Get Your Money! Get Your Life! 5 Tips for starting the year on the right financial foot

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Get Your Money! Get Your Life!

2019 Goals! Goals! Goals!

5 Tips for starting the year on the right financial foot

This month, use the motivation of the new year to make sure your finances are organized and in tip-top shape.

1. Write down your financial goals and be very clear about what you want to accomplish. Yes, we all want millionaire status but for those of us who have to start somewhere here is the basic blueprint. What debt do I want to pay off, How much do I want to save, and will I be making a major asset purchase; such as purchasing a home, an investment property, or buying a business, etc.

2. Check your credit score. Once a year you can request your credit scores for free from all three major credit bureaus. Make sure your credit reports are accurate and look for ways to improve your score this year.

3. Re-evaluate your bank. If you choose your bank out of convenience years ago, now’s the time to reconsider. Evaluate your bank’s customer service, interest rates, account fees, and other features. Shop around to see if another bank would better fit your needs. Do not exclude online banks as they tend to have lower fees due to their smaller overhead by not having a brick & mortar.

4. Set up automatic bill payments. Once you have a bank you like, use the bill pay service to connect all of your recurring bills to the same account. This will streamline the process and help you stay on top of payments. Do not forget to track those monthly subscriptions from lord knows what company you signed up for. When they are not tracked by due dates and specific payment method; it can become quite annoying, especially, when a fee is drafted unexpectedly.

5. Motivate yourself to save. Using tools like a mobile savings app to help you visualize your progress toward your goals. Most mobile apps let you set up automatic saving plans such as earmarking $20 toward your vacation fund each Monday. Which goes back to my 1st Tip Be clear on what you want to accomplish? For, example if you save towards purchasing a property, then sacrificing by not eating out and cooking at home, is not a chore but necessity to accomplish your goals.