When you sat down to make a list of your New Year’s Resolutions, did you mention that you wanted to improve your finances? If so, you’re not alone. As a matter of fact, out of all of the people who make it a point to make a resolution on an annual basis, “getting better about money” is one of the top five things on their list.
Here’s the thing, though: While that starts off as a plan, within a couple of months, many people end up not sticking to their goals and that’s usually because their approach was a bit unrealistic. Therefore, we’re here to provide you with five ways that you can do better with your money and stick it out for the rest of the year:
Study up. Without question, there is a ton of financial advice out in the world and a lot of people who would consider themselves to be experts; however, the only way for it to be meaningful to you is if you become knowledgeable about money yourself. When it comes to the kinds of financial concerns that directly affect you and your household, make it a point to read some books, attend some seminars and weight out the options. It’s never a waste of time to invest into some money education.
Make insurance a priority. All of us like to look for ways to cut our monthly bills down. As you’re doing some “trimming”, make sure that it doesn’t affect your life insurance or medical insurance. One thing that we can never predict is if something will happen that could alter the time we have on this earth or the health and well-being of a family member. The more prepared that you are, the less debt you (or they) will have.
Use coupons. The reason why the television show Extreme Couponing is such a hit is because more and more people are taking couponing seriously. It really is kind of amazing how many people will basically throw away money all because they won’t make the time to cut out a few coupons or research some online promotional codes. This year, make sure you are not one of those people.
Know about what you’re investing in. If you’re thinking about getting into more investing, you might want to go on YouTube and check out the program Barefoot Investor. It’s an award-winning show in Australia that addresses investments from a variety of angles. What you need to keep in mind about making investments, no matter what kind they are, is that you have to be willing to take a risk. But, in order to increase your chances of the risk paying off (literally), you need to know about what you’re investing in. So, don’t put money into a stock (for instance) just because it seems like the popular thing to do. Research it on your own so that you can make an educated decision rather than an emotional one.
Spend cash (and very little credit). It’s a tried and true resolve that proves to get and keep people out of debt: If you need a credit card to pay for something, more times than not, it’s something that you don’t need. Remember, credit cards are basically loans and you have to pay them back with interest. When you purchase items with cash, it’s free and clear.
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