Who wouldn’t want their money to last longer?
Last year, you might have felt that you were getting less for your money due to the high inflation rate or because you accepted a wage reduction that tightened your budget.
Whatever your motivation, it’s wise to anticipate the coming year with the intention of improving your monetary habits. When it seems like everything at the shop is getting more expensive every time you visit, what are the best methods to maximize your money’s potential?
Here is what many financial consultants and professionals stated when we contacted them for some new perspectives.
1. Lower Your Spending
According to Kayla Johnson, a financial advisor for Corbett Road Wealth Management, the start of a new year is the ideal opportunity to lower your monthly payments on a few of your expenses. Some payments, such as recurring subscriptions you pay for but never use, may even be totally eliminated.
You can price shop and perhaps save on certain expenditures that you don’t often consider. When looking for expenditures to decrease, you should also aim to lower monthly fees and premiums for routine expenses that you intend to continue paying.
2. Automate Your Savings
The start of the new year is a fantastic opportunity to make permanent changes if you have problems investing and saving as much as you planned in 2022. Paying yourself first is frequently the greatest answer to this dilemma, according to financial counselor Mike Hunsberger of Next Mission Financial Planning.
In the end, this means investing or conserving money right now rather than waiting until the end of the month to see what’s left. You won’t even miss this money in the future since you don’t think you can spend it.
By scheduling recurring transfers to your savings and investment accounts on the days of the month that make the most sense, you’ll want to automate the process.
3. Budget
The start of the new year is a fantastic opportunity to make permanent changes if you have problems investing and saving as much as you planned in 2022. Paying yourself first is frequently the greatest answer to this dilemma, according to financial counselor Mike Hunsberger of Next Mission Financial Planning.
In the end, this means investing or conserving money right now rather than waiting until the end of the month to see what’s left. You won’t even miss this money in the future since you don’t think you can spend it.
It’s a new year and an improved you who has a better grip on your finances!