10 Ways To Improve Your Finances In 2019
2018 is now behind us, and to start 2019 off on the right foot, consider making some financial goals for the New Year! Whether that includes ditching bad money habits, paying off debt, or even setting aside money for that new car you’ve had your eye on, we’ve got you covered! With that said, Launch FCU wants to see you achieve those goals! That’s why we will be covering ten ways to improve your finances for the year 2019.
Create A Financial Budget
Often times, we think we will be fine budgeting our money on the fly and putting money aside for our savings that we “think” looks right. Sure, sometimes we can get lucky, but creating a true financial budget will help you establish more realistic and accurate goals. After all, we aren’t all math wizards. If you need help creating a financial budget you can follow a tried and true 50/30/20 ratio. This consists of spending roughly 50% of your after-tax dollars on necessities, no more than 30% on your wants, and at least 20% on savings and/or debt repayment.
Check Your Credit Report
To make sure you don’t have incorrect information on your credit report that could be hurting your credit score, we recommend monitoring your credit report routinely. By doing so, you can correct any false information and fix your credit score as soon as possible. A lower credit score produced by incorrect information could result in higher premiums and interest rates. You can obtain a free copy of your credit report at AnnualCreditReport.com. If you suspect foul play such as fraud or identity theft, consider freezing your credit card account by calling your financial institution. To file a dispute call the credit-reporting bureau directly.
If you’re trying to put away extra income for a large purchase for a car, house, or even tuition, consider a side hustle. Brainstorm some ideas and make a list of your skills that could help you earn extra income. This could range from seasonal work, services you could provide on your days off, or even requesting additional hours at work. A great site to find ideas you may not have thought of is Side Hustle Nation.
If you struggle to make payments on time due to a hectic schedule or just plain forgetting, follow along closely to this one. Setting up automatic payments could save you time and money by helping you avoid late fees. Additionally, paying your bills on time will help you increase your credit score! Don’t forget to monitor and check your bills periodically to make sure they are accurate. Consider using BillPayer or Biller Direct within Launch FCU’s Digital Banking Suite to automate your bills. You can also set uprecurring transfers and loan payments!
Cut Unnecessary Fees Out
If you’re looking to save a bit more each month, consider cutting out or lowering the number of bills you pay each month. One thing you could consider cutting is cable. Swapping to a streaming service such as Hulu or Netflix can save you tremendously. Cutting out smoking is another great way to save money each year. This goes beyond just the cost of a pack of cigarettes. On average, smokers pay more for health insurance, life insurance, and long-term care insurance on the private market. Of course, kicking the habit is easier said than done.
Additionally, pay attention to any memberships you may have but not taking advantage of. Do you have a membership to the gym that you have been avoiding? If so, consider an at-home workout instead or get some cardio by running outside. There’s a great article on building a low cost at home gym that’s worth taking a look at.
Sometimes you can negotiate with car insurance companies and phone companies. Consider calling to see if you can negotiate your bill and lower your costs. Often times, if you prove that another company can offer a better price, they will lower theirs to match it. This doesn’t always hold true, but it’s worth trying out! This also applies for most stores you visit! What’s the worst that could happen? They say no. That’s okay, try another store until you get a yes!
A financial crisis’ is not something we can predict. As such, it’s best to be prepared. One of the best ways to prepare you and your family from financial emergencies is to set up an emergency fund. It might be hard to set aside money that you’re not getting a return on, but take our word for it, you will be happy it’s there when you need it! The typical amount of money you should consider for your emergency fund is between three to six months’ worth of your expenses. While this may seem like a lot, this amount doesn’t have to appear overnight. Try to set aside money weekly, monthly, or even bi-monthly. Another great option to consider is setting aside the money you may get from your tax return.
Stop Eating Out So Often
We all know that restaurant and fast food is convenient. but often times it is more expensive than eating at home. Finding time to cook a healthy and delicious meal at home takes time and dedication. I’m not one to say I don’t enjoy a good restaurant steak from time to time, but it starts to add up! This holds true when you start eating out more and more. Try to cut back on dining out and cook more affordable meals at home! If you’re short on time, consider a meal-prep day. You could plan your meals out on Sunday and cook a few of them for the week, or even plan to use a slow cooker to save time.
What better way to learn about personal finances than reading tried and true personal finance books? You can learn everything from budgeting, doing your own taxes, to investing! Just make sure you do additional research before you implement some of these plans. While some concepts have proven results, others can be pretty far out there. If you need reading suggestions, check this list to improve your finances.
Adapt And Overcome
Lastly, it’s important to be flexible. If issues come your way, don’t give up! Adapt and overcome them. Always stay positive and strive to be a better person than you were yesterday. Remember, even baby steps can lead to success.
- Will Refinancing Your Auto Loan Hurt Your Credit Score?
- How To Do Valentine’s Day On A Budget
- Top 5 Ways To Save For A Car
- 10 Ways To Improve Your Finances In 2019
- 4 Best Ways To Budget For A Baby
- How To Overcome Impulse Purchases
- What Items Should You Inspect When Buying A House?
- How To Save Money On Holiday Shopping In 2019
- Four Ways A Personal Loan Can Help You Through A Difficult Time
- What Is Credit Utilization & How Does It Impact Credit Score?
- Why You Should Consider Refinancing Your Car Loan
- 5 Boat Buying Tips For A First Time Buyer
- Top 8 First Time RV Buyer Mistakes To Avoid
- 4 Tips To Help You Save Money This Halloween
- Prepare Your Vehicle For Hurricane Season
- Top 4 Car Buying Mistakes To Avoid
- Why Car Loan Rate & Term Matter
- 7 Tips For First Time Car Buyers
- The Difference Between Secured And Unsecured Loans
- 6 Benefits Of Using A Credit Card
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015