5 Ways to End the Year…Richer
Hi Money Masters!
Summer is in full swing, everybody! Hopefully, you are enjoying the warm temperatures and sunny skies. While the end of the year may be the furthest thing from our minds, let me ask you this question:
“Are your finances on track to where you want them to be by 2019?”
If not, don’t worry! It’s not too late. I know many of us make resolutions at the beginning of the year, especially when it comes to money. It’s not always easy to keep resolutions either so if you’ve fallen off track then let’s look at how we can get back ON! Here are 5 ways to be richer by the end of the year 😉
Think back to the beginning of the year and remember the goals, hopes, dreams you set for yourself, including those financially related. Think about how they have been affected by your current financial situation. For example, maybe you hoped to have a certain debt paid off by December and are not as far along as you’d planned. Maybe you wanted to join a gym but no longer have room in your budget.
Look at your budget again and update it, move money around, decrease expenses where you can to allocate that money to another item. Have you spent too much on entertainment? Can you decrease spending in that area? These are the kinds of questions you can ask yourself in this step.
If you already are investing be sure to check up on your accounts. Is your money where it should be? Can you add more?
For those of you who have not started investing, there are many different avenues you can explore. You can start out simply or go more advanced. You can invest in cash, stocks, bonds, real estate, etc.
#3: Check up on savings
Now, you’re going to want to check your savings. We tend to pay more attention to the balance in our check books because it’s where most of our everyday expenses come from. So, let’s give our savings a little love and attention!
Look at your 401(k) and check so see if you are taking full advantage of your employer’s benefits. Are you contributing enough to receive a full match, if possible? If your employer does not offer a retirement plan there are options for individuals, such as an IRA.
#4: Check your credit
I’m sure I’ve mentioned this several times, so don’t roll your eyes at me! It’s important! You are entitled to a FREE credit report annually from EACH of the 3 credit agencies. Here is the official website as per the Federal Trade Commission: www.annualcreditreport.com. Half way through the year (like right now) is a good time to check. You will want to review the report for any errors in personal information as well as account information, payment history, etc. Also, keep in mind that you have the right to dispute errors on your report.
#5: Play detective
Now that you have re-evaluated, checked over, and did a little bit of homework, the last step is ensuring you stay on track. To do this, you can write down EVERY purchase, bill payment, and expenditure. Do this on a regular basis. Set an alert for yourself or put it on the calendar. List them by category. Now you can SEE the areas where you can lessen the spending. You are being a money detective searching for clues that will help you find the resources to save more moola.
When you put together all the steps and remain consistent throughout the rest of the year, you just might surprise yourself at how much room your money actually has to grow. And wouldn’t feeling a little RICHER be a wonderful addition to your end of the year festivities?!
Wishing you financial success always,