Ringing in the New Year is a good time to make some meaningful financial resolutions; money decisions that will help you save more and spend wisely. Start with a few of these suggestions from money management gurus.
- Read About Money
The more you know, the better your savings and investment decisions. Utilize books, free budgeting apps and financial newsletters that can help you act with purpose and forethought.
- Ditch the Cash
Credit cards and mobile wallets are not only more popular than cash these days, they often offer rewards and make it easier to track your spending so you can make better decisions about where you put your hard-earned dollars.
- Maximize Credit Card Rewards
If you’re using a credit card, you might as well get maximum benefit. Shop around for a cash-back card or one that offers air miles or other rewards.
- Boost 401(k) Savings
Increasing your contribution even just a percentage point can save you big in the long run, thanks to compounding interest. At the very least, try and match up to what your employer offers.
- Use It or Drop It
You may not be up for cutting out that expensive morning coffee, but are you really using all those streaming options you pay for? And what about that magazine subscription you can do without or the gym membership you aren’t using? If you don’t use it, lose it.
- Check Your Auto Insurance
Rates fluctuate all the time. If you have a good driving record, shop around. You may find better rates than you’re now paying.
- Ditto for Homeowners Insurance
It’s worth checking to see if you can find a better rate for the same, or even better, coverage.
- Double Up on Loan Repayment
Take the money you are not currently spending on travel, theater and restaurants and use it toward paying off credit card or other debt.
- Prepare for Holiday Debt
Your 2020 holiday bills are likely just coming in. Now’s a good time to set up a Christmas bank account that you can dump some funds in every month so you are ready to help Santa when the time comes.