With the holiday season in full swing, it’s tempting to forego looking at your finances. If your house is in order, that’s fine, but for many, that’s not the case. Putting off financial fixes is rarely a good thing, especially when you’re struggling.
With 2024 right around the corner, here are ten things to tackle right now for a bright New Year.
Table of Contents
Revisit Your Budget
A lot of people believe budgeting is restrictive or too difficult. When done wisely, it’s neither. A budget gives you the freedom to spend in line with your priorities. And it gives you a plan for your finances.
Thankfully, it’s not difficult to start a budget. There are numerous free apps that do much of the heavy lifting for you.
Get Real About Your Debt
More Americans are incurring debt. It’s understandable, given the economic headwinds most have experienced over the past several years.
Now is the time to get real about your situation. Write down all of your debts, their interest rate, and how much you owe. Start making a plan to attack them.
It will take time, but taking debt head-on is the best course of action.
Create a Will
A last will and testament may seem like something only people with means should have. That’s not the case. If you have anyone that depends on you or owns anything, you want a will.
Consumer Reports indicates only one in three Americans have a will. There are numerous websites that streamline creating a will for a relatively low cost.
Make a Plan to Get Fit
Becoming fit may not seem financial, but it often is, especially when taking long-term health care costs into consideration.
Regardless of whether you want to lose weight or simply want to become more active, sit down and plan out where you want be in a year. Taking action now will put you one step closer to that goal.
Spend Eligible Flex Dollars
Do you have a Flexible Spending Account (FSA) through your employer? If you have funds in the account, you typically must spend it by December 31.
Some plans may allow you to move some funds forward to 2024, but most are a use-it-or-lose-it arrangement. Don’t be a part of the reported $3 billion in lost funds that occurs annually.
Automate Your Saving
Saving money every month is integral to improving your financial matters. Unfortunately, it’s easy to forget to do.
If that’s you, automating your savings is a huge help. Online banks, like CIT Bank, allow you to do this for free and pay super competitive rates. Your employer may even offer this as a free resource with each paycheck.
Review Your Insurance Needs
Did you experience any changes in your life this year? Do you now drive significantly less than you did a year ago? Have you had health changes?
If you answered yes to either, it’s possible you might be able to save cash on your insurance needs. Speak to your insurance representative to identify any opportunities to save.
Analyze Your Credit Report
You get access to a free credit report from all three major reporting bureaus annually. If it has been over a year since you last reviewed your credit report, now is the time to put that to an end.
The last thing you want is an error on your report, so it pays to check.
Check Your Beneficiaries
Did you add someone to your family this year? Or, did you get married or experience a divorce?
If any of these things took place in your life, it’s likely you need to update your beneficiaries. This includes any investment accounts and life insurance. It’s free to make changes that directly benefit your loved ones.
Review Your Investment Portfolio
Investing is not usually a set-it-and-forget-it situation. It’s natural for ebbs and flows in the market to occur.
These changes may alter your portfolio. And, perhaps, you may not be on target with your risk tolerance or goals. Now is the time to review your portfolio to ensure it’s doing what you want it to do.
How to Become Rich Quickly
Everyone wants to become rich quickly. While not always possible, there are legitimate ways to become wealthy. Follow these methods and you’ll be on the road to riches.
How to Become Rich in 9 Simple Steps
35 Proven Ways to Save Money Every Month
Many people believe it’s impossible to save money. Or, they think saving $20 or $50 a month won’t amount to much. Both are incorrect. There are many simple money-saving tips that can add up to big savings. You just have to start one, then another, to increase your savings.
Ways to Save Money Every Month
9 Best Investing Apps For Beginners
If you’re new to investing, it can be difficult to know where to start. Thankfully, there are apps for that. Here are nine of the best investing apps for beginners.
9 Best Investing Apps For Beginners
7 Steps to Break the Paycheck-to-Paycheck Cycle
Making ends meet is hard on a limited income. However, it is possible to break the cycle and find financial stability. You just need to know where to start.
How to Stop Living Paycheck to Paycheck
10 Proven Ways to Pay Off Debt Faster This Year
Paying off debt doesn’t have to take years upon years to achieve. You can intensify your efforts to kill it quickly. The sooner you become free, the sooner you can attack other personal finance goals.
10 Proven Ways to Pay Off Debt Faster this Year
I’m John Schmoll, a former stockbroker, MBA-grad, published finance writer, and founder of Frugal Rules.
As a veteran of the financial services industry, I’ve worked as a mutual fund administrator, banker, and stockbroker and was Series 7 and 63-licensed, but I left all that behind in 2012 to help people learn how to manage their money.
My goal is to help you gain the knowledge you need to become financially independent with personally-tested financial tools and money-saving solutions.
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