Here are 9 steps you can take to get your finances straightened out in 2019:
- Budget your biggest expenses for each month - Start every month with a plan to cover the things you need to, like your mortgage, electric, etc. That way, the biggest and most stressful items are out of the ways.
- Start 2019 with a review of expenses - One of the best ways to get your finances in order to go through them and know what you're paying for. Sometimes things like web hosting, TV packages, domain purchases, and high interest credit card debt can all eat away at your money. This is especially true when you haven't looked at what you're spending money on now.
- Plan on saving money for annual expenses - As a homeowner, one of the biggest, scariest expenses is property taxes. Start putting away all the money you need as fast as you can. Nothing will feel as good as having the taxes stashed away by June and having extra money for the rest of the year.
- Look at ways to save - Consider a smaller vehicle, ride sharing, or public transportation to save money on getting to work. Change your light bulbs to energy saving models. Add some insulation to your ceiling or your walls to save on heat. It's important to save where you can.
- Every little bit helps - You might think that saving $5 a month is nothing, but at the end of the year, that's $60. Every dollar helps and can help establish good saving habits.
- Plan on saving some money - Just as not spending a dollar helps, putting a dollar in savings is important too. It can make everything much easier if you fall on hard times and you need some extra cash for a home repair or to fix the car.
- Have the house inspected - Start every year knowing that things are working well in the home. The furnace, the roof, the electrical, and even pest inspections should be done every year. This will decrease the likelihood that you have a break down that will destroy your savings and credit cards.
- Consider insurances everywhere - You can get insurance on car repairs, your pets and more. If it seems costs effective, you get these insurances. That way, if the worst case happens, you have a back up.
- Monitor your credit - Credit monitoring is free through a number of different companies. Having a great credit rating can make everything else less expensive.
Getting your finances in order early in the year can make the rest of the year less expensive and flow more smoothly.
King Realty Group does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.