Get Your Own Personal Finances Under Control
There's no time like the present to get your personal finances organized and under control. You don't need to become a full-fledged accountant to save more and spend more wisely. Creating a budget is always a good idea, no matter the size of your income or savings account. Take a look at the ideas below to strengthen your portfolio and make your money start working (out) for you!
Write It Down
Record every transaction, using an online spreadsheet or an old-fashioned checkbook register. When you use a debit card that's attached to your checking account, mark down all of those transactions too. Take advantage of your bank's ability to track the way you spend your money by categorizing your bills and purchases. Keep receipts until you match them to your spending tracker. Want more detail and analytics? Try a financial software program such as Quicken, OfficeTime, Microsoft Money, or Mint. By keeping tabs on where your money goes, you can see where you're overspending and make smart and effective changes.
Consider Refinancing
With mortgage interest rates still at all-time lows, refinancing your home mortgage may be a wise choice, especially if your credit or financial situation have improved over time. You could potentially save hundreds of dollars each month! Together, we can go over the numbers to see if a refinance is a good choice for your unique financial situation.
Invest in the Future
If you already have money invested, you can probably speak to an investment consultant for free to get advice on managing those accounts. Better yet, hire a financial advisor, who can help you make sure all of your money is working for you. Don't think it's too late to open a retirement account or start up a 401(k). Even if you're in your 40s or 50s, every bit you can put away now is more that you'll have when you retire. And if your employer has a 401(k) matching plan and you're not taking advantage of that, you're throwing away free money!
Your fiscal health is just as important to your overall well-being as your physical health. Carve out time each week to track your bills, review your statements, and keep an eye on your cash. You'll have an easier time developing and sticking to a budget, and the reduction in stress can only contribute to a fantastic year!
