Padding and Protecting Your Pocket: Four Ways to Have the Best Financial Year Yet

Tax Planning Stocksy_txp590e9179Gzl000_Small_435830

It’s time for your best financial year yet. Can you feel it? This year, you’re going to pad your wallet, protect your income, and improve your overall financial health. So let’s get to it!

Set Clearly Defined Goals

Whether they’re simple or complex, long-term or short-term, every successful financial decision begins with planning your goals. No matter how many times you’ve heard this advice in the past, it’s still important to set specific, clear financial goals.

  • Save for a house, for a car, or for retirement.
  • Pay down your debt, spend less, or spend more wisely.
  • Create a budget, or actually follow your budget.
  • Earn more.
  • Build an emergency fund.

Your financial goals will require your money, your time, and your attention throughout the year, so don’t just rely on luck. Create a real-world plan to help make your goals a reality.

Reduce Your Overspending

One of the best ways to pad your wallet is to save money. But saving money isn’t just about putting part of your paycheck into a savings account. It’s also about locating those places in your life where you’re bleeding, or wasting, money. Are you overpaying for your car or health insurance? What about internet, television, or even your utilities? Is your home as energy efficient as it could be?

It’s easy to set up auto-payments and forget about your bills, but you should always know what you’re paying for. This year, protect your wallet by revisiting your monthly expenses and make sure that you’re getting what you pay for, and that you’re paying for what you need.

Put Your Money to Work

Whether it’s a simple savings account, a Mutual Fund, a College Savings 529 Plan, an IRA, or a full-blown stock portfolio, a great way to add a little padding to your wallet is to let your money go to work for you.

Saving money is essential to your financial health. But you can only save so much. Maybe it’s time to dip your financial toe into another pond and find a way to make your savings start earning money.

Ask for a Raise

Padding your wallet isn’t only about saving money. Sometimes, it’s about boosting your income. Schedule a meeting with your boss and ask for a raise at work. Or, if you’ve hit the glass ceiling at your current job, it might be time to find an employer who will pay top dollar for your particular set of skills. Is it time to begin pursuing your dream job as a side income? Whatever the case, you can always save more when you make more.

As you look forward to the new year, take action to pad and protect your wallet. Be encouraged to boost your financial health and have your best financial year yet.

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