Afshin Afsharnejad Suggests the Top 3 Financial New Year’s Resolutions That You Must Have

Afshin Afsharnejad
2 min readJan 5, 2022

Save more money

Building a nest egg can help you pay for big-ticket items — like a house, a vacation, a wedding, or even just an expensive item you really want — without taking on additional debt. Having savings can also come in handy if an emergency expense comes up.

If you’re looking to increase your savings in the new year, it helps to start small — even if you’re only transferring $10 a week into your savings account. Starting small helps you build a muscle for saving. This way, when you receive salary bumps, bonuses, and gift money, you’ve already gotten into the habit of saving, and you’ll be more likely to transfer that money to your savings account.

Pay down debt

While there are many ways to use credit cards, personal loans, and other forms of debt strategically to earn rewards, finance a big purchase and ultimately build your wealth, debt can still be a financial and emotional burden for many borrowers. Those with student loan debt, for example, often cite that their high monthly payments make it difficult for them to save for other goals, like owning a home.

One popular strategy for paying down debt is called the snowball method. It entails paying more toward your debt with the lowest balance while paying just the minimum on all your other debts. Once that debt is paid off, you can move onto the second lowest balance and repeat the process until you’re debt-free. This allows you to knock out one debt faster, which can make you feel accomplished and more motivated to keep tackling the others.

Spend less money

Reducing your monthly expenses can free up some cash that you can redirect toward other financial goals or items that you actually love.

If you want to spend less next year, an important first step is looking at where your money is currently going. You can do this by going through your bank statements and jotting down your various expenses over the last few months. Or you can use a budgeting app.

One area people tend to cut spending in first is subscriptions. This can mean unused gym memberships, streaming platforms that don’t get used too often, subscription boxes that aren’t that exciting anymore, and others. You may be surprised by how much money you spend on subscriptions that aren’t used enough.

Final thoughts

Undoubtedly, Saving more money, spending less, and paying down debt are all top-of-mind for many people. There are many ways to achieve these goals, but the most important step is considering what’s right for your personal circumstances. This will help set you up for success when working toward those goals.



Afshin Afsharnejad

Afshin Afsharnejad has always been one to balance the books. He’s a very detail-oriented person, who is excellent with numbers and finances.