With a new year comes a chance to set fresh financial goals. Setting goals that are simple, realistic and easy to execute will help you get focused and stick to your plan long term. Here are 5 simple financial actions you can take in 2019 to improve your finances.
1. Pay Yourself First By Automating Your Savings
This is one of the easiest steps you can take to improve your finances. Arrange to have a set amount of your paycheque, no matter how small, go directly in to a separate account.
This will ensure that you’re saving regularly throughout the year without any thought, effort, or opportunity to spend that money. Once you adjust to your automatic saving plan, you’ll stop missing the money.
2. Review Your Insurance Coverage
Make sure you not only have the right amount of coverage, but the right type of coverage. People often have life insurance and disability insurance through their employer but critical illness insurance is often forgotten, but just as important.
While disability policies cover lost employment income due to an accident or illness, critical illness insurance policies pay a lump-sum tax-free benefit when you’re diagnosed with a serious, life-altering illness or condition. Safeguarding your family against a health related financial crisis is a necessity and very simple to start.
3. Look For Better Rates On Memberships
If you have a gym, yoga or kickboxing membership and you’re not using all the amenities, it’s time to find a cheaper gym. Paying a monthly membership to a high end gym when you don’t use the spa, juice bar, towel service and other amenities enough to get your money’s worth, doesn’t benefit you.
With all the great gym promotions on right now, January is the perfect time to make a switch. Consider a gym that has the basic equipment or classes you need without all the bells and whistles. Staying healthy doesn’t need to cost you and arm and a leg.
4. Look For Phone, Internet And Cable Deals
It pays to shop around for phone, cable and internet service deals. There are a growing number of choices out there, including smaller competitors and online alternatives that could help you save a lot of money each month. Be sure to do your homework before you call by arming yourself with competitor prices.
5. Improve Your Financial IQ
Improving your financial literacy can be as easy as reading a book or a website on finances. For most people the topic of finance can be a bit dry, but taking responsibility for your financial well-being and retirement is one of the most important things you can do.
The good thing is you don’t need to strain your brain trying to read complicated accounting books.
There are a number of easy to read books that will improve your financial acumen. You may even find them entertaining! Try reading classics like The Wealthy Barber by David Chilton, Rich Dad, Poor Dad by Robert Kiyosaki, and The Intelligent Investor by Benjamin Graham.
To learn more about how to manage your finances in 2019, contact Newton Financial today!
Jay Newton BA, CLU, CHS, EPC
Worldsource Financial Management Inc.