When you are an investor, it is important to make your decisions based on research, study, and personal beliefs and opinions. You must not depend only on others’ opinions and research. Good thing that there is much information and advice available right now to help you take a fresher look at your finances and boost it this 2017.
Reduce Debts with High Interest
When you have existing loans that have high rates, you might want to consolidate your debts to one lower rate loan. Most of your monthly payment will then go toward reducing the balance. When you carry balances on your high interest credit cards, you might want to consider to make a balance transfer to your card which offers promotional 0 percent APR. Search for a card which will not charge balance transfer free and try to pay down your debt once the promotional period comes to an end.
Stay Updated with Your Credit Score
Your current credit rating will not just affect whether you will be approved for a future credit for this can also factor into the fees you will be paying for credit cards, insurance policies, loans and even whether the landlord will approve you as a tenant. Continue to track your credit score as this will help you in creating a game plan which will further improve your finances, whether it is finding better rates for your accounts or paying off your debts. Scores often range from around 300 to 850. A higher credit score is always better.
Open New Checking Account
Majority of banks charge their monthly fees of about ten to twelve dollars for even for basic checking account. If you are paying the same amount to your bank, you can try switching to new checking account that does not have a monthly fee. It’d be like providing yourself an annual bonus.
Automate Your Budget to Simplify It
If one of the money resolutions is to do a good job of sticking to your budget, make this easy on yourself through setting up automatic payments and deposits. Arrange regular transfers to your investments and savings accounts and automate the payments for fixed expense. If you have big items covered, it will be much easier to deal with the smaller expenses.
Get Side Hustle
If you want to increase your income part in your budget, consider looking for a part-time work or become one of the countless freelancers. Start through identifying a hobby or an interest you have that some are willing to pay for including marketing, photography or tutoring skills. After that, spread the word that you are looking for work.
Improved the Rate of Savings
Is your extra money just sitting around in your savings account, earning rates that are barely half a percent? You may do this better. High-yield savings accounts may earn twice as much, around one percent APY or more, so it actually pays to shop around. Your money may grow faster without exerting too much effort on your part.
Explore Alternative Investments
Consider Bitcoin, Ethereum or some other type of blockchain tech currency.
Put some small amount into precious metals. Ray Dalio recommends 7.5 % of your portfolio. Available here.