The New Year means new chances to get your financial house in order. From increasing your savings to reevaluating your investments, the beginning of the year is a great time to make the money management moves that will increase your wealth or reduce your expenses. Here are some of the best money management moves to make in the New Year.
Obtain New Quotes For Service Contracts
The New Year is a great time to reevaluate any service contracts that you are paying for regularly and get new quotes to see if you could save money by switching to another service. You may be able to find a better deal on cell phone service, cable television, car insurance, or homeowner/renter insurance. Some people find that they can save a large amount of money paying for a streaming service instead of cable. Others find that they can cut their cell phone bill in half by reducing the number of minutes allowed in their plan. Eliminating the costs of the services you no longer need and reducing what you pay for the rest will give you more money to spend on necessities or to save for the future.
Set New Financial Goals
The beginning of the year is a good time to go over previously made financial goals and make new ones to meet your needs for the year and for the future. Setting financial goals and tracking your progress increases your chances of successfully meeting those objectives by a significant amount. Write down those goals and create an action plan for meeting them within a predetermined time period. You will find that it is much easier to follow your plan when it is written down and placed in an easily accessible location. A recent study by a prominent clinical psychologist found that people who wrote down their goals were 50 percent more likely to get what they wanted than those who set goals, but didn’t write them down.
Investigate Useful Money Management Apps
Many of us have smartphones that we keep by our sides for a majority of the day, making them useful money management tools when paired with the right apps. There are a number of apps made for Android and iOS operating systems that can help you with a wide variety of financial tasks. There are banking apps that allow you to access your bank accounts and deposit money. Other apps track your spending and help you budget. There are also apps that compare prices so you can get the best deal on the items you want. Take some time to investigate which money management apps could be helpful to you and install them on your phone.
I always use this time to asses my previous year, try understand what my mistakes were and preparing my business and personal finance for the next year. It’s great to just sit down and think about money, how to save better, how to earn more and how to never repeat past mistakes.