It’s resolution-making time.
2018 is wrapping up, and 2019 is bound to be better than last year (a person can only stomach so much national scandal in one 12-month period).
When you’re contemplating what to do to make 2019 your best year yet, don’t forget to set some financial goals. Like a lot of goals, those involving money can take time to pay off – literally! Building wealth doesn’t happen overnight. It’s the result of implementing a thoughtful plan today that will reap you countless benefits in the long run.
Here are 5 things you can do today to be happier in 2019 (and beyond):
1. Top off your f*ck off fund
AKA an emergency fund; this is a chunk of cash you (had better) have set aside in a separate savings account. It’s only to be used for things like car and home repairs, job loss, or surprise medical bills. We like to see our clients have three months of living expenses in an emergency fund.
Why? If an emergency happens, you don’t want to have to dip into savings or rely on debt to deal with it. An emergency fund is like an insurance policy for your financial goals.
It’s also there to make you feel better about, well, f*cking off. You know you’re covered in case of an emergency, so it’s easier to take risks. Quit the job you hate, start a business, go back to school, travel the world, whatever. Just don’t do it without a f*ck off fund.
2. Cancel Subscriptions You Don’t Use
Trim can help. Connect your bank account to the app, and it’ll keep track of all your recurring expenses. If you realize you’re spending money on a gym you don’t go to or a service you don’t use, Trim will cancel it for you. They’ll even renegotiate your cable bill!
3. Upgrade Your Credit Card
You’ve been good all year. You deserve a great credit card. You may be eligible for a card with a higher spending limit, better rewards, or lower interest rates. Some of our favourite cards are the Chase Sapphire Reserve and the Marriott Rewards Premier.
Keep in mind, though, these cards have annual fees and should only be used if you pay off your credit card bill each month.
4. Move Your Savings to a High-Yield Online Account
Brick-and-mortar banks have higher operational costs than their online counterparts. This means they tend to charge higher fees and offer lower interest rates on savings. It’s almost 2019, it’s time to take your banking online! Our favorites: Ally Bank and Marcus.
5. Buy the iPhone X
Yeah, you heard us. If you can justify that you use your personal phone for work (whether or not your employer provides you with a separate work phone), buy that pricey tech gadget you want before December 31. You may be able to deduct the phone’s cost and your monthly bill from your income at tax time.
Got any end-of-year money tips you always follow? Share them below!
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