A lot of people still make resolutions for the new year but often they plan on getting into shape, eat healthier or quit bad habits. Few people plan to be more financially stable in the new year but it’s an underrated resolution and there are easy ways to optimize your finances heading into the new year.
Look at your debts, assests and investments. Hopefully they all are working for you. Seek professional help from a financial planner or accountant, usually they have some quick and easy ways to help streamline your savings strategy.
If you are carrying debt, see if you can renegotiate your interest rate. This is incredibly cost effective if you are close to the end of a mortgage term.
Renovate instead of move:
Kids get older, stuff accumulates but renovation will pay more dividends than upgrading your square footage. An extra bathroom and a modern kitchen are two things that immediately ad value to your home but won’t extend your mortgage for a bigger home. Don’t restrict your cashflow with a larger mortgage.
I’m no expert, just a degenerate radio host, but these are three things I’m doing to generate cashflow in 2018.