During the holiday season, I spend plenty of money on gifts for friends & family. However, I’ve always tried to make smart financial decisions and keep my financial goals in perspective. And with the New Year only a few weeks away, I think this is the perfect time to think about finances and goals. As we close out 2015 and start heading into 2016, let’s focus on making smart financial decisions and thinking about Financial Resolutions for the New Year! I love how Capital One gives me smart, intuitive products & tools to help me use my money wisely during the holiday season and throughout the new year!
Brilliant Financial Resolutions for the New Year
Personally, I have had a Capital One credit card with cash back rewards for several years now. So I can personally attest to all the benefits of redeeming those rewards for cash or a gift card to a favorite store! As a matter of fact, we used some of our cash back rewards towards the purchase of a large motorized toy car for my daughter for Christmas! It was amazing to get all that extra cash back to use toward a large purchase. Using our Capital One credit card has really been an effortless way to earn extra money for fun purchases!
Here is an interesting fact! Did you know that a recent Capital One survey found that only 1/3 of Americans felt they accomplished their financial goals in 2015? Ideally, that number should be higher… much higher! And by the way, in that same survey, people placed finances and family equally as top priorities for 2016- above other goals like fitness! Let’s make 2016 a great year financially! Let’s start the year off right!
Even though spending money on gifts is a traditional part of the holiday season, it’s essential to stay on track financially through it all. Saving money will help you keep your financial goals on track, which will help set the stage for a fabulous 2016! When it comes to setting financial resolutions, it’s important to set specific and realistic goals in minnd of what exactly you want to achieve. And then, in order to meet (and exceed) those goals, it’s important to use tools that will help guide you in the right direction.
Let’s get to the Financial Resolutions now, shall we?
1. Earn more interest!
Utilize a savings account with a high interest rate, like the 360 Savings from Capital One. I love that there are no fees and no minimums. And with their competitive rates, your money will grow and you’ll reach your goals faster than ever!
2. Automate savings!
It’s a smart financial move to automatically set aside a certain dollar amount that gets withdrawn from your income or checking account and deposited into your savings account! And with the ‘Automatic Savings Plan’ tool from Capital One, this whole process is automated and effortless! You simply set up the tool once to have a fixed amount of money transferred from a linked checking account to their online savings account, which offers a higher interest rate! Again with this higher interest rate, your money will grow faster, which means you’ll be closer to your goals!
3. Track goals!
In addition to setting goals, it’s essential to be able to track them! It’s important to be able to gauge your progress and see how far you are from reaching your goals. The ‘My Savings Goals’ tool is useful in letting you track that progress! You can create different financial goals and even create fun nicknames for each one. This tool encourages you to set the goals, track your progress and celebrate your milestones!
4. Research large purchases!
When making a large purchase, such as a car, computer, etc., always perform some research to find the best price. Are online prices better than in-store offers? Can you use a rebate or store-specific coupon to get an extra discount? Make sure you’re using your money wisely and not over-spending. Use a great credit card, like the Capital One Venture Card, when making large purchases, so you can get rewards back! Learn more about why the Capital One Venture Card is a great way to earn unlimited rewards with bonus miles!
5. Adjust that budget!
Keeping a budget is a great way to keep track of your spending and making sure you are reaching your financial goals. However, it’s important to make sure your budget reflects your current situation and needs. Do you absolutely need that morning cup of coffee from the coffee shop? Maybe you can decrease your allowance in another category to make more room for those coffee runs! Are you about to undertake a large home renovation? Make sure your budget reflects (and adjusts for) extra purchases toward home improvement supplies. Always make sure your budget allowances reflect your current financial picture!
I hope these tips help you prepare for a financially prosperous New Year in 2016!
Now, learn more about 360 Savings from Capital One and tell me: what are your financial resolutions for the New Year?
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.