cheers to 2024 and may all your financial dreams come true!