6 Ways to Be Better at Money in 2018
There is never going to be a time when it is wrong to get your finances in order. However, a new year brings with it a fresh start and so it seems like a good time to start thinking about how much money you spend and getting your finances sorted. Around the holidays normal budgets can go out of the window. Some when January, some normality and routine is much needed. So here are some tips to help you this new year, so that you can be better with your money.
Save a Little Each Week
Choosing a little something each week can be helpful when it comes to taking control of your finances. Cutting out a Starbucks each week isn’t going to make you a millionaire any time soon. However, it will get you in the healthy habit of thinking about what you are spending your money on. As well as the habit of putting money into savings. It can help so much!
Ask For a Better Salary
If you’re working and you haven’t had a raise for quite a while, then it is time to talk to your employer about it and what you can do to get one. The cost of living is rising and rising so you need to think about how your salary goes along with that.
You will never be able to have financial freedom if you have debt habing around your neck. Yes, some debt like a mortgage or a car loan can be better debt to have than others. But look at what you have, whether it is credit cards or other loans, and make a plan to pay off more each month. It can have a big impact on your money throughout the year if you do.
If you don’t have anything to work towards, then it is going to be hard to to know what you want to do with your money. So decide what financial goals you want to have. Is it that you want to clear the debts that you or save a certain amount of money for something special? It all helps and will all make a difference.
Apply for a Mortgage
Applying for a mortgage can be stressful, especially since you will have an extra bill to pay. If you are of retirement age you can apply for a reverse loan to avoid having that extra bill. The benefit of a reverse loan is that you can borrow from the equity in your home for an extended period that may last for many years without repayment being required. However, there is an upper limit to how much you can borrow. You will see that limit if you use a reverse mortgage calculator. If you ever choose to leave the home or pass away the balance will finally be owed. However, even at that time your family will have the option of paying or not. If not the reverse mortgage lender will take money from the sale of the home equal to the loan balance. Any remaining balance after the home sale will be permanently erased without harm to other assets.
Get Professional Advice
If you are a little clueless when it comes to money and investments, then next year could be the time that you speak to a professional abou what could work best for you. Are there specific accounts or investments that they would recommend? Speak to a financial advisor or perhaps an accountant, and they are likely to have the knowledge to help you make some good financial decisions.
It is never too early to think about your retirement plan and how you plan to spend your retirement money. Do you currently pay into a pension or pension scheme? If not, then where can you put your money instead? It will help to have a plan in place for your life later on. So next year could be the time to start.