The new year is the perfect time for a fresh start. No matter where you’re at financially, there’s always room for improvement! So along with your other resolutions, try incorporating a few of these strategies for a fatter wallet in 2019.
Stick to Saving
Most people aren’t natural savers, yet we all have things we want to save for. Whether your goal is to build your emergency fund, pay off your credit card, or gather up a down payment for a home, making saving a habit will help you reach that goal faster.
Choose a saving strategy that works for you, and stick to it.
One easy step is to split your direct deposit paycheck between a checking account and a savings account. If you’re guilty of moving your savings to your checking more than once per month, you may benefit from opening a savings account at a separate bank.
Take a look at CIT Bank because they have some of the best rates on high yield savings accounts.
Whatever your style is, there’s bound to be a way to incorporate saving. I personally like the “treat yourself” method of saving – for every $10 I spend on eating out, Netflix, or some other optional purchase, I send $5 to my savings account.
If you’re already saving, then challenge yourself to increase your saving in 2019. There’s no time like the present to save for your future!
Start Investing
You don’t have to be a millionaire to be an investor. Innovations in technology are making it easier than ever to invest.
Acorns is one of the simplest apps because it rounds up to the nearest dollar on each purchase you make. It then invests the spare change into a portfolio you choose based on your needs. It’s investing on autopilot. The best part is that it will allow you to start investing no matter how tight your budget may be.
Stop making excuses in 2019 and become the investor that your future self would want you to be.
Get a 360 Financial Picture
The most important part about getting to your destination is knowing where you’re at. Simple budgeting tools can give you an overview of your spending habits, but for long-term financial success, you need an even bigger picture.
Try a wealth management tool like Personal Capital – it has all the functionality of your favorite budgeting app, plus powerful tools to help you see where you’re going and track your progress towards bigger goals by incorporating investment planning.
Using Personal Capital, I found that one of my retirement accounts was costing me nearly double the fees of an identical type of account from a different company. Making the switch saved me a ton in fees – which will give me a boost for my long-term investing.
While other apps make it possible to see all your accounts in one place, Personal Capital goes one step further by analyzing your accounts. Using this tool is one of the simplest ways to get financially empowered!
Another of our favorite budgeting tools to consider is Wallet by BudgetBakers. This app will help you break everything down so you can get a better idea where your money is going each month.
Prioritize Experiences
That happiness you get after spending money on a purchase is often short-lived. In 2019, cash in on a few of those vacation days you’ve earned and spend your hard-earned money on experiences instead of things.
That feeling of happiness you get from spending money on experiences will last much longer and feel more meaningful than a pair of new shoes or upgrading to a fancier car. Think of how much better your quality of life will be after exploring somewhere new and getting away from the daily grind.
If your budget is too tight for a full-on vacation, then find other ways to incorporate meaningful experiences into your life. A cooking class costs about the same as a night at a restaurant, but the skills you’ll learn will help you in the kitchen for the rest of your life.
No matter how much wiggle room is in your budget, make 2019 the year that you splurge on experiences rather than just more stuff. The science shows that money really can buy happiness.
Get that Promotion
As much as I love the side gig, the best thing you can do for your wallet in 2019 is to propel your career forward. Economists expect many industries to be adding jobs in 2018, which means more opportunities for workers.
If you’ve been in the same role for a year or more, it’s time to start looking for promotion opportunities. Launch conversations with your boss well before your annual review to prime yourself for a promotion or a meaningful raise.
Also Read: How to Double Your Salary in Two Years
If opportunities within your current company are limited, start networking! An external move can be nerve-wracking, but it’s almost always positive. Most people find that they’re able to increase their salary significantly more by going to a different company than by staying loyal.
No matter how you do it, make earning a promotion a focus this year. Even a 10% salary jump can have a huge impact on your lifetime earnings.
