2798: 5 Quick Ways to Improve Your Finances Before the New Year by Andy Hill of Marriage Kids And Money
Dec 8, 2024
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As the New Year approaches, actionable tips for financial improvement take center stage. Learn the importance of creating a budget and cutting unnecessary subscriptions to enhance savings. Discover the debt snowball method for debt elimination and the value of setting SMART financial goals. Explore ways to earn extra cash and reassess your monthly expenses to prioritize happiness. These strategies pave the way for a financially confident start to the new year!
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Quick takeaways
Creating a budget and tracking expenses provides crucial insights into spending habits, enabling individuals to identify potential savings and enhance financial health.
Implementing SMART goals offers a structured approach for achieving financial objectives, empowering individuals to measure progress and celebrate milestones effectively.
Deep dives
Creating a Budget
Developing a budget is essential for improving financial health. Tracking income and expenses helps individuals understand their spending habits, which can illuminate areas for potential savings. Actionable steps include reviewing recent bank and credit card statements to categorize spending in major areas such as housing, transportation, and entertainment. By gaining clarity on financial flows, individuals can identify trouble spots and begin to make informed adjustments towards eliminating debt and building wealth.
Eliminating Unnecessary Expenses
Cutting down on subscriptions and memberships can lead to significant savings. Many people pay for services they no longer use or enjoy, contributing to unnecessary financial strain. By reviewing subscriptions like streaming services or gym memberships, individuals can assess their true value and cancel those that don’t bring satisfaction or utility. This process not only frees up money but allows for better financial management and less clutter in one’s budget.
Setting SMART Financial Goals
Establishing SMART goals can guide individuals towards better financial outcomes. SMART goals are specific, measurable, actionable, realistic, and time-bound, which makes them far more effective than vague intentions. For example, committing to pay off a specific credit card balance by a set date provides clarity and direction. This structured approach not only enhances goal attainment but also empowers individuals to visualize their financial progress and celebrate small victories along the way.
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Episode 2798:
Andy Hill provides five actionable tips to improve your finances as the New Year approaches. From creating a budget and canceling unnecessary subscriptions to earning extra cash and developing a SMART financial plan, these strategies offer a solid foundation for kicking off January with greater financial clarity and confidence.