How to improve your finances in the new year

Improve your finances in the new year with these money management tips

Improve your finances in the new year with these money management tips

With the new year coming up you may find yourself looking back at the year just passed and realizing that you made it through more than a few financial struggles. If you have resolved to improve your financial situation in the new year, then allow me to suggest a few simple practices that you can adopt to ensure that this year is full of wealth and happiness.

Start Bargain Shopping


It can be easy to fall in into the practice of coming home from work, seeing an empty fridge and going to purchase the items from the nearest grocery store without giving much thought as to weather you are getting the most for your money. This year it’s time to start clipping coupons and doing a little comparison shopping.


Shop both in-store and online, and use store websites and online catalogs for coupon codes to make sure that you get the very best prices on everything you purchase.


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Look for Higher Interest Savings Account


If you have been banking with the same institution for a while then you should consider looking at what kind of interest rate you are getting. Interest rates can vary from just over one percent to more than three.


Generally newer banks and credit unions offer higher interest rates as incentives for new members and some banks will promise to meet or exceed the interest rates of as a promotion.

Leave Behind Bad Spending Habits


A new year is a great time to give up frivolous spending and impulse purchases. Ask yourself whether or not that new outfit is worth putting off retirement another day. Better spending habits may mean different things for different people. Some might want to consider liquidating unnecessary or frivolous items that create a continued expense, while others may need to refrain from making habitual unnecessary purchases, like fancy coffee drinks.

Start Saving for Retirement


Starting a structured savings plan such as a 401k can help you save for retirement and promote all around better spending habits. Talk to employer about the availability of 401k or other retirement plans at your place of work.

Stay Away from Risky Investments


A lot of casual or immature investors lose money by trying to get in on ?the next big thing.”


Often these stocks are propped up by the very same companies that promote them to uninitiated investors. This year make sound investments that grow wealth at a steady, sustainable rate. Consider buying less shares of a well established company or investing in precious metals.

Consult a Professional


This year perhaps you should think about consulting with a financial professional. There are counselors who specialize in everything from debt management to investment advice.

Pay Down Your Debts


This is probably the most useful thing you can resolve to do this year. If you put up with the inconvenience of paying off your debts now then you will be able to take control of your wealth and grow it.

This year you have a lot of options for making your financial future brighter. Obviously doing everything on this list at once would be nearly impossible but introducing incremental change into your financial habits is possible. This year, grab the bull by horns and make some goods moves for your wallet!