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!
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 work-place 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 The advice to save just 10% is outdated especially for those of us that want to reach financial independence or retire early someday.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. I just started using the M1 finance app to invest additional money into index funds every time I get paid. The best part is that there are no fees to buy or trade.
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?
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