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15 Ways to Strengthen Your Finances in 2017
Are you ready to make some positive changes to your finances? The least painless way to make a remarkable change is to make many small, simple changes. Dramatic results are possible with easy changes. Is this the year that you finally make significant advances in your personal finances?
Small changes can bring big results:
1. Compare insurance rates. Compare your insurance rates to the other options available. That includes your car, home, health, income protection, pet and so on. Check them all. You’re bound to save some money each month for the entire year.
2. Review your cable and internet service. Cable bills can quickly get out of hand. Take a look at the channels and services you use and need. Determine if a lower-level package is more appropriate, or, better still, cancel it. If you really do like TV consider Netflix or Stan. At between $10 - $15 a month they're a much more budget friendly option to cable TV. Review the offerings of other cable providers, too.
For your internet service, do some research. Are there other providers who offer a similar package to what you have for less? If so, give your provider a call. Ask them if they can match it, or give you a better bundle to what you have.
3. Review your credit report. Up to 30% of credit reports contain errors. Check for errors each year. If you find any mistakes, have them corrected to reflect accurate information.
4. Review your mobile phone usage and bill. Are you paying too much for data that you never use? Downsize your plan. Have you had your phone for over two years? You can move to a prepaid plan that costs much less.
5. Build an emergency account. This should really be your number one goal for 2017. If you’re spending all of your money each month, you don’t have a cushion to deal with the unexpected. Three months’ worth of expenses is a good amount to aim for; six months' worth of expenses is the standard advice. I suggest building your emergency fund to a full twelve months' worth of expenses, especially if you are carrying a mortgage or credit card debt. Get started today.
6. Spend less on food. Food is a significant monthly expense. Shopping with cost in mind can yield significant savings. Follow the $300 a Month Food Challenge. Aim for $75 a month per person for groceries including toiletries, cleaning products and yes, pet needs.
7. Create financial goals. Make a few financial goals that are reasonable to achieve in the next 12 months. Goals can address net worth, income, savings, investments or anything else you deem important.
8. Read a personal finance book. Choose any topic, but learn something new that can be applied to your finances in 2017. My three books, Debt Free, Cashed up and Laughing, Eat Well, Save More and Saving Money is Easy are all available through your local library, as are many others. My favourites are
9. Transfer your credit card balances to a card with no interest. Avoid paying high interest rates on your credit card debt. Be sure to read the fine print and understand all of the details and do not, under any circumstances, incur any more credit card debt. Put every spare cent you have towards paying down that very expensive credit card debt.
10. Save automatically. Set up your bank account to ensure that you save money each pay automatically. Have at least ten percent of your gross wage paid into a separate account just for savings. You can split the ten per cent so some is for building your emergency fund and some is for other savings if you want to. You don't miss money you never see so this is a painless way to build savings if you're of the "see it, spend it" mentality.
11. Save more. Increase the amount you’re currently saving by a small amount. Next month, increase it by a little more. You won’t notice the change in your take-home pay, but you’ll certainly notice the increase in your savings.
12. Keep tabs on your net worth. Once a month, calculate your net worth and track the changes. It’s easy to make a nice chart or graph with Excel.
13. Start an account to save for your child’s education. Education is expensive. Aside from school fees there are uniforms, books, excursions, camps, music lessons and so much more. If you start saving regularly just for education when the time comes to pay for any or all of these things you won't be scrabbling to find the money.
14. Anticipate your future expenses and plan ahead. Does your car have over 200,000 kilometres on the clock? Is your central heating over 10 years old? It’s only a matter of time before a major expense is headed your way. Begin planning today.
Each of these recommendations will only take a few minutes of your time to put in place. Yet imagine the changes you’ll experience in your finances if you take the time to do them all! Focus on making small changes that make a difference.
Enhancing your financial position doesn’t have to be painful. Make the most of the year ahead.
Small changes can bring big results:
1. Compare insurance rates. Compare your insurance rates to the other options available. That includes your car, home, health, income protection, pet and so on. Check them all. You’re bound to save some money each month for the entire year.
2. Review your cable and internet service. Cable bills can quickly get out of hand. Take a look at the channels and services you use and need. Determine if a lower-level package is more appropriate, or, better still, cancel it. If you really do like TV consider Netflix or Stan. At between $10 - $15 a month they're a much more budget friendly option to cable TV. Review the offerings of other cable providers, too.
For your internet service, do some research. Are there other providers who offer a similar package to what you have for less? If so, give your provider a call. Ask them if they can match it, or give you a better bundle to what you have.
3. Review your credit report. Up to 30% of credit reports contain errors. Check for errors each year. If you find any mistakes, have them corrected to reflect accurate information.
4. Review your mobile phone usage and bill. Are you paying too much for data that you never use? Downsize your plan. Have you had your phone for over two years? You can move to a prepaid plan that costs much less.
5. Build an emergency account. This should really be your number one goal for 2017. If you’re spending all of your money each month, you don’t have a cushion to deal with the unexpected. Three months’ worth of expenses is a good amount to aim for; six months' worth of expenses is the standard advice. I suggest building your emergency fund to a full twelve months' worth of expenses, especially if you are carrying a mortgage or credit card debt. Get started today.
6. Spend less on food. Food is a significant monthly expense. Shopping with cost in mind can yield significant savings. Follow the $300 a Month Food Challenge. Aim for $75 a month per person for groceries including toiletries, cleaning products and yes, pet needs.
7. Create financial goals. Make a few financial goals that are reasonable to achieve in the next 12 months. Goals can address net worth, income, savings, investments or anything else you deem important.
8. Read a personal finance book. Choose any topic, but learn something new that can be applied to your finances in 2017. My three books, Debt Free, Cashed up and Laughing, Eat Well, Save More and Saving Money is Easy are all available through your local library, as are many others. My favourites are
9. Transfer your credit card balances to a card with no interest. Avoid paying high interest rates on your credit card debt. Be sure to read the fine print and understand all of the details and do not, under any circumstances, incur any more credit card debt. Put every spare cent you have towards paying down that very expensive credit card debt.
10. Save automatically. Set up your bank account to ensure that you save money each pay automatically. Have at least ten percent of your gross wage paid into a separate account just for savings. You can split the ten per cent so some is for building your emergency fund and some is for other savings if you want to. You don't miss money you never see so this is a painless way to build savings if you're of the "see it, spend it" mentality.
11. Save more. Increase the amount you’re currently saving by a small amount. Next month, increase it by a little more. You won’t notice the change in your take-home pay, but you’ll certainly notice the increase in your savings.
12. Keep tabs on your net worth. Once a month, calculate your net worth and track the changes. It’s easy to make a nice chart or graph with Excel.
13. Start an account to save for your child’s education. Education is expensive. Aside from school fees there are uniforms, books, excursions, camps, music lessons and so much more. If you start saving regularly just for education when the time comes to pay for any or all of these things you won't be scrabbling to find the money.
14. Anticipate your future expenses and plan ahead. Does your car have over 200,000 kilometres on the clock? Is your central heating over 10 years old? It’s only a matter of time before a major expense is headed your way. Begin planning today.
Each of these recommendations will only take a few minutes of your time to put in place. Yet imagine the changes you’ll experience in your finances if you take the time to do them all! Focus on making small changes that make a difference.
Enhancing your financial position doesn’t have to be painful. Make the most of the year ahead.