Tips for Getting your Finances in Order for the New Year

A new year has arrived, and for many, that means a focus on resolutions to help improve their lives and make this year better. If one of your resolutions for this new year is to make sure that your finances are in order then you might appreciate these tips. I’m no different.  I am approaching a milestone birthday this year, and I have had a lot of personal changes in my life that has awakened my focus on my financial welless.  Keep reading to learn some tips for getting your finances in order this new year.

 

 

Consider Changing Banks

Chances are you opened your bank account years ago and you’ve stayed with the same bank for convenience’s sake, but that is not always the best idea. Are you getting the best interest rate? Is the customer service good? Do they offer any perks to you at all? If the answer to any of these questions is no, it’s worth looking around to see if another bank might have more to offer for you and your needs. Some banks even give you money for opening an account with them, and there’s nothing wrong with free money is there?

 

Put Some Money in Your Emergency Fund

If you have the funds available to do so, put a little extra cash in your emergency fund. Having an established emergency fund means that when the unexpected happens you don’t automatically have to put it on your credit card. A good start for your emergency fund is $1000, once you have that, start saving for 3 to 6 months’ worth of your living expenses. If you don’t have an emergency fund then the new year is a perfect time to start one.

 

 

Check Your Insurance

Just like with your bank, it tends to be one of those accounts that you open and just leave it where it is because that’s just easier, and isn’t all insurance the same anyway? No, they are not all the same, and sometimes you can save a small fortune by simply changing companies. Shop around for the best deals on your vehicle, home, or renter’s insurance.

 

Pay Down Debt

If you have a mortgage, credit card, or loan make it a point this year to pay it down when you have a little extra cash. It doesn’t take a whole lot of money at one time to make a significant dent in the principal of your debt. An extra $50 a month to your loan payment every month will add up.  No extra money to use for paying down your debt? Consider a part-time job, or gig job in your spare time, or sell things around your home that you no longer need. You’ll get some cash and your home will be less cluttered.

 

 

Put Your Bills on Autopay

Consider putting all of your bills on autopay. If your individual service providers don’t offer this service, chances are your bank does. If they don’t it’s just another reason to look around for a new one. Having your bills automatically deducted each month eliminates any money that you may be wasting on late fees because you forgot to pay them.

These are just a few simple ways that you can start this year off right and get your finances in order for the year ahead. The goal is to start next year off in an even better financial position than you are in now and you can do it! Do you have any other financial tips to share for the new year?