4 Ways to Make 2018 Your Best Year Financially

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4 Ways to Make 2018 Your Best Year Financially

If you’re like most people then you probably set financial goals for yourself at the beginning of 2018, and while it’s good to have goals, it’s even better to have a clear plan for reaching your goals.

So to help you get there we thought we’d put together our top tips to help make 2018 your best year financially.

Keep reading for some quick and easy tips to help you reach your financial goals this year.

1. Track Your Spending

While we all know that we should track our spending each month, many of us don’t take our own advice. Part of the reason why is because there isn’t a fast and convenient way to do it.

One way to track your spending is to put all of your transactions on one credit card which you pay off every month. This way you have all of your transactions in one place so it’s easier to get a big picture view of your spending.

Another option for tracking your spending is to only use cash. Keep a set amount in your wallet that you want to limit your spending to for the month and when you make a purchase put the receipt in your wallet.

This way you’ll have more insight into how much you’ve spent for the month (and how much you have available to spend) and if you want you can even add up your receipts at the end of the month to find opportunities for saving.

2. Set A Savings Goal

This tip goes hand in hand with tracking your spending. Setting a goal for your savings will give you something to work towards throughout the year.

And don’t just resolve to “save more money” as that’s not really a goal. It’s more like a nice thought. A better goal is to “save 10 percent of your income” or “save 2 months of your salary.”

So don’t just save without a goal in mind. Decide how much money you want to have in your savings by the end of the year and create a plan to help you get there.

3. Leverage Technology To Manage Your Finances

Keeping track of bills, spending, investments, and savings can get tough to manage. Fortunately there is a lot of technology available to help you make sense of it all.

To help you keep it under control you should use technology to make everything easier to manage.

Here are a few tools you might want to consider to help make managing your finances easier:

  • Mint.com – Mint is a free app that you can use to set a budget for yourself, manage your bills, and even keep track of your credit score. Give it a try to give yourself a high level overview of all of your income and expenses.
  • You Need A Budget – Similar to Mint, You Need A Budget lets you set goals as well as view your income and spending in one single place so you can keep tabs on everything. Unlike Mint though, You Need A Budget isn’t free but they have a free trial which you can use to decide if you like it better than free software like Mint.
  • Every Dollar – Every dollar is another free service that you can use to track income and spending. It’s features are a little more limited than the first two options but depending on your needs it might be just what you need.

4. Hire A Financial Advisor

Lastly, if managing your finances is still too much to handle then it may be helpful to get advice from a professional.

In addition to helping you set goals and keep you accountable for reaching those goals, a financial advisor can give you advice on where to invest your money as well as help you prepare for important life events like retirement or estate planning.