1. organize –That’s the most important thing to do in the new year, isn’t it? You can’t move forward if you don’t know your starting point! Lists are as important as files – whether on paper or on your computer. A confused mind will destroy your financial future.
To help with this organizing project, please visit TerrySavage.com and print out the 4-page organizing form found in the box in the upper right corner of the home page. Here is the direct link.
2. deal with debt Consumer debt soared by 15% in the second half of 2022. This is his 15% increase from a year ago, the largest percentage rise in 20 years. And now the bill is coming. The worst thing you can do is ignore them. Open those bills, add up the balances, and check the interest rate on your card. These financial costs go up because there are large balances. They think you’re trapped! Visit www.CreditCards.com for interest-free balance transfer cards that give you a breather. But if you don’t use that grace period to pay off your balance, you’re in even more trouble. Can you double the monthly minimum monthly fee? It’s a great way to pay off your debt.
3. control spending No more excuses for not knowing where all your money went or paying late fees. There are some great apps out there that can help you track your income and expenses, let you know when your bills are due, and direct money toward your savings plans.
Apps like Rocket Money, Quicken’s Simplifi, Mint, YNAB (short for You Need A Budget), and Acorns can help you keep your finances on track.
Four. reassess investment Do you have a 40l(k) plan at work or a personal retirement account? It’s a tough thing to do — a loss could have resulted in a loss of 20% or more. But don’t give up. Instead, review your investments, make conservative changes, and stick to your plan. This is also a great opportunity to make sure you’re contributing enough to the 40l(k) and win a full employer match for free!
Five. increase your savings With interest rates rising, more savings suddenly pay off. If your bank doesn’t offer higher rates in the money market or CDs, you can buy US Treasury bills for about 4-3/4 percent for 6 months. You can buy online at TreasuryDirect.gov with a minimum investment of just $100. Here’s a link to my article on how to buy Treasury bills. These days, paying attention to your money can pay off big.
The bottom line is that the new year gave me a chance to start over with money. Use these tips to control yourself and stop worrying. Now is the time to plan your finances for 2023. That’s The Savage Truth.
