Make 2019 the year your money works for you with these nine resolutions.
1. Earn what you’re worth.
Know your value and be paid for it. Not sure where to start? Read more about how to ask for a raise here.
2. Cancel those unused subscriptions!
Remember the free one-month trial subscription you signed up for and then forgot to cancel? Yeah, that’s the one. Nix that for the New Year before they charge your credit card for February, too. While you’re at it, go through your bank statement and look for any other sneaky little monthly charges that may have been flying under your radar.
3. Get more from your savings.
If you’re actively putting away money into your savings, that’s fantastic—you’re already ahead of many others when it comes to financial resolutions. Now it’s time for next-level saving with a high-yield savings or money market account. These accounts help your funds grow a little faster, with compounding interest at better rates than a “regular” savings account.
Click here to see Member One’s Money Market account rates.
4. Start saving for something fun.
Money management shouldn’t be all serious, all the time. Pick a fun goal to start saving toward, like a dream vacation. Stick a photo of your goal on the fridge or at your desk, and consider opening a special account, for example a vacation club account, just for that goal. You’ll learn to forego the more trivial everyday indulgences in favor of something bigger and better, and remind yourself that the real reason for managing your money is to be able to live your best life.
5. Make one extra payment per month on your “worst” debt.
Commit to paying a little extra each month on your highest interest, or alternatively your highest balance, debt. The extra payment doesn’t have to be huge. Even another $50 or so on top of your minimum payment could make a bigger difference than you might think.
6. Max out matched retirement funds.
If your employer offers matching contributions to a 401(k) retirement plan, work on reaching the maximum contribution amount. Don’t leave money on the table.
7. Embrace a little minimalism.
De-clutter your home and you could potentially rustle up a few hundred bucks worth of extra cash. Sell that unused weight bench on Craigslist, list electronics you’ve upgraded beyond on eBay, take trends you’ve tired of to a consignment shop. Going forward through the New Year, ask yourself before you buy something: “Do I need this? Do I love it? Do I already have something similar? Will I get a lot of use out of it, or would borrowing one suffice?”
8. Contribute to a cause that’s close to you.
Choose a charitable organization that really means something to you, and commit to supporting it in some way each month. This could be a monetary donation—every little bit helps—or it could mean volunteering your time when your budget is tight. Being able to give back is perhaps the most fulfilling money-management skill. You can read more about choosing the right charity here.
9. Learn something new everyday.
Whether it’s a new skill that could help you advance your career (hello, promotion and raise), or a financial literacy topic to get even smarter about money. For the latter, Member One’s blog is a good place to start.
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