Start the new year right by setting some personal financial goals. Here are the top 7 personal finance tips to make 2019 your best year.
Here goes…7 Personal Finance Tips for 2019!
1.Make more money. Besides your health and happiness, making more money should be a priority. For example, if you want to buy a house at the end of the year, find ways to make more money to save for a down payment on the house.
So, if your paycheck from your job is not enough to cover your monthly expenses as well as saving for a house, then consider a side gig or a part-time job.
Indeed, making more money can help you achieve financial freedom. That’s why I came up with these 7 personal finance tips to help you do just that.
2. Get rid of your debts. If you want to stay on top of your debt in 2019, then prioritize which debts to pay off first.
You can start by making extra payments on the debts with the highest interest rates. For example, a credit card debt should be the first debt to get rid of, because they usually carry the highest interest rates.
Another option is to pay off the smallest debt. Once you pay one small debt, move on to the next one, and so on. Also, note that you should always make more than the minimum payments on these debts. Not only will you be able to pay off your debt faster, you will also save money on interest.
Speak with the Right Financial Advisor
Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with fiduciary advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is legally bound to act in your best interests. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
3. Refinance your mortgage. Mortgage rates are still low. So make 2019 the year to save on mortgage interests.
If you have a good credit score, why not looking into refinancing your mortgage. The benefits can be significant. You can switch to a lower interest rate loan, thereby saving you thousands of dollars in interest over the life of the loan. You can also switch to a shorter term, thereby paying off your mortgage loan faster. Or, you can switch to a longer term, thereby lowering your monthly payments. So, if you have an interest rate above 5%, you have to speak to a mortgage lender about refinancing.
4. Improve your credit score. If you want to improve your finances this year, then you have to work on raising your credit score. First, you will need to check your credit score to know where you stand.
Two of my favorite websites where you can check your credit report and your credit score for free are Credit Sesame and Credit Karma.
Moreover, your credit score is the most important factor in getting a mortgage loan, a car loan, or a credit card, and in determining the interest rate you will receive. The higher your score, the better your personal financial health will be.
One of the fastest ways to improve your credit score is by paying down your credit card debt.
5. Invest in yourself. No article on personal finance tips would be complete without mentioning the need to invest in yourself. Indeed, this is by far the best personal finance tips you could receive to reach your financial goals.
So make this year the year to boost your knowledge about personal finance, investing (whether in real estate or in stocks), starting a business, and learning how to start a blog to make money.
Consider reading books on personal finance, investing magazines, following this personal finance blog and other blogs.
Here are some good books to read:
Rich Habits – The Daily Success Habits of Wealthy Individuals
Rich Habits Poor Habits: Discover why the rich keep getting richer and how you can join their ranks
6. Max out your employer 401k or 403b plan. One of the best personal finance tips you could receive this year is to take advantage of your employer’s retirement plan. If your job offers a 401k plan and offers a match, and you don’t participate in it, then you’re just leaving free money on the table. For more information, read: 9 Easy and Painless Ways to Save for Retirement.
7. Save more money. Just as you need to make more money this year, you also need to make it a priority to save more money. You will not be able to achieve financial freedom if make more money, but you spend all of them.
In sum, follow these 7 personal finance tips will help help you achieve your financial goals, and make this year your best year yet.
Working With The Right Financial Advisor.
You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
Tools to Grow Your Savings
1. CIT Bank Savings Builder. If you’re looking to earn great interest on your hard earned money, then try CIT Bank Savings Builder. CIT Bank offers 2.45% APY, 25 times better than what a typical savings account is offering. You’ll need only $100 to open an account.
2. CIT Bank’s Money Market Account. CIT Bank’s money market account offers an impressive 1.85% and only requires $100 to open an account. This is better than most money market accounts out there. Check out CIT’s High-Yield Money Market Account.
3. Acorns. If you want to invest your spare change, then Acorns is right for you. Acorns rounds up your spending to the nearest dollar every time you make a credit card purchase and invest the difference in index fund and ETFs. You’ll get $5 Bonus when you sign up using my link.
4. Digit. If you have little money to save, then try Digit. Digit, one of the best apps for saving money, finds extra money in your budget and save that money for you automatically.