Managing Your Finances in the New Year

Friday, January 3, 2020

So you are starting the new year off with the serious intention to get your finances organized and make the most with your money…but where do you start? Some people will have a nice tax refund coming their way, received money from relatives as a gift for the holidays, or have already achieved their goals of getting out of debt and beginning to build up a nice savings. Check out these tips for managing your finances in the new year.

Get Your Estate in Order

This should be done no matter what financial situation you’re in, as the worst case scenario of death can happen to anyone at any time so it’s important to have a plan for your money and to help your family manage in the event that they’re left behind. You can talk to an attorney to devise a will, a living will, and a power of attorney. Include plans for any donations you’d like to make from your estate, any trust funds you want opened for children, and any other allocation of funds. It doesn’t matter what age you are, this is important for everyone!

Seek a Professional

There are many great financial planners out there like Jason Vanclef who can help you invest your money in the best way possible so you can sit back and relax and go about your daily life. Whether you have a lot or a little, a financial planner can help find the best investment options for you and work with you to make minor tweaks along the way. Even if you are investing your money yourself currently, it’s always a great idea to seek professional guidance as well and diversify your investments.

Pay Off Debts

If you still have some debts, consider paying them off with any extra money you’ve received lately. It feels so much better to work on your other goals when you don’t have that heavy nagging burder of outstanding debt lurking over your shoulder. And of course, make sure you stay out of debt in the future.

Make Important Purchases

Perhaps you’ve been putting off maintenance on your home for far too long, but now you have the money to afford it. Make a list of what needs done, and decide what you want to spend money on first. Don’t wait till it’s too late and things go wrong and cost you even more money. A home is an important part of your daily life so treat it like one.

Save Save Save

Even if you already save money every paycheck as it is, SAVE MORE. Tweak your budget so you can put even more into savings after your bills are paid. Again, diversify the ways you save. You can have a general savings fund, investment funds, and even a vacation savings fund for future trips with your family. It’s tempting to spend money on cool new gadgets and toys, but saving is a much better choice.

Hopefully, you feel more confident moving forward in 2020 and you’ll do what’s best with your money in the long run.

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