Achieving financial stability is a common goal for most individuals. However, to attain this goal, one must be committed to setting and achieving financial resolutions. This means setting realistic financial goals and taking action towards achieving them. In this article, we shall discuss two significant resolutions that can help individuals meet their financial goals: setting resolutions for debt and income.

Setting Financial Goals: Resolutions for Debt

   Debt is one of the biggest obstacles to achieving financial stability. However, with proper planning and discipline, one can effectively manage their debt and eventually become debt-free. Setting financial goals for debt involves determining the total amount of debt owed, creating a budget, and developing a debt repayment plan.

   The first step towards setting a resolution for debt is to create a list of all debts owed, including outstanding balances and interest rates. This will help develop a clear understanding of the total amount of debt and prioritize which debts to pay off first. After creating a list of debts, the next step is to develop a budget. A budget will help determine how much money is available to pay off debts each month. Lastly, develop a debt repayment plan. This plan should outline how much money will be allocated towards paying off debts each month, and the order in which debts will be paid off.

Resolutions for Income

   Increasing income is another important resolution that can help individuals meet their financial goals. This can be achieved through various methods, including asking for a raise, looking for a higher-paying job, starting a side hustle, or investing in stocks or real estate.

   To set a resolution for income, the first step is to conduct research on the various ways to increase income. Then, evaluate personal skills and interests to determine which method would be the most suitable. For instance, if one has a passion for photography, starting a side hustle as a photographer may be a suitable option. Alternatively, if one has experience in a particular field, seeking a higher-paying job or asking for a raise may be the best option.