When we start a new year, we look forward to a clean slate – even if the previous year was a great one. We often take the first month of the year to implement new practices and build new habits to ensure that we are successful in our goals for the whole year. But as we start to get into the rhythm of the new year and reality sets in, we often find that our practices are unrealistic and our goals, especially our financial goals, may have to change. 

Your Financial Goals May Have to Change.

Three months into 2022, the world looks a lot different than it did in January. Inflation is causing our basic necessities to become more expensive and interest rates to skyrocket. Fuel is at a record-breaking price and with little hope on the horizon of financial relief, consumers are reassessing their financial standing again even though January seems like yesterday. With all of the uncertainty, we have three goals that you can strive for with your finances no matter what happens this year. 

1. Pay Off your Credit Card Debt 

Paying off your credit card debt can put you in a better financial standing, but it can also allow you to focus on other expenses that you may not anticipate. The best way to pay off your credit cards quickly and efficiently is with a personal debt consolidation loan from Lendah. We work to find the best loan program to suit your financial goals and we can even secure lower interest rates so that you can pay off your cards faster. A personal loan can remove the constant stress and burden of multiple credit card payments and leave room in your budget for more expensive grocery and gas bills. 

If you’re unsure if a personal loan is the best option for you, take a look at this blog post  we wrote about how a debt consolidation loan works for you.

2. Build an Emergency Fund on Top of Your Savings

By building an emergency fund, you can stay prepared for whatever comes your way without having to dip into your savings. We recommend opening an additional savings account specifically for emergencies like unexpected auto or home repairs, medical emergencies, or unexpected job-loss. If you can maintain both this fund, and your savings, you will be able to save for your future goals without having to give them up when life throws you a curveball. We understand that this goal isn’t feasible for everyone, but even if you feel like you can’t fully open another account, try setting a few dollars aside each paycheck for a few months. Even if it’s not much, you will still have some cushion if you fall into difficult circumstances. 

If you find yourself needing to pay for major repairs, medical expenses, or other unforeseen calamities and don’t have access to an emergency fund, try our unsecured loan program

3. Build your Credit Score 

It’s true that we don’t know what our economy will look like at the end of the year, but if you spend 2022 improving your credit score, you will have more opportunities in 2023. It’s an unchanging truth: to receive the best interest rates, rent the apartment you want, or buy that engagement ring, you need a good credit score. While building your credit may seem like a daunting task, you can always rely on Lendah to help you get back to good standing. 

Even with bad credit, you may still qualify for a personal loan from Lendah. With that loan, you can consolidate your debt and in turn, boost your scores. A good first step to repairing your credit is to understand how a personal loan can help boost your credit.

We may not know how to prepare our finances for what’s to come, but we can take these steps to ensure that if we do find ourselves in turmoil, we may be a few steps ahead. The important thing to remember is that it’s ok if you need to change your 2022 financial goals, because Lendah will be here to help you set up for 2023 and beyond. 

Get started today on our website. Prefer to talk in person? Call us at 833-453-6324 and we’ll get you connected immediately with one of our loan experts.