Tips

Ways to improve your financial situation in 2016

Compiled from several articles written on how to earn, save, and invest money in 2015, below are some suggestions to help you start 2016 with a solid personal financial foundation.

Administrator

22 October, 2023

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A compilation from multiple articles on how to earn, save, and invest money in 2015, below are some tips to start 2016 with a solid personal financial foundation.

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Set big money goals and share them with friends

Sharing your financial goals with friends, even strangers through social media, can help you understand what your goals are and also make you more accountable to achieving them. As the new year begins, you might consider sharing your financial goals on Facebook, Twitter, or a goal-setting website like Linkagoal.

Calculate your net worth

Knowing what you own is an important step towards building wealth. So take some time, at least once a year, to look at the numbers, the assets and debts you have, in order to determine your net worth.

Maximize workplace benefits

If you are fortunate to have a job with good benefits, make sure you take full advantage of them. Besides your salary, pay close attention to the financial programs for retirement, healthcare, medical insurance, accident insurance, etc.

Use helpful savings apps

Mobile apps make it easier to protect your bank account from thieves and save money. Some of the best apps in this category are BillGuard and Key Ring.

Financial consensus with spouse

Agreeing and coordinating spending and saving habits with your partner will not only make your relationship smoother, but also mean more money flowing into your joint bank account. A monthly “meeting” to review finances, develop a 5-year financial plan, are among the ways that can help you spend your money more wisely.

Teach kids smart money habits

Good saving habits start early. Financial experts often advise to start talking about money and the importance of budgeting to children as early as preschool. Guiding and allowing children to make purchases, compare prices when shopping can help them develop a basic understanding of finance.

Simplify your digital life

If you’re often tempted by promotional emails, incredible savings, you may want to consider unsubscribing from regular emails from retailers.

Stay in shape while saving money

If you’re looking for ways to stay fit while still actively saving money, there are mobile apps that can help you. Runtastic Six Pack and Johnson & Johnson 7-Minute Workout are among the free and useful apps that can help you avoid using “I’m saving money” or “It’s too cold” as excuses for not exercising.

Buy fewer clothes

Clothes can be a huge expense. But there are still ways to limit spending without sacrificing your fashion style, such as taking advantage of seasonal sales, swapping clothes with friends, or using rental websites like Rent the Runway to have beautiful outfits for formal events while still saving money.

Learn from young people’s spending habits

Youth are still in the early stages of their financial journey. Going through an economic recession, many young consumers can be smart shoppers, maximizing discounts and savings. They also know how to cut expenses to save money for travels.

Learn more about finance

Financial knowledge is an important factor in helping an individual accumulate wealth over time. If a person understands basic concepts when it comes to saving, investing, and compound interest, they are more likely to become richer over time. That is why efforts to self-learn and educate oneself about personal finance, whether through workplace education programs or online tutorials, are meaningful.