- Max out an IRA ($5,500 per year or $6,500 per year if you’re over 50).
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Increase your 401k contribution, even if it’s just by 1% (the 2018 contribution limits are $18,500 and $24,500 if you’re over 50).
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Set up an automatic savings plan to help meet your goals. Money will automatically be transferred out on pay day ensuring you never miss a saving opportunity.
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Count your loose change around the house, car cup holders, backpacks, etc.
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Fill a trash bag with old clothes. If you didn’t wear it in the past year, it’s time to go. Try taking it to a consignment store first to collect some cash. What they won’t take, donate to charity for a tax deduction.
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Go into your basement or attic and organize what you use and what you don’t. Set aside what you don’t and have a yard sale the first nice weekend this spring. What you don’t sell, leave by the curb for free pick up or take to a charity. Do not bring it back inside.
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Fruits and vegetables are healthy, and they look nice growing in the yard. They can also be expensive at the food store. Try starting a small garden, even if it’s just one tomato plant.
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Learn to cook one new dish. It’s always great to have a specialty. This can also save you money on ordering take-out throughout the year.
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Join a gym. If you belong to one and don’t go (paying the fat tax), cancel your gym!
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Find an accountability partner with similar goals to meet with monthly. Write down what you will accomplish that month and next month review your progress.
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Clean out that one “junk drawer” in the kitchen. You know the one I’m talking about…
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Pay off one debt, even if it’s your smallest credit card or loan.
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Call your insurance agent to review your policy. Perhaps there is an opportunity to consolidate policies into one household for a price break or a lower cost policy available.
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Check the air in your tires, especially if you live in the colder north. Low air pressure will reduce fuel efficiency and increase trips to the gas station.
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Learn to appreciate cheap coffee (this hits close to home for the author of this list).
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Find one destination you frequent regularly that you can get to by means other than a car; like walking or biking to the grocery store.
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Find a family member to share subscription services with and reduce your costs. Most places are welcoming to family members joining the plan.
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Re-read this list and do one item today!
Posted by Matthew S Ellis CFP®, CIMA®, AIF® on Wed, 01/17/2018 - 08:50