Are you ready to overhaul your spending patterns,
start funneling more money into your bank account
and buy better (and safer) products in 2014? If so,
you've come to the right place. We've rounded up
our favorite money stories to give you the bite-size
nuggets you need to get your financial resolutions in
place. Here are 25 ways to improve your finances
in the new year.
1. Start feeling good about money
If you have a "money shame," or something that
embarrasses you or makes you feel badly about
how you've handled money in the past, then make
this the year to move on. Financial therapist Bari
Tessler Linde says many people have trouble
thriving in their current financial lives because
they're still dwelling on past mistakes. "Most people
need to understand their money story first," she
says, which includes assessing strengths along
with relationships to spending, earning and giving.
2. Create your own money roadmap
Simply asking yourself what your goals are can
help set you on the path to achieving them, says
Bart Astor, author of "AARP Roadmap for the Rest of
Your Life," which is aimed at the 50-plus crowd. He
recommends thinking big and pursuing your biggest
dreams, even ones that seem overly ambitious. To
help increase the chances of success, he also
suggests sitting down with a spreadsheet to crunch
some numbers and make sure you have money
saved to fund your adventures.
3. Avoid unexpected costs of driving
Driving is convenient, but it can also be surprisingly
costly. You can get into accidents through no fault of
your own (and end up having to pay the deductible if
the other person leaves the scene or successfully
argues it wasn't his fault). Regular maintenance,
including oil changes and repairs, along with
registration fees and parking permits, also add up.
4. Recover from financial pitfalls
Climbing back from bankruptcy or paying off huge
amounts of credit card debt are no small feats, and
if you're in the midst of that kind of transition, you
could probably use some support. Find friends who
will help you stay on track with affordable activities
and by serving as sounding boards. Keep your big
goals at the top of your mind by posting them
prominently in a place you look every day (like your
desk).
5. Avoid dangerous products
With more than 400 product recalls a year coming
out of the Consumer Product Safety Commission,
it's hard to keep track of them all. Signing up for
email alerts from the commission or downloading an
app that alerts you about recalls can help. If you're
buying used baby products, you'll want to be
especially careful, since there's a high number of
crib, stroller and high chair recalls.
6. Cut your spending in a big way
When Detroit newspaper columnist Brian J.
O'Connor decided to cut his spending by $1,000 a
month, he did it by focusing on recurring expenses.
Starting with phone, cable and Internet expenses
and continuing down to groceries and his mortgage,
he managed to squeeze out continuing savings.
7. Take advantage of new shopping tools
An array of new startups, apps and Web-based
tools make it easier than ever to manage your
money while you're on the go. A report from
Corporate Insight, which performs research for the
financial services industry, found more than 100
new startups that aim to help people manage their
finances, from learnvest.com to sigfig.com. In
addition, new apps, including RedLaser, Shopular
and RetailMeNot make it easier to track coupons
and discounts while making purchases, so you're
always getting the best deal.
8. Get better customer service
No one likes staying on the phone for hours only to
get an unsatisfactory resolution from the company
you're calling. To protect yourself, try to stick with
companies that are known for their stellar customer
service. Top ranked companies – based on
research by the Temkin Group, J.D. Power and
Associates, Forrester Research and Zogby
Analytics in partnership with MSN Money – include
Amazon, Lowe's, Trader Joe's and Marriott.
9. Bump up your savings rate
Automatic savings are often the easiest way to put
money aside without too much effort; diverting
money into pre-tax retirement accounts directly
from your paycheck or setting up an after-tax
savings account are two popular options. Vanguard
founder John Bogle calculates that most people
need to save at least 15 percent of their income to
be on track for adequate retirement savings.
start funneling more money into your bank account
and buy better (and safer) products in 2014? If so,
you've come to the right place. We've rounded up
our favorite money stories to give you the bite-size
nuggets you need to get your financial resolutions in
place. Here are 25 ways to improve your finances
in the new year.
1. Start feeling good about money
If you have a "money shame," or something that
embarrasses you or makes you feel badly about
how you've handled money in the past, then make
this the year to move on. Financial therapist Bari
Tessler Linde says many people have trouble
thriving in their current financial lives because
they're still dwelling on past mistakes. "Most people
need to understand their money story first," she
says, which includes assessing strengths along
with relationships to spending, earning and giving.
2. Create your own money roadmap
Simply asking yourself what your goals are can
help set you on the path to achieving them, says
Bart Astor, author of "AARP Roadmap for the Rest of
Your Life," which is aimed at the 50-plus crowd. He
recommends thinking big and pursuing your biggest
dreams, even ones that seem overly ambitious. To
help increase the chances of success, he also
suggests sitting down with a spreadsheet to crunch
some numbers and make sure you have money
saved to fund your adventures.
3. Avoid unexpected costs of driving
Driving is convenient, but it can also be surprisingly
costly. You can get into accidents through no fault of
your own (and end up having to pay the deductible if
the other person leaves the scene or successfully
argues it wasn't his fault). Regular maintenance,
including oil changes and repairs, along with
registration fees and parking permits, also add up.
4. Recover from financial pitfalls
Climbing back from bankruptcy or paying off huge
amounts of credit card debt are no small feats, and
if you're in the midst of that kind of transition, you
could probably use some support. Find friends who
will help you stay on track with affordable activities
and by serving as sounding boards. Keep your big
goals at the top of your mind by posting them
prominently in a place you look every day (like your
desk).
5. Avoid dangerous products
With more than 400 product recalls a year coming
out of the Consumer Product Safety Commission,
it's hard to keep track of them all. Signing up for
email alerts from the commission or downloading an
app that alerts you about recalls can help. If you're
buying used baby products, you'll want to be
especially careful, since there's a high number of
crib, stroller and high chair recalls.
6. Cut your spending in a big way
When Detroit newspaper columnist Brian J.
O'Connor decided to cut his spending by $1,000 a
month, he did it by focusing on recurring expenses.
Starting with phone, cable and Internet expenses
and continuing down to groceries and his mortgage,
he managed to squeeze out continuing savings.
7. Take advantage of new shopping tools
An array of new startups, apps and Web-based
tools make it easier than ever to manage your
money while you're on the go. A report from
Corporate Insight, which performs research for the
financial services industry, found more than 100
new startups that aim to help people manage their
finances, from learnvest.com to sigfig.com. In
addition, new apps, including RedLaser, Shopular
and RetailMeNot make it easier to track coupons
and discounts while making purchases, so you're
always getting the best deal.
8. Get better customer service
No one likes staying on the phone for hours only to
get an unsatisfactory resolution from the company
you're calling. To protect yourself, try to stick with
companies that are known for their stellar customer
service. Top ranked companies – based on
research by the Temkin Group, J.D. Power and
Associates, Forrester Research and Zogby
Analytics in partnership with MSN Money – include
Amazon, Lowe's, Trader Joe's and Marriott.
9. Bump up your savings rate
Automatic savings are often the easiest way to put
money aside without too much effort; diverting
money into pre-tax retirement accounts directly
from your paycheck or setting up an after-tax
savings account are two popular options. Vanguard
founder John Bogle calculates that most people
need to save at least 15 percent of their income to
be on track for adequate retirement savings.
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