What the Heck Should I Do With My Money in 2018?

in Make by Lacey Langford, AFC®

The New Year has begun. And a new year means new beginnings. You can’t help but think about all the things you want to do differently this year compared to what you did last year. Your money is bound to be at the top of the list. In this week’s “What the Heck,” I have a reader that wants to know what to do with her money in 2018. She wants to know steps she can take to make lasting change with her finances in 2018. To help her out, I’ve put together seven tips to help get your financial life together in 2018. You can watch the video here.

What the Heck Should I Do With My Money in 2018?

If you have a “What the Heck,” email it to me at [email protected] and I’ll answer it for you.

7 Tips to Get Your Financial Life Together This Year

1. Make a Plan-Set Goals

Think about how you want your money to be at the end of 2018 to help create an action plan to make it happen. Knowing your action steps helps you reach your goals.

2. Make a Spending Plan

Know what you have coming in and out each month. How much are you earning and how much are you spending? Having a clear picture of your current financial state gives you an understanding of what you’re working with and how to best apply it.

3. Pay Off Debt

Don’t put off getting out off debt any longer. Make it a priority in 2018! It’s not going to disappear magically, you have to take action to get out of debt.

4. Save More

Set money aside for your saving goals and for unexpected expenses. Making saving automatic is the number one thing you should do to build a surplus of cash.

5. Save for Retirement

It’s important to make saving for your future self a priority. Take advantage of retirement accounts like the TSP401k, and IRAs to help you prepare for your golden years.

6. Stop Buying Stupid Stuff

Stop spending money on stuff that isn’t helping you work towards your financial goals. Think before you spend.

7. Do You in 2018

Stop trying to keep up with everyone else financially. Know your own budget and stick with it. Other people aren’t going to help you pay your bills or save money. Stay focused on your financial goals.