What’s your New Year’s resolution? Earn more cash? Master better budgeting? How about adding a few dollar signs to your savings? If any of your goals revolve around money, read up! ScoreShuttle’s 2019 money guide can help you conquer your financial resolutions all year long. Here are 5 easy tips to get you growing...

1.) Review 2018’s financial wins and losses

Before you set a goal for the future – first, you need to take a good look at your financial past. Based on your spending from 2018, what patterns do you see? Were you happy with every cent spent, or were there items you could have done without? How much did you save? Do you feel good about that number or wish it were higher? If you’re not sure how to evaluate your personal finances, there are several online apps that can help you group purchases into specific categories. Once you can see your spending habits in snapshot form, it’ll be easier to determine where and how you could save more money. Take pride in the areas you may have excelled in and set goals to start making improvements in the categories that could use a little help.

2.) Cut wasteful spending

Post financial review, if you discover that your 2018 budget cup wasn’t overflowing, it might be time to cut back on wasteful spending. Paying too much for groceries? Use coupons, shop sales and make a list to prevent impulse buys. Spending $50 dollars a week on work lunches? Try bringing your own. To get more bang for your buck, take a look at your current bills and ask for better rates. Yes, lowering your bills may totally be possible! Some bills may be set in stone – but others, such as car insurance, internet, and your cell phone can all be negotiated. Here’s how it’s done.  Call your provider and request a lower rate.  If they won’t budge on price, shop around for a better deal.  You might be surprised to learn how much money you could be saving on the items and services you already use.  

3.) Improve your credit

Credit isn’t just a number, it can either save or cost you major money. Excellent credit may qualify you for lower interest rates, cashback rewards and even travel perks with industry leading credit card companies.  Bad credit could do just the opposite.  For example, if you’re in the market for a new home or vehicle, a low credit score could potentially cost you thousands of dollars in higher interest rates and fees over time. For best credit results, always pay your bills on time and keep accounts in good standing. If you’re looking to achieve a higher score, you may need to take more action.  Not sure where to start? ScoreShuttle’s credit-enhancing technology may be able to help.  ScoreShuttle can help you stay connected to what affects your score, along with the best way to improve it, fast! 

4.) Re-negotiate your salary

If you’ve been excelling at your current job for a while, try asking for raise. But don’t just waltz in unannounced and ask for more money. Be professional, set a meeting and come in with data. Do some research online to find out what the average person working in your city and with your job title typically makes. If it’s more than you, bring it up. Be prepared with a list of accomplishments you’ve completed and really make a case as to why you deserve the bump.

5.) Invest in your future

Now that you hopefully have a few more bucks in your budget, it’s time to look towards the future. To efficiently save, you might want to look into investments. Many companies offer 401(k) options. A 401(k) allows you to set aside a portion of your paycheck for retirement. Depending on the specific parameters your company has arranged, they may offer to match your contribution by X percent on a quarterly or annual basis. Contribution match percentages are discretionary and are set by your employer. Here’s how it works. Let’s say you contribute $1,000 to your 401(k) for the new year. If your employer matches by 50% annually, you will make yourself another $500 bucks by 2020! IRAs and Roth IRAs are also great ways to save and potentially earn more money over time. Investment-based savings accounts like these offer a variety of financial perks; however, there may also be some risk associated with the options above. Please speak to your financial adviser before you make any hard money moves.

Resources:

https://highline.huffingtonpost.com/articles/en/poor-millennials/

http://guides.wsj.com/personal-finance/retirement/what-is-a-401k/

https://www.cnbc.com/2018/07/30/roth-vs-traditional-iras-how-to-decide-where-to-put-your-money.html

Disclaimer: links to third-party web sites are provided for convenience only. ScoreShuttle does not endorse nor support the content of third-party links. ScoreShuttle is not responsible for the content of a third-party website. By clicking on a third-party link, you will leave the ScoreShuttle website. Privacy and security policies may differ from those practiced by ScoreShuttle.