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Organize Your Finances for the New Year
Did your midnight toast include a resolution to improve your financial health?
2018 gives you a chance to start over and simplify your financial life. We’ve put together some tips to help you keep track of your bills, track your spending, and really use your money for the things you really want. Here’s what to do.
Have a strict budget
If you want to take charge of your finances, it’s extremely important to know where you stand and create realistic strategies to achieve your financial goals now and in the future. You might think budgeting is old school, but it’s still the best way to plan ways to help you manage your income and expenses. If you already have a budget, be sure to review it to make sure it worked effectively for you in 2017.
Don’t make budgeting time-consuming or complicated. All you need to do is download a budgeting app on your mobile device that allows you to track your expenses. When we say track your spending, we mean everything you buy with credit cards, debit cards, and cash. What you’ll find after even a month of tracking is the truth about where your money is going so you can plan for future expenses.
Review all your statements
Be sure to set aside time each month to review all of your bills and statements. This is a good time to look for things you pay for but no longer need or especially things you can downsize. A good online application that can help detect interest rate increases or additional charges or even automatic subscription renewals is Truebill.
Check out your credit union’s online money management tools
Credit unions offer online tools to help you manage your finances. How do I save for that hot sports car, that dream home, or those toys for the boys? How much of a down payment do I need to save for that beach cabin? What type of investment is best for me? Play with their calculators to make financial decisions easier. And if you want to set a budget and track your spending, check out their FREE personal finance management software that can consolidate all your financial relationships and help you set goals.
Financial calculators will help you understand APR, APY, amortization and money power. Just go to your credit union’s website and select the category you’re interested in:
Always prepare for the unexpected
As we all know, life can throw you some curveballs. Life challenges like job loss or health problems can leave you drowning in a sea of debt. As I’m sure you’ve heard before, it’s essential to build an emergency fund that can cover three to six months of expenses. Even if you can only save a little each month, you can grow a financial cushion.
Get out of debt
Are you that person who only makes minimum payments on your credit cards or other large debts? Did you know that means you pay mostly interest and barely even get rid of your current balances? One effective method for reducing debt is to focus on your highest-interest balance first, while still making timely smaller payments on all other obligations. Once you’ve paid off high-interest debt, focus on the most expensive balance remaining and continue on this path until you’re debt-free.
When your financial obligations are really out of control, combining your debts into one payment can provide the relief you need. Streamlining multiple debts into one lower monthly payment can help you pay off your bills sooner. Your options include home equity, personal loans and interest-free credit card balance transfers.
Make the most of tax credits
Taking advantage of the appropriate tax credits can help you avoid paying more tax than is absolutely necessary. You may qualify for tax credits including:
Interest deductions for mortgages, home equity financing, business financing and student loans.
Deductions for taxes already paid, including sales tax, foreign taxes and self-employment tax.
Deductibles for home office and business insurance.
Deductions for charitable donations.
Pre-tax contributions to IRAs and 401(k) plans.
Open a second checking account for occasional expenses
If you have bills that come up periodically like insurance payments, quarterly taxes, etc., open another account for free at your credit union and use it to house money for those sporadic payments that come quarterly or even annually. For those occasional payments, it’s good to set aside a portion of those payments each month, and when you need to make those withdrawals, it won’t put a strain on your finances.
Reevaluate your assets and investments
Life can change quickly, so it’s important to review and change your retirement accounts regularly. It’s also smart to review your estate plan and make sure your will, insurance policies and beneficiaries are up to date.
Make sure you have spending money
As you create a plan to maximize your financial goals, make sure you allow yourself to splurge on unexpected things like coffee, movies, or dining out. Remember, you can’t sacrifice everything to improve your financial health for the future.
Financial health = happy life! So, if you start the New Year with a little financial cleaning of the house, over time it will seem that things that seemed unattainable will become affordable, and every unexpected expense will not be catastrophic. By following these tips, you can build your future tailored to your specific needs. The changes may be gradual, but by this time next year, you’ll be able to toast your financial health.
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