There are less than 30 days to Christmas. Are you done with all of your shopping?
I have about two items to purchase online and I’m done. I try not to step foot in a mall or a big box store after Thanksgiving and my goal is to be completely finished well before December arrives.
A coaching client told me about a site online, called personalizationmall.com that specializes in personalized items and I picked up these personalized reusable cups for my kids. I think they’re super cute! Plus no more paper cups littered all over my kitchen every morning. Are my kids the only ones that use multiple cups per day?
I’ve talked before about the paper product struggle in my household. So I’m hoping that these reusable cups will lessen our dependence on paper cups (the cost really does add up!)
Anyway, back to the purpose of this post…I can feel the excitement rising as we approach 2019 as everyone is looking to make a fresh start.
With that in mind, I put together a list of 19 Money Moves to Make in 2019. Not all of them will resonate with you but hopefully, you find something on the list that helps inspire you as you set your money goals for the New Year!
Here goes…
1. Develop a plan to pay down debt.
2. Budget consistently (I know easier said than done but not impossible). You can budget even if you are living paycheck to paycheck.
3. Review your credit report and score from one of the 3 credit bureaus.
4. Stack your emergency fund. I think we’re headed for a recession so it’s time to shore up the financial house.
5. Start a Life Happens Fund. This is a great way to protect your emergency fund and reserve it for ‘real’ emergencies.
6. Increase contributions to your workplace retirement account. It’s not sexy but it works. Start with a 1-2% increase if your budget allows.
7. Increase your savings rate. The advice to save just 10% is outdated especially for those of us that want to reach financial independence or retire early someday.
8. Automate your investments. One of my favorite apps to use is the Stash App. One of the best features of the Stash App is that you can buy fractional shares, which are portions of whole shares. With fractional shares, you can start investing with as little as $1.
9. Read more! This is one of the habits of self-made millionaires so there must be some validity to it!
10. Adjust your withholdings at work and give yourself a raise. If you are getting a big income tax refund each year then you are having too much money taken out for payroll taxes. Why give the government a free loan? They certainly won’t return the favor!
11. Get a side hustle. A side hustle will help you accelerate your financial goals and create more income to save, invest, and pay down debt.
12. Cut the cable. Yes! I will keep saying it. There are TONS of great alternatives. I switched to SlingTV and saved a ton of money.
13. Cook at home more. I get bored with cooking the same meals over and over again so I’ve been watching the FOOD Network for inspiration. Have you checked out the Pioneer Woman Show?? I just discovered it and I’m loving it!
14. Take your lunch to work (most days). Invest in a $15 dollar lunch box and it will save you a ton of money.
15. Review your life insurance needs. If you don’t have a term life insurance policy for you and your spouse look into getting one ASAP.
16. Open a Roth IRA. Roth IRA contributions grow tax-free and your distributions in retirement will also be tax-free!
17. Give yourself a monthly spending allowance. Personal spending money helps you to avoid deprivation as you are budgeting. I often use my personal money to indulge in the occasional smoothie or mani-pedi. To keep the money separate from my household money I transfer it to my CHIME debit account.
18. Start a 529 plan for your kids. It’s a great way to save for college.
19. Get an accountability partner. Find a friend or family member on a similar financial journey and lean on each other for support. Or consider hiring a financial coach for one-on-one attention.
What money moves will you be making in 2019?
Great tips, thank you. I have decided to get my fiance on the same page with me. He has issues with extra spending and I had an issue with explaining my system with him so we would always go over budget because all the bills weren’t out the account by the time he would the spend money.
In 2019, I told him we have to have a plan and keep each other accountable. We have a beautiful daughter and another one on the way so it is time to get serious about paying down the debt so we can invest in our home.
Hi Shalonda,
Thank you! Congratulations on the baby and for getting your finance on board. Finances can be a big point of contention so getting your spouse on board with the plan is half the battle. Wishing you all the best in 2019!
YASSSSS! Super love all the great ideas to think about and consider changing in the day-to-day. I do believe I will be able to increase my work contribution up by 1%, as well as, creating a Life Happens Fund to not really dip into the EF. I am considered a SUPER SAVER lol and I sometimes get a little anxiety when I see my account dip below the amount I’ve worked so hard to get it to. I would like to take a step back and not be so hard on myself and really enjoy the little accomplishments I’ve reached along my financial journey. Thank you for all you do Nicole, God Bless.
Thanks so much Tina!! I can totally relate to that anxiety as well. I always have to remind myself that the emergency fund is there to serve that purpose. But it still stings a bit lol.
Hi Nicole,
Wonderful tips. In 2019, I plan on doing #14 more. Part of the problem is that I get tired of eating the same meals daily. Maybe I should go watch the Food Network for some inspiration :-).
Wishing you the best of luck in 2019,
-Jerry
Hi Jerry, Thank you!! Yes, the Food Network is amazing. I get inspiration from them when I get bored with my own cooking. I hope that 2019 is a great year for you!
As someone whose job suddenly and unexpectedly depends 100% upon the success of Sling TV, I thank you for switching. Lol. As someone whose job suddenly and unexpectedly depends 100% upon the success of Sling TV, I will also be stacking my emergency fund and increasing my savings rate. :-p