With inflation raging and increased uncertainty ahead, now is as good a time as any to look at your finances. That’s why Anthony Russo from the U.S. Sun sat down with me to talk about 11 methods you can use to fix your finances. Here are the 11 methods I shared.
- Save Something
- Start big or start small — just start as soon as possible!
- Check Your Withholding
- Make sure you don’t have a nasty surprise on your tax return, and don’t overpay either, if you can help it.
- Take Advantage of 401K and Match
- If your employer offers a match, it’s free money you should take advantage of. Even if not, a 401K is a great investment in your future.
- Flexible Spending Accounts/Medical Savings Accounts
- Fund your accounts with pre-tax dollars and save a little extra on medical expenses.
- Evaluate Credit Cards
- If you’re already using credit, look into — and take advantage of — credit cards that offer extra perks and bonuses.
- Refinance Your Home Before Interest Rates Go Up
- During the pandemic, we hit record lows in mortgage rates — refinancing to take advantage of those rates can save a lot of money over the life of your loan.
- Reduce Streaming to Just One Service
- Make sure you aren’t paying for redundant subscription services to reduce recurring monthly expenses.
- Buy Products in Bulk
- If you’ve got space to store some extra product at home, or if you split the cost and share products with someone else, bulk purchasing might help reduce your overall expenses.
- Get Creative With Gift giving
- Handmade gifts are more personal, if you have time — and the ability — to use your talents for gifts for your loved ones.
- Buy Gifts Throughout the Year
- Keep an eye on sales all year, not just around the holidays. If you plan ahead, you’re more likely to be able to find a good deal.
- Create a Budget (And Stick to It!)
- Smaller expenses can add up to a lot of money out of your pocket. Making a budget lets you know how much you have to work with and helps keep you accountable when something unexpected catches your eye.
Want to read about each of these 11 steps in more detail? I recommend you read the whole article here. Need more help? Contact a financial professional.