PLANNING FOR A SUCCESSFUL NEW YEAR
Are you looking to start Planning a financially successful New Year? Each year as the New Year arrives we begin making resolutions and trying to develop better habits. Most of us tend to think of the period after Christmas and around new years as the time to begin planning and developing these new habits. Why wait when we can plan for what could be your most financially successful year ever?
What I believe is most important in planning a financially successful New Year
As I begin to think through my goals and ambitions for the upcoming year, I have discovered a few key elements that attribute to my success. These are important factors in making sure my plans are successful. Attitude and consistency make all the difference in the outcome of your new years goals and resolutions. I can make plans to do anything but if I am not 100% committed to the success of my plans, I will be unlikely to have the results I am seeking.Below are just a few things that I believe you should focus on preparing for before and after the holidays.
Make sure you select the right Insurance with healthcare open enrollment
Make sure that you are choosing your best Insurance coverage for your family with open enrollment. Choosing the best coverage for your needs can make or break your finances in the coming year. I always encourage meeting with a benefits counselor if one is available to you at work. Ask questions, read the information provided to you, and analyze the benefits of each coverage. This is crucial to making sure that you do not get left with massive healthcare costs that are not covered.
Plan for your upcoming holiday spending and avoid credit card debt
Have a plan in place for holiday spending. The holidays can be a terrible time for our budgets unless we develop a plan and stick to it. Many people choose to overspend and use credit during the holidays. When we use credit the result is often a tougher year ahead financially because of these choices. In fact planning in advance can prevent this because if you set aside money before the holidays designated just for that you can prevent this. I used to fall into this same trap of debt and bad financial choices. I am now mindful of my choices and give a lot of thought and planning to these things in advance. I love to begin to save for the holidays using a savings challenge which I begin each new year. Buying and saving gifts or gift cards throughout the year can be very helpful in saving money.
A few articles that can help you save more money shopping for the upcoming holiday season.
Money Saving Hacks for the HolidaysMoney Saving Hacks Volume 2Best websites and Apps to save you money this Holiday season
Plan a financially successful New Year starting with a Savings Challenge
One of my favorite ways to save money is by using a Savings Challenge. Every year as the New Year begins I select a savings challenge to focus on. I encourage you if it is your first time and money is tight to start with something smaller and more manageable. My favorite savings challenge to start with is the 52-week money saving challenge. I love that it starts slowly and builds over the year. If it is your first year and money is tight you might want to use a portion of this money for the holidays to help fund your holiday shopping. In my opinion, there are no rules with how you use it as long as it encourages you to begin saving it has been a success.
Create a budget for a financially successful New Year
Creating a budget is one of the most important aspects of managing your finances. When we do not have a budget it can be very easy to slip into bad habits over and over again with our finances. Creating a budget can be complicated but I have a friend who can help you do just that with some great resources on her website. Click here to learn more from my friend Sarah at Lemon blessings on creating a budget.
Begin investing
If you do not yet have a 401K this should be the year to change that even if you start small. When I started my 401k I was older. Honestly I cannot begin to tell you how much I regret this decision later in life. Previously I worked with Financial Advisor Michael Dinich on this post, where I shared my story. Do not wait any longer to start planning for retirement. This is so important in building your financial future and having the means to support yourself financially in retirement. At my current job they offer a 3% match on our 401k which basically means they contribute for me the same amount of money up to 3%. I encourage you to find out if your employer offers something similar and take advantage of this free money offered to you.
What is the App Stash and how does Stash work?
Stash is a website and an app that helps you begin to invest. When you start investing with Stash you can select various stocks and invest as you chose on a small scale. For me, this has been a sort of experiment this past year in learning to invest on my own. Investing with Stash is investing on a small scale because they allow you invest starting with just $5. So far I am happy with the results and would encourage others to give it a try. Each week I analyze what I have available to invest and select what stocks I am interested in investing in at that time. Stash offers many great investing resources on their website. You can also view graphs of how each stock has been performing over time.
Warning about Investing on your own
Investing on your own can be tricky and often risky. Proceed with caution Investing on your own and always make sure it is something you can afford before you attempt it. If you are Interested you may use my referral code for Stash if you choose to use this app and you will get $5 to get you started with Stash. Please read up on Stash and how it works in advance, so that you understand what Stash is before you begin investing.
Planning for a financially successful holiday season and New Year
This is how I will be planning for my upcoming year financially. Following these steps and planning can help you develop a better plan for your financial future. A few years ago I had nothing in savings and could not seem to save money ever. After utilizing the money-saving challenges, becoming more consistent with saving money and what I spend, I can proudly say I have a decent amount saved. My financial life has greatly improved and I do not feel the stress that I once felt. I encourage you to most of all plan in advance for success and be consistent. Planning and consistency are the real key to a financially successful holiday season and New Year
