8 things to help get your financial life in order in 2019

8 things to help get your financial life in buchen in 20198 things to help get your financial life in order in 2019A few weeks ago, in theMoney Circlegroup, someone mentioned that they want to get their financial shit together in 2019. They asked what steps they should be taking in order to do that with their money. This is going to look different for everyone, depending on your situation, but there are certain steps that are always good to take.Decide What You Want to AchieveWhat is the number one financial goal you want to reach in 2019? This might seem obvious, but you have to actually decide which money goals you want to reach in order to reach them. For the new year, sit down and decide what you want to achieve in 2019. That way, you can start taking the right steps to get there.Do you want to create a budget that youll actually stick to? Do you want to get a higher paying job? Do you want to pay off your debt? Whatever your goal is, get clear on it so you can get started. Remem ber to be realistic when setting goals, so you dont end up frustrated and demoralized when you dont reach them.Get Clear on Your NumbersThis is essential if you ever want to be financially healthy. You have to know how much money youre actually working with. Sit down with a notebook or whip up an Excel spreadsheet, however you prefer to do it. Write out exactly how much money you earn each month, and then list out all of your bills. Whatever is leftover should be used for your flex spending, savings, and additional debt payments. To learn more about how to get clear on your numbers to create your budget,check outmypastposts.Schedule Weekly Check-InsSetting a budget is great, but its not very useful if you only look at it once a month or less. Thats why you need to check in with your budget at least weekly. I call it a Money Minute, you can call it whatever you want. The most important thing is that you do it. Schedule at least one time each week to check in with your money. It can l iterally be 10 minutes where you see how much youve spent that week and compare it to whats available to you for the month. It doesnt have to be terribly complicated or painful. In fact, the more you do it, the less painful and more helpful it will actually be.Choose One Monthly Expense to EliminateWe all know theres at least one thing we dont really need to pay for anymore. It could be a small subscription that you dont take full advantage of anymore, or it could be a bigger payment, like the gym membership you never actually use. Once you get clear on your numbers, youll be able to identify one unnecessary recurring expense that you can get rid of. It might not account for a lot of money, but every little bit counts, especially over the course of a year.Open a High-Yield Savings AccountIm a huge fan of high-yield savings accounts (check me out onNerdWallet). These accounts provide an interest rate that actually means something. Unlike traditional brick and mortar banks, high-yield savings accounts have interest rates of about 2% right now Thats over 100% more than a regular bank can offer. If you want your liquid savings to grow in a meaningful way, you should open a high-yield savings account. This is especially important when it comes to youremergency savingsaccount, because it will be a bigger amount of money that you (hopefully) dont have to prise for a while. Let your money work for youI personally useAlly Bankfor this type of account, but there are lots out there now, likeSynchrony,American Express, andBarclays. They all typically have similar interest rates and fees (or lack thereof), but look into each of them and decide which one will be best for you.Automate Your SavingsOnce youve chosen the bank for your high-yield savings account and opened the account, its time to set up automated savings Automation is key when it comes to almost any financial decision. Thats because it takes your emotions out of the equation and makes sure it gets done without you even having to think about it. This is especially true when it comes to saving. Because really, whoactuallysaves the money that they have leftover at the end of the month? Figure out how much you can realistically afford to save each month, and set up direct deposit through work. It can be a tiny amount, or it can be bigger. The point is automating will make sure that you actually do save, and youll be proud of yourself in a few months when you see how much its grown.Make a Plan to Eliminate Consumer DebtConsumer debt is basically any debt accrued by spending money on things that dont gain value. This would not include a mortgage or student loans. Consumer debt is consideredbaddebt because of itshigh interest ratesand low value of return. Conversely, something like student debt typically has low interest rates and the return is that you will (hopefully) succeed in your career as a result. Consumer debt can easily get out of control and the interest rates can make it grow faster than you can keep up with it. If you have debt like this, meaning credit cards or personal loans, you should prioritize paying it off. Of course, this kind of debt payoff can take a long time, so the important thing is to put a plan in place for getting it paid off.Figure out exactly how much you owe. Gather all of the information and put it in a spreadsheet where you can see it in one place. Make sure you include theinterest ratesof each card. From there, decide if you want to take the snowball or avalanche method to paying down debt. You should also look into yourconsolidationoptions. Then figure out if you can afford to make larger or additional payments on your debt each month or throughout the year. Using adebt calculatorcan help you get a good idea of how much you need to pay to get your debt paid off by a certain date. Good luckIncrease (Or Begin) Your Retirement ContributionSaving for retirement is one of the most important things you can do for yourself. We can no longer re ly on things like pensions to get us through our old-age. Its up to us, as individuals, to support ourselves. So if you havent already started saving for retirement, make that a priority in 2019. If your employer offers a retirement plan, enroll in it, and invest at least the percentage that your employer will match. If your employer doesnt offer a retirement plan, or if you are self-employed, open an IRA. You can contribute up to $6,000 to an IRA each calendar year.If you have been saving for retirement, its time to revisit your contribution. If you havent increased the percentage that youre putting in, you should do that, especially if youve received a cost of living increase or raise. Even an increase of 1% will make a difference in the long run. A good rule of thumb is to increase your retirement contribution 1% each year, especially as your salary starts going up.- - - If you do even one or two of the items on this list, youll be better off in 2019 than you were in 2018. Its okay if you cant do everything, because youre a human and you have a limited amount of time and money. Be kind to yourself while youre putting new systems in place, but keep moving forwardThis article first appeared on MaggieGermano.com.