Whether you are looking to set aside some money for retirement, get yourself out of debt or simply save more to do the things you love, there are a wide range of simple ways to improve your finances in 2016. Learn how you can take advantage of the new year and put yourself in a better financial place for next year!
Budget Today for a Brighter Tomorrow
If you are trying to save money in the immediate future, there are several easy ways of using your funds more wisely that can help you achieve a brighter financial outlook right away. In addition to avoiding unnecessary expenses, you can:
- Cancel subscriptions or memberships that you don’t use
- Set up a “rainy day” fund in case of emergencies
- Review your insurance, cable, phone and Internet bills and see where you can cut costs
Let Short-Term Methods of Saving Keep Your Finances Stable
While there are certainly times when cutting costs and saving more is an immediate necessity, there are several short-term ways of improving your finances that can help you get a better grasp on your hard-earned money. Bolstering your income in addition to cutting out expenses that can quickly drain your bank account is key. Try the following tips to keep money flowing in and debt under control:
- Make additional payments on your mortgage or credit card bills
- Pick up extra hours or shifts at work to increase your monthly income
- Find a second part time job or source of income
- Track how you spend your money for 3 months and make adjustments
Consider Long-Term Saving Options for the Future
When you have taken care of short-term budgeting and feel financially stable enough to consider long-term savings plans, there are many options that can help you achieve your financial goals for the future. To fully capitalize on your ability to save for the long-term:
- Take advantages of your company retirement plan
- Open an IRA or Roth IRA
- Aim to increase the percentage of your income that you save by 5%
Set Your Own Goals to Stay on Track
Throughout all of these tips lies a common thread – the importance of setting goals with your finances. If you take the time to figure out exactly where your money is going each month and adjust it accordingly, you’ll be in a great place to start setting financial goals for the future. Whether that is to take a vacation with your family, save for your children’s educations or get yourself out of debt entirely, start small and work your way up.
Schedule a Call with Daniel Investments
Navigating the world of personal finance can be tricky, which is why Daniel Investments is here to help. If you want to save more for the things that matter most, schedule a consultation with us to get your free financial assessment. Make 2016 the year you improve your financial well being for good by calling 248-723-0901, today!