We just kicked off 2020, and if you’re like most people at the beginning of the new year, you’ve probably started working on your new year’s resolutions. From living a healthier lifestyle to spending more time on your hobbies, we all have goals we want to focus on. If one of your goals is to improve your finances, here are a few tips to achieve your financial goals and get started.
#1 Give Yourself a Safety Net
Term life insurance gives you a safety net when raising a family. It has many benefits and covers expenses such as a mortgage, college tuition, and other financial obligations if you are no longer around. Having life insurance and knowing your family is protected gives you peace of mind. Learn more about cheap term life insurance and how much coverage you need.
#2: Reduce your household expenses
Slash your grocery bills, take advantage of price comparison services to reduce your insurance, and cancel any subscriptions for services you are not using, like magazines, cable channels, or mobile apps. Have you considered a rewards program that offers cash back on those monthly purchases you need to make? Check out aspiration online bank reviews for options.
#3 Claim any money owed to you
Did you move and possibly have a tax refund that never made it to your new mailbox, a security deposit not refunded or an uncashed dividend? You can free search on missing money websites that feature collective records for all state-held unclaimed property. And if you have been injured in an accident, you could be owed compensation, so find personal injury lawyers committed to your success and work with them to find out if your claim is valid.
#4 Take control of your debts
If your goal is to eliminate debt, start by freezing your cards. Increase your monthly payment if you are only paying the minimum. Or, make more noticeable progress by paying a more significant amount to just one of your accounts each month while making the minimum payment on your other accounts. There are many resources for dealing with your debts, including credit counseling services that will help you consolidate your debts into one monthly payment.
#5 Increase your income
Investing in stocks is one way to make the most of your money. SoFi offers commission-free stock and makes it easy to get started with a seamless account opening process. Choose a company you know will be around for the long haul, such as Boeing. Here’s an interesting article on how you can buy Boeing shares. Do you have extra time on your hands? If so, consider a side-hustle. Not only do side hustles allow you to pursue your interests and passions, they are a great way to boost your regular income!
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