New Year

7 Important Money Moves to Make in the New Year, According to Financial Advisors

Holly Johnson — Tue, 07 Jan 2020 18:37:34 +0000

It's easy to think you'll get your finances together "next year" or when you finally get the promotion you've been after. Unfortunately, time keeps on ticking away, making it easy to spend years dreaming of financial security without making progress toward your goals.

Now that 2020 has arrived, it may be the perfect time to stop making excuses and start making moves. After all, it's more than a new year — we're in a brand-new decade.

But which moves have the potential for the most impact? We interviewed several financial advisors to find out which steps they think nearly everyone could benefit from in 2020 and beyond, and here's what they said.

1. Increase your contributions to tax-advantaged retirement accounts

According to financial advisor Benjamin Brandt, who is the host of retirement podcast Retirement Starts Today, the beginning of the year is an excellent time to reevaluate how much you're putting away for retirement. Fortunately, the Internal Revenue Service (IRS) increased the maximum you can contribute to a 401(k) account in 2020, bringing up your total maximum contribution amount to $19,500.

"Could you save a little more for the future version of yourself?" he asks. "Calculate what a 1% increase in your savings rate might be, and commit to that increase."

You might not even notice the money missing from your budget when savings is increased in such small increments, but you'll never know unless you try. (See also: 5 Money Moves to Make Before You Turn 40)

2. Take stock of changes in your life that took place over the last year

Financial planner Luis F. Rosa, who is also the host of the On My Way to Wealth podcast, says that pretty much everyone should sit down and analyze any big life changes they've endured over the last year or two, including marriage, divorce, or the birth of a new child.

You should also review your beneficiary designations on your 401K, life insurance, and other accounts to make sure they are up to date as per your wishes, he says. (See also: 5 Money Moves Every Single Parent Should Make)

3. Learn to live within your means

Most people manage their money in the most backwards way possible, meaning they buy what they want and try to save anything that's left. Financial advisor Christopher Clepp of Strategic Financial Group says people need to "reverse their thinking" if they hope to reverse this trend in their lives.

Instead of buying what you want and worrying about savings as an afterthought, Clepp says to "invest for the lifestyle you want and spend what is left over."

You don't need to keep track of every expenditure if you're saving enough to begin with, he says. "If you need to save 20% per month, then save that first and the other 80% spend as you see fit as long as you don't exceed that number or run up credit card debt."

4. Pay off credit card debt

Credit card debt may not be overly problematic for many people in the short-term, but this type of debt doesn't really help anyone in life. Credit cards carry an average APR of over 17%, after all, so they're a poor option when you need to borrow money. And since you can use them to keep spending, they can easily be used as a crutch to build a lifestyle you can't really afford.

Clepp says everyone should make 2020 the year they pay off credit card debt once and for all. He points out that, if you carry an average of $5,000 in credit card debt with an average APR from ages 35 to 65, that debt will cost you close to $20,000 in interest payments. That's a ridiculous amount of money, and I'm sure you can think of plenty of ways you'd want to spend that much cash.

5. Assess your insurance needs

Clepp also says that people need to look over their insurance needs every year, even if they think they're up to date.

"All the careful future planning can be undone by an unexpected accident," he says. First and foremost, you should review your home insurance, auto insurance, and any umbrella insurance coverage you have each year.

Find someone who will educate you about the policies. "Cheaper isn't always better, but you may be able to find comparable coverage for a better price," he says.

Also, make sure to review your life insurance needs if you're married or have dependents. From there, review your disability insurance to make sure you're adequately protected.

6. Start using a budget

Financial planner Brandon Renfro, Ph.D. says everyone should give budgeting their income a try, and everyone should take the time to review their budget in the new year — even if it's working well so far.

"You may find that there are smaller budget items you can eliminate," he says. "The key here is a lot of times the smaller items go unnoticed, precisely because they are small."

By going over your budget and spending for the year, you may find you're splurging in areas that don't matter to you, which could easily be reduced for more savings. You may also find you're not really using things you're paying for, such as subscription services. In that case, you could cancel unused services and funnel that money elsewhere in your budget, such as savings or debt repayment.

Renfro says that, on top of reviewing your budget, you should also review any progress you're making toward your financial goals.

"This goes a little farther than simply confirming that you took the specific actions you had planned to," he says. "Here, you are confirming that the actions you took actually got you closer to accomplishing what you hoped to accomplish."

For example, maybe you planned to pay an extra $100 each month on your car loan or credit card. If you did, see how much closer you are to getting it paid off. If you achieved your goal, that's great, and you may just want to stay the course. If not, you should be asking yourself why not and taking steps to get back on track. (See also: 5 Steps to Successful Budgeting)

7. Improve your credit score

Financial planner R.J. Weiss of The Ways to Wealth says another area of people's lives they should focus on is their credit score, although few people keep an eye on this component of their financial health.

"This goal often gets prioritized when a large purchase is up ahead, such as a home," he says. "Yet, it's something that you should monitor and improve as there are many benefits to having a great score."

Specifically, he suggests consumers work on decreasing their total credit utilization. This is the amount of revolving credit you use compared to the amount of available credit you have. If you have total credit limits of $10,000 and $5,000 in credit card debt, for example, your total utilization is 50%.

"A great target to aim for is a ratio below 30%," he says. "Keep in mind, you can do this by paying off your debt, as well as increasing the total amount you have available."

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This article is from Holly Johnson of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

7 Reasons to Get Spring Cleaning Done During Winter

Kentin Waits — Thu, 04 Jan 2018 09:00:09 +0000

Spring cleaning — it's a timeless tradition that makes perfect sense … until you think about it for a minute or two. Why does everyone wait until spring to start that deep clean? Wouldn't winter be a more ideal time to tend to all things indoors? Let's turn this unquestioned custom upside down. Here are seven reasons to get spring cleaning done during the dark and dreary months of winter.

1. Baby, it's cold outside

With fewer reasons to be outside, winter gives us more time to focus on the inside of our homes. This is the season for nesting, and cleaning is an essential part of making our nests as comfortable as possible. (See also: 7 Ways to Prepare for Spring Cleaning)

2. You're organizing new stuff anyway

If you're like most Americans, you probably have loads of new trinkets and gadgets coming into your homes during the holidays. As long as you're organizing your haul, why not clean out your closets, rearrange the attic, and clear out the garage to make room for your new toys?

3. It's the giving season

Organizing, decluttering, and donating — they all work together in perfect harmony. Wintertime is the time to give away cold-weather gear your kids have outgrown, clothes you don't wear, and household items that could brighten the lives of those in need. (See also: 12 Ways a Deep Declutter Can Improve Your Life)

4. And the season of getting sick

Stuffy noses, sore throats, and sneezing — they're all part of the magic of the chilly season. But a thorough winter clean can help you keep the nastiest germs and viruses at bay. If your family is already under the weather, a deep clean can prevent a second round of sickness.

5. Everyone's home

With everyone home for the holiday break and the following snow days, it's much easier to declutter. Get the whole family involved; decide together which items can go and which should stay. Then, assign each person a simple cleaning chore and make short work of long to-do lists.

6. It's the right way to ring in the new year

New Year's is all about fresh starts. Clear your mind by clearing out the accumulation of years past. A spotless, clutter-free, and organized home is the perfect place to discover what's next for you and your family. (See also: 31 Things to Do in January to Start the New Year Off Right)

7. It'll be on your mind until you get it done

Spring is still a few months away. However, you know you'll have to buckle down and get this time-consuming deep clean done eventually, so why not cross it off your list now? Completing necessary tasks early will make you feel accomplished, stress-free, and will keep you motivated to keep checking those boxes and chasing your New Year's goals.

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This article is from Kentin Waits of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

8 Smart Money Moves to Make in the New Year

Mikey Rox — Mon, 16 Jan 2017 10:00:10 +0000

Maybe your New Year's resolution is to budget more consistently, save more, or spend less. Maybe it's investing a portion of your disposable income wisely. Whatever your financial objectives are, setting money-minded goals is important to ensure a more prosperous 2017 and beyond. Here are a few ways to build and improve upon the foundation you've already laid.

1. Enlist Professional Help

Guess what? Everybody gets themselves into a financial pickle every now and then — myself included — and it's not the end of the world. Don't beat yourself up about it. You can fix this.

If you overdid it during the holidays (or even all of last year), identify your missteps so you don't repeat them in the future, and you can formulate a plan of resolve. If finances aren't your forte (though you should make them your forte ASAP), consider consulting an expert.

2. Learn to Cook

I know a staggering number of people who can't cook. Like, if they tried to sauté a few shrimp, you'd probably walk away from the dinner table with hepatitis. I don't understand it — which is why I harp on those who avoid the kitchen to get in there and learn. Refusing to prepare yourself fresh, delicious meals is just plain lazy.

The other problem with not being able to cook is that the alternative is expensive and very unhealthy. For starters, you're at the mercy of the microwave or what's already prepared at takeouts and restaurants — and more times than not, that food is loaded with fats and sodium. Second, you're paying about three-to-one for ready-to-eat dishes (unless you're buying the worst of the worst from the freezer section) versus what you could make in your own home using store-bought ingredients.

Cooking shows on the Food Network and recipes off the Internet taught me a lot of kitchen basics (like how to make sure a chicken breast is thoroughly cooked so I don't poison myself). A friend of mine recently hired a cook from Craigslist to come into his home once a week to help him learn how to prepare standard meals, like pork chops, veggies, and rice. There are plenty of resources available to help you learn how to cook, too. Find them, graduate to adulthood by making your own dinner, and then count all the cash you're saving. Your mama will be so proud.

3. Cut the Fat From Your Expenses

Along with cutting the fat from your diet, you also should look for ways to trim it from your budget. End memberships and subscriptions you don't use, and call your service providers to renegotiate your deals. I shaved $15 per month off my mobile phone bill last year by calling to update my 12-year-old plan. Also, investigate your bank accounts for erroneous fees; you may be paying for something on a recurring basis that you totally forgot about. Commit to shopping less, and saving more when you do need or want to spend. I don't buy anything without a coupon or discount code. Positive personal finance is a way of life.

4. Increase Your Retirement Savings

If there's extra money in your budget at the end of the month, spend it on your future by increasing your retirement savings. If your employer matches 401K contributions, you should at least be maxing them out. If you don't have an employer-sponsored plan, look into a Roth IRA as an alternative.

5. Consider a Balance Transfer

If you're underwater on your credit cards, consolidating that debt onto a card that allows balance transfers could save you a decent chunk of change. Just make sure you check the fees and pay it off during the promotional period, otherwise interest can revert much higher, making repayment even more expensive. (See also: Which Balance Transfer Credit Card Is Best for You?)

6. Lower Your Investment Fees

If your finances are already fairly on track, there are still ways you can put more money back into your bank account — like lowering your investment fees if you play the stock market.

Take a closer look at your portfolio, and re-evaluate to see how you can restructure so fees aren't costing you significant amounts in the long run. Now might also be a good time to consider investing in index funds, the benefits of which include broader market exposure, low operating expenses, and low portfolio turnover.

7. Research How the Trump Administration Will Affect Your Finances

Things are going to change, perhaps significantly, once Trump takes office. The new tax code overhaul alone could affect your finances one way or another. But there are other effects to consider, like rising interest rates, which may reduce the pool of potential buyers of a home sale if you're planning to sell in the near future. The repeal of Obamacare may also alter your budget, depending on what health care alternatives you have. Nonetheless, I recommend researching how the new administration's fiscal plans will trickle down to your own pocket. Hopefully you'll come out ahead, but you should prepare yourself, either way.

8. Just Say No

Make 2017 the year that less is more. Buy fewer retail items, dine out less frequently, limit your alcohol consumption, and learn how to say no to recreational activities that aren't in your budget. You don't have to do or have it all to feel satisfied. Rather, you'll start to experience satisfaction in other ways, like not living paycheck to paycheck because of frivolous spending. You deserve better; give it to yourself.

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This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

15 Easy to Keep New Year's Resolutions That Really Pay Off

Andrea Cannon — Tue, 27 Dec 2016 10:30:34 +0000

New Year's resolutions are designed to help you improve your life in the new year. However, the vast majority of us have a very hard time sticking to them past January. That's why we've found some small changes you can realistically make that will result in a big difference over time. (See also: 12 Frugal Skills You Must Have to Survive Mondays)

Fitness Resolutions

Two of the top three New Year's Resolutions of 2016 had to do with staying fit and losing weight. Fortunately, there are some simple changes that you can make in the new year that will help you achieve your fitness goals more quickly.

1. Set Achievable Goals

Set achievable fitness goals on a daily, weekly, or monthly basis. You aren't going to get that perfect body overnight, so set goals that you can realistically achieve. Reward yourself when you reach your milestones by taking a day off, paying for a special exercise class, or purchasing affordable new workout gear. Don't over think things, try not to get frustrated, and remember that fitness takes time.

2. Save Money On Your Fitness

Getting in shape doesn't have to cost a fortune. There are endless ways to get in shape for free, such as running, yoga, and hiking. You can even join a hiking group or find free yoga classes near you to shake up your workout routine and spend time with friends without breaking the bank. You can also find free workout apps, follow fitness Instagram accounts, or follow a YouTube fitness page for new workouts and inspiration. (See also: 13 Easy Ways to Save on Your Gym Membership)

3. Keep a Food Journal

Keeping a food journal can keep you on track and accountable for what you eat. By writing down every little crumb that you eat on a daily basis, you can look back every week and see what you need to improve on and how well (or how poorly) you actually eat. It can also encourage you to eat fewer calories, improve your health, and help you make positive dietary changes for life. Your doctor or personal trainer may have already recommended that you keep a food journal, and the new year is the best time to start.

Health Resolutions

For the new year, focus on improving your overall well-being by making healthy changes that you can stick to.

4. Skip the Snooze Button

Waking up earlier can help you achieve so much more every week. By cleaning, stretching, or completing one item from your "to-do" list during your extra time, you can get your day started on a more productive note. However, waking up earlier can be difficult, so try getting up early (or ignoring the snooze button) just one day per week.

5. Multitask More

During commercial breaks, try multitasking. Do a quick exercise set or quick clean during each commercial break. For the average 60-minute show, there are about 13-19 minutes of commercials. Imagine what you could get done with all that extra time.

6. Start Meditating

Meditating has dozens of health and stress-reducing benefits. It can help you sleep better, make better decisions, and refocus your energy in a positive way. If you aren't familiar with meditation, consider starting with breathing exercises or use apps like Headspace to get you started. (See also: 7 Ways a Mindfulness Journal Can Fix Your Life)

7. Exercise More

The Centers for Disease Control and Prevention recommend getting at least two and a half hours of exercise each week. This means that you should be working out about 30 minutes per day, five days per week. This is a very attainable goal that can have huge health and fitness benefits both in the short- and long-term.

8. Clear Away Clutter

Clearing clutter from your life will make you more organized and productive, can decrease stress, and can make way for new things in your life. (See also: How to Clear Out Financial Clutter)

9. Drink Water in the Morning

Drinking a glass of water first thing in the morning on an empty stomach is a great way to soothe the stomach, curb your appetite throughout the day, boost energy, and improve overall health. It can also help you detoxify the body and even lose weight, helping you stick to your fitness and health resolutions.

10. Volunteer More

Volunteering more often has countless benefits for both you and those you volunteer for. While others can benefit from your time, energy, and talents, you can feel good about yourself for your efforts. Volunteering also looks great on your job applications, can help you make new friends, and most importantly, you're helping to make the world a better place.

Financial Resolutions

In 2016, more than half of Americans had a finance-related resolution. Fortunately, there are some simple changes you can make that can result in huge savings.

11. Save Your 5's

Save all $5 bills in a designated jar or drawer. At the end of every month, apply them toward your debt, emergency fund, or retirement account. You'll be amazed at how quickly this adds up, and you won't feel a huge difference in your spending. This is known as "The $5 Savings Plan" and can help you save hundreds each month. Even if you only save one $5 every week, you'll save an extra $260/year.

12. Invest an Extra $35/Week

According to Dave Ramsey, by investing $35/week for 40 years, you can retire a millionaire.

13. Sign Up for Automatic Deposits

Consider signing up for automatic deposits to your savings account every month. The money will add up quickly and you won't feel like you're missing much.

14. Eat Out Less

Eating out less often will save you money and can even help you achieve your fitness goals more quickly. If you eat out all the time, just try cutting back on your morning coffee or to-go orders by one day per week.

15. Cut Expensive Habits

By cutting an expensive habit like smoking, you can save up to $2,321 per year. Not only is this great for your pocketbook, but it is also a healthy change you can make in the new year. (See also: Save a Surprising Amount by Quitting These 4 Bad Habits)

How to Stick With Your Resolutions

According to The University of Scranton, only 8% of Americans are actually successful in achieving their New Year's resolutions. To ensure that you're part of that 8% this year, write down your resolutions in a place that you can see them daily. Also, determine what measurable steps you need to take to accomplish these goals. Consider using a bullet journal to help you track your goals and monitor your progress.

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This article is from Andrea Cannon of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Ask the Readers: What Are Your New Year's Traditions?

Ashley Jacobs — Tue, 27 Dec 2016 10:30:27 +0000

Editor's Note: Congratulations to SKB, Tabathia, and Liz for winning this week's contest!

2017 is just around the corner! Many people ring in the New Year by having a party, staying up for the Times Square ball drop, or watching the Rose Parade — but like any other holiday, there are countless ways to celebrate this annual event.

What are your New Year traditions? Do you usually stay up for a countdown? Will you be celebrating with friends and family, or will you be keeping it quiet at home?

Tell us about your New Year traditions and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — here's how you can win!

Mandatory Entry:

Post your answer in the comments below. One commenter will be randomly selected to win a $20 Amazon Gift Card!

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You can tweet about our giveaway for an extra entry. Also, our Facebook fans can get an extra entry too! Use our Rafflecopter widget for your chance to win one of the other two Amazon Gift Cards:

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Giveaway Rules:

Contest ends Monday, January 2nd at 11:59 p.m. Pacific. Winners will be announced after January 2nd on the original post. Winners will also be contacted via email.
You can enter all three drawings — once by leaving a comment, once by liking our Facebook update, and once by tweeting.
This promotion is in no way sponsored, endorsed or administered, or associated with Facebook.
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Good Luck!

Tell us about your New Year traditions and we'll enter you in a drawing to win a $20 Amazon Gift Card!

This article is from Ashley Jacobs of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

7 Financial Reasons 2016 Needs to Be Over ASAP

Tim Lemke — Tue, 08 Nov 2016 09:00:09 +0000

The year is winding down, and for many of us, it can't end soon enough. From a financial standpoint, 2016 was a mixed bag, at best. Of course, there's no guarantee that next year will be markedly better. But here are a bunch of financial reasons why we're ready to put up a new calendar.

1. Poor Economic Growth

For most of the time after World War II, Americans could count on a growing economy, usually to the tune of at least 3%, and often significantly higher. These days, the gross domestic product (GDP) of the United States is stuck on a slower growth path. While the economy did have a good third quarter, it's likely that growth for the year will be under 3% because of a dismal first half of the year. It's better than being in a recession, but this slower growth could have big implications on incomes, investment returns, and Americans' overall quality of life over time.

2. Mediocre Investment Returns

So far in 2016, the S&P 500 has increased in value by a little over 7%. That's not bad, but many investors were hoping for a bigger jump after an increase of less than 2% in 2015. In the post World War II period, there have been only about a dozen instances when investment returns didn't average at least 5% annually over a two-year period. This will be the eighth consecutive year of positive market returns, and that's a good thing. But the last couple of years have fallen into the "good, not great" category, and that may force a lot of people to adjust their overall retirement projections downward.

3. Fewer People Working

America's unemployment rate is 4.9%, and that's historically quite low. So good news, right? Well, any excitement over that number is tempered by the fact that overall participation in the labor force is at one of its lowest points in the last 50 years. About 63 million people are considered part of the civilian workforce, but that's down from 67 million 15 years ago. The unemployment rate does not consider people who have voluntarily left the workforce or have been out of work for a very long time.

There are a variety of reasons why fewer Americans are working, and not all of them are bad. An aging population means more people are retiring. More people are pursuing advanced education. The Affordable Care Act has made it easier for some people to get health insurance without the need to get it through an employer. People who choose to be out of the workforce for too long may lose skills that will make them more employable later. And a declining workforce also has a negative impact on household incomes, consumer spending, and, ultimately, economic growth.

4. Paltry Interest Returns

We've been in an ultralow interest environment for years now. Many of us have benefitted from the low cost of borrowing, but this also means that our savings accounts aren't generating much return. This is bad for anyone starting out saving and for older retirees who rely on interest income. It's also generally a sign from the Federal Reserve that the economy still needs some propping up. Low interest rates can be helpful to us in some respects, but most economists yearn for a time when rates weren't hovering near zero.

5. Flat Wages

Did you get a raise in 2016? If not, you're probably not alone. Real wage growth has been basically flat for years, and this year has been no exception. The U.S. Department of Labor reports that real average weekly earnings rose just 1% in September compared to the same month a year ago. The average worker earns just 11 cents per hour more than this same time last year, when you factor in inflation. This stubborn wage stagnation has a negative impact on the middle class, especially when you consider things like the rising cost of education. Will 2017 be better?

6. Brexit Reax

The world pretty much freaked out over the summer when people in the United Kingdom voted to have their country leave the European Union. It was a result that many believed could not happen, and sent stock markets around the globe tumbling. The British Pound lost a good chunk of its value, and overall uncertainty of what happens next has led to a drag on the economy and England and Europe as a whole.

7. Fumbling Phone Makers

In recent years, companies that make smartphones and other digital devices have been huge drivers of the stock market and the economy. Apple and Samsung certainly come to mind. But in 2016, it was a lot of bad news and disappointment.

Samsung was forced to recall and stop production on its Galaxy Note 7, after reports that the phones were catching fire. This news virtually wiped out all of the company's profits for the third quarter of 2016.

Meanwhile, Samsung's top competitor, Apple, hasn't exactly taken advantage. The company sold 45 million of its popular iPhone in the most recent quarter, compared to 48 million in the same period last year. And reviews of the newest iPhone 7 have been tepid. Shares of the company are up about 8% this year, which is solid growth but less than what we've come to expect from the tech behemoth. There is hope for 2017, however, as Apple says it will spend a whopping $16 billion on capital expenditures next year.

This article is from Tim Lemke of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

31 Productive Things to Do in January to Start the New Year Off Right

Mikey Rox — Thu, 01 Jan 2015 12:00:08 +0000

You've got two ways you can play January. One is to sit around on your butt and lament the winter weather; the other is to suck it up, stay active, and get yourself in gear for the rest of the year. You don't need much to accomplish the former, but here are 31 ideas to help you get started on the latter. Your fresh start won't know what hit it. (See also: 20 Cheap Ways to Make January Special)

1. Enjoy the Day Off

It's the first day of the year, and you probably need some downtime after last night's celebration. Feel free to take it. Relax, watch TV, order a pizza. Savor this lazy (but productive in the sense that it's helping you recuperate) day, because you've got 30 days of productivity ahead of you.

2. Hit the Tail-End of the After-Holiday Sales

One of my favorite post-holiday activities is to hit up the after-celebration sales to stock up on decorations and other useful items (think scissors, tape, wrapping papers, bags, and more) that by this date will probably be anywhere from 75% to 90% off the regular price. Pickings will be slim, but you're saving 25% to 40% more than you would have if you went the first few days after Christmas. When you're shopping, remember to think outside the holidays, too. Some of the discounted items are useful year round. Keep that in mind when you're in retail renegade mode.

3. Write Thank-You Notes for Holiday Gifts

Personally, I think a verbal thank-you suffices when you exchange gifts in person, but if you've received a gift in the mail this season, take a few minutes to write a quick note of thanks via postcard or e-mail. The former is a more thoughtful gesture, of course, but I'm never offended by an e-mail thanks. Something is better than nothing, and I'd rather the sender save paper and his or her stamp.

4. Edit Your Social Media Profiles

I recently did a purge of all the photos on my Facebook page that I didn't like, untagged myself from photos I didn't like on other people's pages, and I whittled down my friends list a bit by removing a few folks that I've never heard of before in my life.

5. Take Down Your Holiday Decorations

Did you know that January 5th is widely considered to be the day when holiday decorations should come down? It's all based on the 12 days of Christmas (it's not just a song, y'all), which is steeped in a long history of religious tradition.

6. Organize the Basement/Attic/Garage

While you're moving your holiday boxes back into their respective storage places, take the time to organize the rest of the space. Pace yourself though. If you have all three of these areas — basement, attic, garage — there's no harm in spreading the work out over a few days to a week.

7. Clean Out Your Closet

You probably received more than a few new pieces of clothing over the holidays (either as gifts from someone you love, or as presents to yourself; I'm very guilty of the latter), so to ensure that your closet doesn't start spilling out from the seams, take stock of what you like and wear, and then collect all the unwanted items to sell. I unload a lot of my old clothing at my twice-yearly yard sales, but donating the clothes to the needy is another option.

8. Raid Your Pantry for Expired Food

Non-perishables perish, believe it or not, and I'm willing to bet that there are items in your pantry that are no longer safe (or delicious enough) to eat. Take an hour or so to empty it, examine the labels, and toss out whatever has expired. Also take a good look at what's close to its expiration date so you can make a conscious effort to use it to avoid wasting any more money.

9. Defrost and Clean Freezer and Fridge

This is one of my least favorite chores, but there's something about a clean fridge and freezer that satisfies me inside. This also is a great opportunity to toss out any expired foods and/or anything you know you're probably not going to eat.

10. Tidy up Your Medicine Cabinet

Just like food, medications have expiration dates. Go through your medicine cabinet and remove all expired items, toss out anything that only exists to take up space, and re-organize what's left so it's easily accessed.

11. Give the House a Deep Clean

Now that you've tackled some of the more time-consuming small areas of your home that require specialized attention, it's time to do the dreaded deep clean. This often means getting down on your hands and knees to scrubs toilets, and floors and baseboards, and on ladders to clean ceiling fans and blinds — but you can do it. Besides, it's freezing outside; would you rather be cleaning the gutters?

12. Rearrange Your Furniture

Besides giving your living space a fresh feel, there are bonafide psychological benefits to rearranging your furniture. Move a chair here; put a lamp there. You might be surprised at how much this simple fix can improve your mood — which might be a much-needed pick-me-up this time of year.

13. Check in With Your Boss/Work Team

With all the hustle and bustle of the holidays, you may not have had an ideal opportunity to get down to actual business with your boss and co-workers. The beginning of the year is perfect for reconvening after a period of relaxation to talk about where everybody's at work-wise and plan ahead.

14. Update Your Pet's Health Info

Check in on your pet's health status by revisiting your files to make sure all vaccines and tags are up-to-date. If your pet hasn't been to the vet in a while, schedule a routine check-up.

15. Schedule a Physical

After your furbabies receive a clean bill of health, it's time to get yours. Make an appointment with your doctor to make sure everything is in working order. Use this time to discuss with him or her any issues you've been having and any prescriptions you need refilled.

16. Tune-up Your Vehicle

Hopefully your car is already winterized — you don't want to cause damage to your vehicle by facilitating avoidable issues that can arise from neglecting it — but you still need to get an oil change from time to time (check your owner's manual!). It's probably that time again.

17. Update Your DVR

At the beginning of the fall TV season, I create season passes for all the new shows I want to watch. By now, however, I've either lost interest in a few of them or they've been canceled. I know I'm not alone. Take 10 minutes to delete unwanted shows from your queue and cancel the season passes in which you're no longer interested.

18. Plan a Date With Your Partner

You don't want to get so wrapped up in being productive this month that you forget about your significant other. Plan a date for you two to spend several quality hours together enjoying each other's company and catching up with one another's lives.

19. Create a List of Goals for the Year

Having the intentions to work toward positive goals and actually planning for them are two completely different things. Exchange more talk for more doing this year by creating a list of goals that you'd like to achieve along with an outline of your plan to achieve them.

20. Learn Something New

You can learn the darndest things with the flick of a finger these days. Skip the cute cat videos on YouTube and search for something useful that'll leave you with a new skill after watching it.

21. Make a Two-Week Meal Calendar With Recipes

I've talked about this tip in several posts, and I keep bringing it up because it's truly changed the way I eat. Instead of blindly going grocery shopping, buying food, and then deciding what I'll make with it after I get home, I've reversed the process. Now I plan ahead of time what I'll make for dinner by adding two weeks' worth of recipes to a calendar and create a shopping list of ingredients based on those recipes (and nothing more!), so I can eat healthy meals on a regular basis. Having this structure in place has cut down on the amount of food waste in my house as well as the number of pizzas ordered because I can't decide what to make for dinner. I've also dropped 15 pounds (exercise helped, too), which I hope will give you more incentive to give this a try.

22. Clip Coupons for Your Next Shopping Trip

Before you head to the supermarket with your very healthy shopping list, clip those coupons. I round up coupons from circulars, past shopping trips, online resources, and apps to ensure that I'm maximizing my food savings as much as I can.

23. List for Sale Your Unwanted Items of Value

If you're feeling the pinch in January (because who isn't?), a great way to make some extra cash is to go through your home (while you're cleaning if you want to kill two birds with one stone) and round up all those odds and ends that you no longer need or want. If any of these items have value (electronics, accessories, appliances, etc.), decide how you'll sell them. Craigslist is a great place for larger items, while Amazon and eBay are ideal for smaller, lightweight pieces.

24. Deliver Remaining Unwanted Items to Donation Centers

After you've determined what you can sell, send all the other unwanted clutter to the donation center so that it can live a second life as someone else's.

25. Scan Old Photos Into the Computer

Unless you were born after 2007, you likely have albums and boxes and drawers full of actual paper pictures — and you're probably wondering what the heck you're going to do with them. One option is to scan the photos onto the computer so you can keep them in a file or in the cloud for forever safekeeping. You can do this daunting task manually (it's the cheapest way), or you can send your photos away to a company (of which there are plenty) that will do this for you.

26. Consolidate and Clean up Computer Files

Adding so many large photo files to your computer is going to eat up a lot of space, so you've got to make up for that somehow. Take this opportunity to delete unwanted files, consolidate stragglers, and otherwise organize your computer in a more concise, easy-to-access manner.

27. De-Clutter Your Office/Desk

Clean your desk the same way you cleaned your computer — decide, discard, dust. Seriously, you don't need all that nonsense that you keep year in and year out.

28. Set up a Dentist Appointment

You only get one set of teeth. Take care of them.

29. Establish a Fitness Plan

Six months ago I decided to get my health in check after years of a leading a sedentary lifestyle that severely damaged my self-confidence. I established a goal weight, created an exercise plan to help achieve it, and completely revamped my diet. It wasn't easy, and it wasn't very delicious — at first. Now that it's part of my normal routine, I've learned how to live healthy and love it. I feel and look better than I have in many years (since high school actually), and if I can do it, then so can you.

30. Reevaluate Your Debt and Establish a Plan of Action

Unless you're going into the New Year completely debt free, now is the time to take a good, long look at your finances and make a solid plan to improve your situation. One of my friends recently told me that she always makes this a part of her New Year's to-dos.

"We look at what we saved last year, areas we need to improve on, any debts we need to knock out this year, and big expenses we might need to plan for also," she says. "By no means is this the only time we talk about finances, but it prepares us mentally for what we want to accomplish."

31. Prepare Your Tax Materials

Nobody wants to do this. Ever. But I've found that by getting this out of the way sooner rather than later, I stress a whole lot less in a shorter amount of time. In fact, if you wrap it all up by mid-February, you could have your refund (if you get one; my fingers are crossed for you) before the federal tax-filing deadline even arrives. Spring vacation, anyone?

Do you have other ways to stay productive in the first month of the year so that the rest of it can run smoothly? Let us know in the comments below.

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This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Best Money Tips: Essential Things to Do Before the New Year

Amy Lu — Tue, 30 Dec 2014 20:00:12 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some great articles on essential things you need to do before the new year, ways to recover from Christmas clutter, and New Year's resolutions that will make you richer.

15 Things to Get Done Before Year-End

POPSUGAR Smart Living — Thu, 26 Dec 2013 10:49:15 +0000

It's funny how time flies. In less than a month, we'll be ushering in a brand-new year. Although we usually start on our to-dos in January, the end of the year is actually a great time to wrap things up and start new tasks. And there are also a number of things that have to be done by the end of the year. Get these things done to begin 2014 anew.

1. Spend Your FSA

Make sure you've spent the money in your Flexible Spending Account, because it will expire by the end of the month. You may be allowed to file an extension if you haven't used up all your FSA dollars, but you need to check your company policy to see if it allows that. Here are some last-minute ideas to use your FSA money.

2. Get Your Free Credit Report

We're all entitled to one free credit report every year on AnnualCreditReport.com. If you haven't gotten yours yet, make sure you get it by the end of the year! It doesn't include your credit score but is basically a copy of your credit history.

3. Visit the Dentist, Doctor, and Optometrist

Get a dental cleaning, health visit, and eye checkup before year-end.

4. Get Ready for Taxes

Make the upcoming tax season easier on yourself by organizing your bills, receipts, pay stubs, and files before your paychecks suddenly say 2014.

5. Make Your Donations

Donate to your favorite nonprofit before the end of the year so you can claim your contributions as a 2013 tax deduction and help lower your tax bill. This doesn't just include monetary donations but also items you donate to places like Goodwill.

6. Up Your Retirement Contributions

Now is the time to sneak in extra contributions before the year is over. If you haven't contributed enough to your 401(k) to receive the full employer match, and you have some extra cash, change your contribution amount before you get your last paychecks of the year. If you have IRA accounts, make sure you've contributed as much as possible — up to the annual maximum, which is $5,500.

7. Return Items

Have packages or items lingering around your home that need to be returned? Do them now to clear your home for the New Year. Perhaps it's an item you bought while shopping on a whim during the holidays that you regret or something that you need to send in to be fixed.

8. File Your Claims

File any claims this year that you have yet to file, or take the time to dispute any rejections of claims.

9. Clean Up a Storm

Get to cleaning for a fresh start to a new year. You definitely don't want your clutter to carry on into 2014. Dust, vacuum, and scrub away so your place will be spick and span. This will put you in a better mind-set when it comes to starting new resolutions, because a clear space can represent a blank slate.

10. Donate, Sell, Use Up, or Trash Clutter

When you're done giving your place a cleaning makeover, take the items that you no longer want or need and sell, donate, use up, or trash them. They may range from items like old clothes to leftovers in your kitchen cupboard. Make way for 2014!

11. Finish 3 Things You Said You'd Get Done This Year

Remember some of the promises you made at home, at work, or with friends that you never got around to keeping? Tackle at least three of them by the end of the year.

12. Send Out Handwritten Cards

Christmas and the New Year are a great time to reconnect with people you may have lost touch with. Show them that you're serious about reconnecting by putting in the extra effort and time to handwrite a special message in a holiday card. If you forget to send a Christmas card, you can always send a New Year's card!

13. Free Up Data Space

Delete old emails, documents, and photos you no longer need on your computer, cell phone, and cloud. Free up data space to prep for the coming year. Remember to also clear up your DVR recordings and camera photos.

14. Amp Up Your Job Hunt

It's a good time to apply for new jobs and job hunt, because companies are looking for hires for the New Year. You may think it's slow season for hiring, but companies that are preparing for the upcoming year make their hiring decisions before the end of the month. In any case, even if you're not applying for a new job, it's a good time to update your paper résumé and your LinkedIn profile.

15. Think About Your New Year Goals

We often push off thinking about our resolutions until January, but try to start thinking of your resolutions now, so you don't feel rushed in the start of 2014. Better yet, who says you can't get started on your 2014 resolutions now?

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Start 2014 healthy, wealthy, and oh-so wise by doing these 15 things before the end of 2013.

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Ask the Readers: What Are Your Resolutions for 2014?

Ashley Jacobs — Tue, 24 Dec 2013 11:37:07 +0000

Editor's Note: Congratulations to Lauren, Linda, and Amy for winning this week's contest!

2014 is almost here! To jump start the new year on a positive note, many people make resolutions to improve their life in some way.

What are your resolutions for 2014? Do you have a game plan to make sure you stay on track? What were some of your resolutions from past years?

Tell us about your 2014 resolutions and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — here's how you can win!

Mandatory Entry:

Post your answer in the comments below. One commenter will win a $20 Amazon Gift Card!

For extra entries:

You can tweet about our giveaway for an extra entry. Also, our Facebook fans can get an extra entry too! Use our Rafflecopter widget for your chance to win one of the other two Amazon Gift Cards:

a Rafflecopter giveaway

If you're inspired to write a whole blog post OR you have a photo on flickr to share, please link to it in the comments or tweet it.

Giveaway Rules:

Contest ends Monday, December 30th at 11:59 pm Pacific. Winners will be announced after December 30th on the original post. Winners will also be contacted via email.
You can enter all three drawings — once by leaving a comment, once by liking our Facebook update, and once by tweeting.
This promotion is in no way sponsored, endorsed or administered, or associated with Facebook.
You must be 18 and US resident to enter. Void where prohibited.

Good Luck!

Tell us about your 2014 resolutions and we'll enter you in a drawing to win a $20 Amazon Gift Card!

This article is from Ashley Jacobs of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Best Money Tips: Doable Financial New Year's Resolutions

Ashley Jacobs — Mon, 23 Dec 2013 11:00:56 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some fantastic articles on doable financial New Year's resolutions, uses for dead gift cards, and financial figures you need to know.

Ask the Readers: Do You Have Financial Resolutions for 2013?

Ashley Jacobs — Tue, 01 Jan 2013 11:36:29 +0000

Editor's Note: Congratulations to Kathleen, Karen, and Therese for winning this week's contest!

The new year is finally here! It's time for a fresh start with new goals. Most people tend to set new years resolutions for themselves. These can range from exercising more to eating healthier to spending more time with family. Some people will even set financial resolutions for themselves!

Do you have financial resolutions for 2013? If so, what are they? Buy a house? Pay off debt? Save for retirement?

Tell us if you have financial resolutions for 2013 and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — here's how you can win!

Mandatory Entry:

Post your answer in the comments below. One commenter will win a $20 Amazon Gift Card!

For extra entries:

You can tweet about our giveaway for an extra entry. Also, our Facebook fans can get an extra entry too! Use our Rafflecopter widget for your chance to win one of the other two Amazon Gift Cards:

a Rafflecopter giveaway

If you're inspired to write a whole blog post OR you have a photo on flickr to share, please link to it in the comments or tweet it.

Giveaway Rules:

Contest ends Monday, January 7th at 11:59 pm Pacific. Winners will be announced after January 7th on the original post. Winners will also be contacted via email.
You can enter all three drawings — once by leaving a comment, once by liking our Facebook update, and once by tweeting.
This promotion is in no way sponsored, endorsed or administered, or associated with Facebook.
You must be 18 and US resident to enter. Void where prohibited.

Good Luck!

Tell us if you have financial resolutions for 2013 and we'll enter you in a drawing to win a $20 Amazon Gift Card!

This article is from Ashley Jacobs of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Best Money Tips: Throw a New Years Bash for Less Cash

Ashley Jacobs — Tue, 25 Dec 2012 10:48:39 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some stellar articles on throwing a new years bash for less cash, paying off your auto loan early, and ways to donate to the Sandy Hook victims.

Productivity Tips to Carry You Through 2012

POPSUGAR Smart Living — Wed, 04 Jan 2012 10:48:10 +0000

The start of a new year is a good time to take a review of the best productivity tips we have shared with you. These tips help maximize your efficiency at work so you're getting more done in less time. Read on to find out what our best picks for productivity tips are so you can use them to have an even more efficient 2012!

Doodle During Meetings to Help Retain More Information

Scientific research has shown that humans can pay attention to one thing for up to 20 minutes. After that period, it gets harder and harder to focus on it. If you feel your attention span has reached its limit, perhaps you should take a notepad out to doodle. A study in the Applied Cognitive Psychology Journal tested the doodling theory on a group of participants. Half were instructed to listen to a phone call that recited a list of names of people and places, and the other half were told to doodle when listening to the message. Those who doodled were able to remember 29 percent more than those who didn't. Psychology Today says:

In the study, the phone message was intentionally designed to be boring. One possibility is that doodling distracted participants from their boredom. Yet it demanded less concentration than drifting off into a daydream, so the doodlers may actually have been more focused than non-doodlers.

Make a Do-Not-Do List

If you're like me, you may constantly find yourself tackling never-ending to-do lists. I think one of the worst drawbacks of a to-do list is that it becomes entrenched in your mind — you're always thinking about what you have left to do, and that can take a toll on you. For example, sometimes I can't help thinking about it when I'm in bed, and that leaves me restless.

The solution to reducing the stress of a to-do list is to counter it with a do-not-do list. Russell Bishop, a life coach, gave some great advice on Huffington Post: at the end of each day or workweek, not only should you cross out the items you have accomplished, but you should also mark that you're not going to do the remaining tasks for the rest of the night or weekend. Writing it off on your list will help to give your mind a mental break from the to-do list. This is such a savvy, yet simple tip — do you have more ideas on how to better manage a to-do list?

Leave a Text Instead of a Voicemail Message

I recently heard a unique voicemail message I thought was a great idea. Her voicemail said the best way to reach her is to "leave a text instead of a voicemail message" because she barely checks her voicemail messages. For those of you who are super texters, this is a great way to keep track of missed calls.

Another awesome alternative is the function on Google Voice that gives you transcripts of your voicemail messages.

Use Nature to Beat Work Fatigue

Although it's recommended to take a short walk to unwind from work, what you're surrounded by during your walk actually matters a lot. For example, if you're walking through a busy street filled with flashing lights and loud noises, the stroll won't really be an effective time-out.

University of Michigan researchers found that subjects who strolled through a nature setting saw a 20% improvement in attention and focus tests. However, participants who took a brief walk in a busy city did not see any cognitive benefits. Even spending time in a quiet room with a picture depicting nature was more effective than a city stroll.

Schedule Emails to Be Sent Later With Boomerang

Boomerang is a Firefox and Chrome plug-in that will let you schedule your emails to be sent at a later time and date, anywhere from a minute later to years later. You can install one for Gmail or for Outlook. The tool even lets you take out emails from your inbox and resend them back to you at a later time when you actually need them. For example, if your friend sent you an email today, but you're not going to have any time to respond until the weekend, you can use Boomerang to remove the email from your inbox and resend it to you on Saturday.

I just downloaded the plug-in for my Gmail account, and I love it! I wrote an email late last night that I scheduled to be sent at 9 a.m. today, which went off without a hitch. I even had time to look over it before it was sent.

I can imagine this feature coming in really handy on Friday when I'm writing work emails, because people are more likely to forget to reply as they usually put off replying to Friday emails until after the weekend. Using Boomerang to schedule those emails for Monday mornings may cut down on the hassle of sending follow-up emails.

Be Specific When Setting Goals

Whether it be saving more or deciding to lose weight, achieving goals can be quite hard for most people. It's easy to set them and pledge to yourself that you're turning over a leaf. And then when you find yourself making excuses to skip the gym or indulging in something you can't afford, you're wondering how your plan got derailed. I came across this neat tip that'll help you better achieve goals in an email from Ramit Sethi's blog I Will Teach You to Be Rich. Ramit says:

"'When it comes to self-persuasion, vague goals are death. For example, people have really vague goals — 'I want to get a six-pack' — which is an excuse to do nothing, since the path to a six-pack is unclear. It would be better to say 'I want to go to the gym two times this week.' Once you accomplish that minor goal, you can escalate it: 'I want to run on the treadmill for 10 minutes without stopping . . . now 15 minutes . . . now 30 . . . ' and finally, once you get to an advanced level, you can set more ambitious, vague goals like a six-pack."

Whenever you're making goals, try applying this concept to them. For example, if you're trying to save money, write down some concrete and specific steps you can take, such as shave $200 off your monthly rent by getting a roommate or moving to a smaller apartment, or saving $24 a week by bringing lunch to work three times a week.

Organize Your Workdays by Theme

I really don't know how Jack Dorsey does it. He's currently managing two fast-growing tech companies — Twitter and Square. He apparently spends eight hours at each firm every day and he says the only way to juggle two companies is to "be very disciplined." He also themes his 16-hour days. Here's what his schedule is like, according to CNN:

Monday: Management meetings and "running the company" work
Tuesday: Product development
Wednesday: Marketing, communications, and growth
Thursday: Developers and partnerships
Friday: The company and its culture
Saturday: Hiking
Sunday: Reflection, feedback, and strategy

I actually think Jack's "theme your days" idea is a good one, and I think I'm going to start implementing a slight variation of that strategy at work. However, I don't think I'll plan my weekends out. I like to be as spontaneous as possible on Saturdays and Sundays!

Don't Drink More Caffeine Than Necessary

If you intake more coffee than your usual amount, it might make you more stressed if you're already feeling some tension, according to a study conducted by researchers from the University of Bristol. Stick to your regular cup of joe, and if you think the taste of coffee will calm you down, try opting for a decaf coffee instead.

Stop Spammy Calls

Spam calls can be a frustrating waste of time. Get rid of those pesky calls with these tips:

Do Not Call Registry

This is probably the best piece of advice for putting an end to those telemarketing calls. Once I registered my cell phone number with the Do Not Call registry, which is managed by the Federal Communications Commission, I stopped received telemarketing calls. Let me tell you, silence is truly golden! If the calls still persist, you can even file a complaint with the FCC online.

Keep It Private

Be wary of giving out your phone number and try to limit it to friends. Be very careful about entering in your phone number when you're participating in contests or signing up for promotions.

Straight to Voicemail

If you're getting too many telemarketing calls, you can save yourself the hassle of dealing with them each time by letting an unknown number go straight to voicemail. You can then check your voicemail messages at the end of the day to see who you should really call back.

Stay Optimistic

People who have a positive view about their willpower and believe they have an unlimited amount of it are able to work longer without a decrease in performance quality versus those who believe they have a limited amount, Stanford University researchers found. The

And remember, being happy doesn't have to cost you anything! Check out these feel-good tips on how to have a happier life for free.

Write Down Your Big Wins

Time passes so quickly, doesn't it? Before you know it, it's performance evaluation time again. Here's a tip for you: write down your big wins as they happen over the year. It doesn't matter if it's in Excel, Google Docs, or a plain notebook, start keeping track of your accomplishments. That way when you're pushing a raise, you'll be able to easily whip out the detailed facts and be able to make a stronger case of why you deserve one. After all, memories can fail, and it's easy to forget certain achievements over the course of a year.

This year, you can be more efficient, happier, and less stressed. From work to the weekend, make 2012 your best year yet with these suggestions.

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This article is from POPSUGAR Smart Living of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Best Money Tips: Ring in the New Year Family Style

Ashley Jacobs — Tue, 27 Dec 2011 10:48:21 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some great articles on ringing in the New Year family style, reducing your household electric bill, and improving your finances now.