3 ways to achieve your financial New Years Resolution

With the New Year upon us, many Americans will make various resolutions to improve their mental, physical, emotional, and/or financial health. Because old habits die hard, many consumers will break their resolutions within a couple of weeks. But, for those resolving to have better finances next year, taking steps early on can help you achieve and maintain your goals for the rest of the year.

Below are three great ways to cut down your expenses that can have long-term benefits for you budget.

  1. Refinance your loans. Mortgages, credit cards, and of course auto loans, could all have the potential for refinancing. Changing either the interest rate, loan term, or both, puts money back into your pocket in both the short and long term. The best way to get the more competitive rate on your new loan is to shop around. For auto loans, we do the shopping for you.
  2.  Trim the fat. Though the literal definition of that phrase may apply to another resolution, in terms of finances, we mean it figuratively. Many of us survive on our television sets complete with cable or satellite packages with “the works”, enjoy our monthly subscription boxes with trinkets and material things, and feel we need to go out to eat in order to appreciate our meals. For those of us on a tight budget, these luxuries can be eliminated to make way for more important expenditures (or saving).
  3.  Shop more consciously. Grocery shopping is an essential part of our survival, but many of us overspend in order to satisfy our more expensive cravings. In addition, many Americans seem fixated on purchasing specific brands in order to maintain a certain persona. Coupon clipping, price comparisons, and brand swapping can add up quickly in your wallet’s favor.



Edmunds: December best time to buy new car


Consumers interested in buying a new car may want to consider making the purchase by the end of the year, as Edmunds reports that “December will give you a ‘perfect storm’ of savings”.

Other than on Black Friday, the common perception about shopping during the holiday season is that most items are fully priced. As demand for certain goods increases, so does the price. Because items are already selling without being discounted, many vendors do not see a need to put certain items on sale. However, if the product does not stand out against its competition in a sea of demand, vendors will use incentives in order to make the product more enticing.

For the auto industry in December, this is the case. Dealerships’ push to sell at the end of the year is created by various factors, all of which benefit smart shoppers looking for a bargain.

The main factor that makes December great for car buying is that it typically falls in a transition period between old model year and new model year vehicles. This creates two things. First, it creates a system of lesser value models in comparison to more upgraded models. This makes the older models more difficult to sell because of the upgrades in the newer model, but it also makes the newer model more difficult to sell because of its higher price. Second, it creates a large inventory, thus motivating dealerships to rid of the older models and make room for the new year’s lineup.

Furthermore, consumers sometimes purchase cars as gifts during the holiday season. And it’s a buyer’s market. There’s more inventory than usual, so each dealership is doing their best to entice customers to choose their brand. This means deals, rebates, and discounts!

Lastly, just as salespeople have monthly sales goals, dealerships have yearly sales goals. Because December is at the end of the year, many dealerships strive to meet their quotas. So, they advertise great deals to get people in the door and to get cars off the lot.

The above three factors give buyers more negotiating power, more selection, and of course, better prices. So, if you’re in the market for a new car, this might be the best time for you!

If you’re not quite ready, consider refinancing your auto loan instead. It’s a great way to keep the car you have while reducing your interest rate!