15 Feb Love Your Money Tips

If you’re not into the Valentine’s hoopla, you can still use the day to love-on something you care about. Your dog, garden, family. And… what about your money!?

Some tips to get started are below:

• Check how much interest you are earning on your cash. If you have this sitting in low-paying bank savings, move a portion to a high-interest account. With the potential for interest rate cuts later this year, consider locking in that high interest with a CD.
• Review your subscriptions and eliminate all those that you are not using. You might be surprised at how much you can save. The survey in this article that on average, consumer’s actual spending was $219 per month, about 2.5 times as much as the $86 they guessed.  How to Kill Your Zombie Subscriptions
• Come up with a plan to tackle your debt. Don’t be put off by the mountain if there is one, just take action, one step at a time. Your high-interest debt is costing you the most, so it’s a good idea to pay this down first, however, if you need fast results for motivation, alternatively start with your smallest debt. Regardless of approach, once the first debt is paid off, add that monthly amount to what you are paying toward the next debt, and so on.
• Set up a money meeting with your partner. You know you have different ideas and feelings about money, so keep it light and be curious, versus judgmental. Make your money meeting a regular thing – put it on your calendar.
• Set savings goals for travel, a new car, or other large money purchases, saving towards those goals rather than paying back your credit card.
• Don’t forget to pay yourself as your number one bill. Set up automated monthly transfers of funds to your savings and retirement accounts. Check that you are making the most of contributions to your employer plans (e.g. 401k, 403b) and any employer matches.
• Create a money plan unique to you. What you need to spend and save could be quite different from your friends and family. What does it take for you to live your best life?

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