Now that we have just a week left to kick off 2017 and welcome 2018, do you think you’re ready financially? Or are you someone who still wishes to set aside some money and educate yourself on the gross money issues? If yes, you’ve clicked on the right post. We’ve rounded up some advice from financial advisors, bankers and brought about a few ways in which you can improve your finances.
While some of them will lead to immediate savings, some others can lead to long-term benefits. Nevertheless, each of them can have an impact on your overall financial plan. Check out the tips to make the best monetary moves in 2018.
#1: Do away with the fear of seeking the help of a broker
Learning the art of investing money is indeed a great skill and your apprehensions may be based on just the idea that you are not familiar with any idea on investment. Conjuring up thoughts of handling a chunk of your dollars without any such guarantee of it growing is indeed terrifying. The way out is getting educated. A broker is nothing but an intermediary between the investing world and you and he is the one who can help you make the right financial decisions.
#2: Get the right insurance coverage
There are few states where the car insurance costs can rival the mortgage payments. Do you drive an old car? If answered yes you needn’t pay for physical damage coverage as that would practically be a wastage of your dollars. If you calculate that the present value of your car is $1000 which is equivalent to the deductible of your insurance policy, it’s not worth taking. When you drop your physical damage coverage, you tend to save money on premiums.
#3: However small, take action towards devising a financial plan
Do monetary worries give you sleepless nights? Are you living from one paycheck to another and you simply can’t move ahead of that? Do you nurture the dream of buying a house but you can never figure out how you could save for the down payment? Well, hope isn’t a plan and as per a financial expert, the antidote to anxiety is action. So, unless you take action, you’re not going to reach your financial goals in 2018.
#4: Know the strategies of filing Social Security
It has been found that the strategy matters as long as claiming benefits of Social Security is concerned. While some start collecting the benefits at the age of 62, others wait till they turn 70 because that is the stage when monthly payments increase by 8% per annum. Hence, it is worth conducting a detailed analysis of your options.
Now that you know the smart tips for kicking off a successful 2018, what are you waiting for? Start following them and get the best results with your personal finances in the New Year.