Money, money, money; we all have such a love/hate relationship with it. Many New Year resolutions are about money. Getting more of it, getting a better handle on it, owing less of it to other people, and just feeling more finically secure. Here are 5 ways to upgrade your finances in 2018.
1.Ā Ā Ā Ā Prioritize ā I believe this to be one of the most important lessons I am teaching my kids. Prioritize your wants, because you canāt have it all. I want cable; I kind of love my TV. I want a nice comfortable couch to sit on while I watch TV. I want to take vacations. To get these things that means I have to give up other things like expensive clothes, shoes, the latest technology, etc. What are your three most important priorities? Everyone is going to be different and that is OK, donāt feel like your priorities have to match your neighbors, or your parents, or your friends. It would be helpful if you and your spouse had the same priorities but I am not here to judge. Here is another secret, it really is none of anyone elseās business but your own. The point is to make some financial goals; you canāt get very far in life without a destination right?
2.Ā Ā Ā Ā Save For a Rainy Day ā Things happen, not such fun things, adult things, like cars breaking down, water pipes bursting and people losing their jobs. Those financial experts say you should have at minimum 3 months of expenses, 6 -9 months would be ideal. That may seem really overwhelming in the beginning but just start, make the commitment to do it and over time it will grow to where it needs to be. Something is always better than nothing. If it works better, open it at a different bank, donāt connect it to your checking account; donāt make it super easy to have access to on an everyday basis. You can even set it up so it automatically comes out of your paycheck each month. You will have never missed it!
3.Ā Ā Ā Ā Find Extra Money ā The New Year is the perfect time to go through our finances and look for āextra money.ā Are you actually using that Netflix subscription you are paying for every month? Hulu? All those different monthly Amazon services? Sit down with your insurance agent and review your policies. Are you using all the minutes and data you are paying for on that cell phone bill? What about that cable bill? Why pay for things that you arenāt even using? Now is also a great time to go through the kidās closets, your closets, the kidās toys and take them to your local consignment store or sell them online. You may be able to get some money for those unused clothes or toys! You can find a list of local consignment stores in our Business Directory. Never sold anything online? Find a friend or family member who has and that is willing to help you.
4.Ā Ā Ā Ā Plan For Your Future ā We all know there will come a time when we will no longer want to work or be able to work. How are you going to live then? That is why you need to start saving for your retirement now. You may think that you have a lot of time to save, but the reality is time flies and the longer you save, the more money you will have for retirement! Check to see if your employer offers a 401K, even better if they match your contribution! That is free money for you! If your employer does not offer a 401K look into a traditional or Roth IRA (individual retirement account.) Almost any large financial institution can help you set up an IRA that works best for you and your needs.
5.Ā Ā Ā Ā Protect Your Finances ā You have worked hard to build up these assets and provide a life for yourself and your family now you want to make sure it canāt all be taken away in a blink of an eye with some disaster. Insurance; health insurance, life insurance, disability insurance. They all protect you if a catastrophic event happens. I hate paying the premiums just as much as the next guy but I also would hate for my family to lose everything because something horrible happened to me. If the house relies on two parents to run it, even if one is a stay at home parent, then both should have life insurance. If something should happen to that stay at home parent, the main earner will eventually have to go back to work and have to hire someone to do the work that the stay at home parent did before. A babysitter to watch the kids, someone to clean the house, etc. Those all cost money. Money that the life insurance can cover. Diversify; donāt put all your money into one place. If one industry should bomb you still have money in another to help you along. I think many of us still remember the real estate crash several years back? Have a will. It is your money, make sure it goes to whom you want it to go to. You are never too young for a will. If you have assets and/or children you need a will. You donāt want people fighting over these things after you are gone. You want to know that your children are taken care of, that the money is being used to take care of them by people you trust. We may not want to think about these things but we all need to. Wills donāt have to cost you a ton of money to be done either, they can be done online in the privacy of your home!
Start small and just take things one step at a time and soon it will all be done! A weight will be lifted off your shoulders and you can spend the rest of 2018 and beyond knowing that you are in a better financial position than you were in 2017. It always feels good to get things checked off that never ending to-do list!
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