5 Money Moves to Make in The New Year

 If the past year's spending habits have left you with a depleted savings account and a mound of debt, make sure the year ahead doesn't follow the same pattern. Changing your money habits isn't always easy, but the New Year is a great time to start. Some of the best money moves you can make will need to happen right as the year begins. Within a few months, you'll have your finances back under control and your budget back on track.

Here are five of the best money moves you can make in the New Year:

1. Re-evaluate your budget. Take a really good look at your budget and see if there are any expenses or costs you can just eliminate for a while. Can you cancel a subscription? Cut back on pedicure appointments? Eat out less often? Little things like this can add up to big savings in the long run. Evaluate your budget and find ways to trim down on costs.

2. Make it easy to pad your long-term savings account. How much of your savings account did you end up spending this past year? How long will it take to rebuild that savings account? Make sure you're creating a savings "expense" in your budget so that you don't even think twice about putting away money for your long-term savings.

3. Review your bills. Make a long list of creditors and all accounts that you make monthly payments towards then find the contact information for each company. Set up a phone appointment to negotiate rates or adjust your payment plan to better fit your budget. The New Year is a great time to make these types of changes and keep your budget on track.

4. Organize your tax records. Tax day may be a few months away, but you can start putting together a file for your tax records so the filing process is that much easier. If you have a pretty good idea of how much you will owe in taxes, set up a bank account specifically for this payment. If you are expecting a refund, make sure you have all your paperwork in order.

5. Set a new earnings goal. If you currently work full-time and don't see any chances of getting a raise in the near future, consider ways that you could make yourself more marketable or even pick up a second job on the side. Going back to school to learn some new skills could earn you a promotion at your current job, or put you in a position to get a better job with a different employer. Consider ways to turn a hobby into a profitable venture or find a weekend job to earn a side income.

Source: Shine