HAPPY NEW YEAR and WELCOME TO 2019!
The new year is always exciting for me. I like to think of it as a fresh start and a new beginning. But the truth is you really don’t need a new year to make a change, but let’s just roll with it. 🤷 2018 was a whirlwind for me as I expanded my family by gaining custody of my 15 year old cousin and packed us all up and headed to Portland, Oregon to expand my career. Even with all of the change, I am grateful that I was still able to accomplish many of my 2018 financial goals.
While I'm working on setting my 2019 financial goals, I thought I'd share some pointers with you. Every year, a lot of people set a goal or resolution to be in a better place financially, reduce debt and save more. Check out the pointers below to help you check this item off the list.
If you're looking to get out of debt start here...
Make a list of everything you owe. (Whether it's on your credit or not) This part hurts, like really hurts. It's not usually pretty and it's not fun but at some point you have to rip the band-aid off and just see how bad the damage is. The only way to come up with a legit plan is to FACE IT HEAD ON and put everything on the table and see where you stand.
Another way to decrease debt quickly is to increase your income. These days, EVERYBODY has a side-hustle or easy access to one. With companies like Lyft, Uber, and DoorDash you can easily bring in a few extra hundred per month by using your car in your free time. If you don't like driving (like me) maybe there is a service that you can offer that people will pay for. Whatever you come up, make a decision to commit your extra funds to debt only to knock it out.
If you're looking to save more...
Saving for the sake of saving is cool, but usually not really effective. Determine what you're saving for and give purpose to your savings. Are you saving for a rainy day, an emergency fund, to take that international trip you've always wanted to go on, for a special occasion? Give it a name and your chances of meeting your goal increases significantly. My savings accounts are with CapitalOne360 and I love the fact that I can open as many as I want with NO FEES, and name them something cute. My travel savings account is called Catch Flights, Not Feelings, lol.
If you're looking to manage your money better...
Maybe you don't have a ton of debt and you're struggling to pay your regular bills so there is nothing to save and you just need to figure out a better system to manage your money. I would start by writing down ALL of your MONTHLY expenses and creating a budget. See where your money is going and identify ways to cut costs. If you have cable, maybe you an drop it for 6 months and get you an Amazon Firestick or a Roku or other streaming device. I did it and used the savings to pay off a couple of credit cards. If you have a gym membership that you rarely use, cancel it and walk around the neighborhood instead. Once you see where your money is going, you can determine what's a necessity versus a luxury and make adjustments accordingly. Personally, I use the SparkM2 Spreadsheet to manage my financial life and help make sense of paying my bills. It will be available for you to purchase soon if you need a tool to help you! Stay tuned!
What are your financial goals for 2019 and how to do you plan to accomplish them? Sound off in the comments below!
Until next time,
Monique
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