Join the trend ... with these New Year resolutions

Here are their top three financial goals, and what to consider if you make one of these yours.

Boost your income

Get creative with your time and interests. Consider side hustles such as delivery driving, pet sitting or tutoring. Perhaps you can sell things online that you no longer need. And if you traditionally get a refund on your tax return, consider adjusting your withholdings so less is taken from your paychecks.

To indirectly increase your income, cut your expenses. Every dollar saved effectively increases the “income” side of your budget. The biggest categories Americans plan to cut are restaurants and subscriptions.

Build up savings

Whether you’re planning for a vacation or creating an emergency fund, having accessible cash means you’re less likely to rely on credit cards. And credit cards can incur interest charges if you don’t pay the full amount due every month.

To save for something specific, calculate how much you’ll need and by when. Then break it down into monthly targets to help make your goal tangible and achievable.

For an emergency fund, build toward three to six months of living expenses. And remember: an emergency fund is for true emergencies — think medical bills and major automobile or furnace repairs, not a TV on sale.

Pay off debt

Every payment brings you closer to a life of financial freedom. Start by listing all your debts and their interest rates. Then choose one of these payoff strategies.

The Avalanche Method: You’ll pay off the debt with the highest interest rate first. With that paid, you’ll move on to the next highest. This reduces the amount of interest you pay overtime, which generally means a lower total cost and often a shorter payoff period.

The Snowball Method: You’ll pay off the card with the lowest balance first, then move to the next smallest balance. This may offer quicker gratification as the number of creditors can dwindle faster.

The Consolidation Method: You may be able to bundle and refinance high interest credit card debts to a 0% bank card for 12 months or longer.

With any of these methods, don’t ignore your other debts. You’ll still need to pay the minimum balances due on mortgages, auto loans and other credit cards to keep interest rates and late payment fees from accruing, and your credit score from dropping.

Ready to join the trend? Across the country, millions of people are committing to improving their financial situation, and ultimately their financial future. By joining this trend, you’re not just setting goals — you’re shaping a life of freedom and possibility.