When it comes to goal setting, most of us can relate to financial goals. Whether it is savings goals, investments, or paying off debts, taking control of your finances allows you to improve your lifestyle and your wellbeing. To help you on the journey to financial freedom, here are a few tools and tips for support.
1 . Goodbudget
Goodbudget is an expense tracker and money manager, which is perfect for all your budgeting needs. The app was designed to track your cash in real time, using a digital ‘envelope’ system. It’s a fantastic app for households and couples because it’s simple to share and sync your budget with other individuals. If you are looking to manage your household finances together, Goodbudget is the perfect tool. The app allows you to set budgeting goals, transfer between various accounts, customize your budget, and access ‘split expense transactions’. To improve your budget fast, Goodbudget is the tool you need.
2. Clarity Money
Clarity Money is a top AI-powered financial platform; it works by analyzing your finances and helping you to make better decisions about your cash. Using this budgeting app, you can get your bills organized and automate savings. You can also track your debts and investments, all from the same platform. Clarity Money provides a clear picture of your finances, so you can improve your financial health and make savings. The app offers ‘multi-level safeguard’ protection for all of your data and info. With these features you can rest assured that your personal info is safe and sound.
3. Future Advisor
Looking to start investing? Future Advisor is a Robo Advisor with a difference, (and that is because a few of it is services are free)! For free, you can access a retirement analysis and a portfolio analysis. Paid features include support from a financial team, tax-loss harvesting, automatic rebalancing, and investment management. If you are a DIY investor looking for support, Future Advisor is the app you need. The tool works by assessing your portfolio, based on contemporary portfolio theory.
4. Debt Reduction Techniques
To improve your financial situation, you must focus on your debts. There are several popular debt reduction methods that you can look into, including:
- The Debt Snowball Technique: This debt reduction method means paying at least the minimum per month on every debt. After this, you pay towards the smallest debts, then move onto the larger ones later. The concept is that the small gains serve as motivation to keep on conquering those debts!
- The Debt Avalanche Technique: With this method, you have to make your minimum payments each month and then put the money left over to paying the debt that has the highest interest. Once this is paid, you tackle the debt with the second-highest interest rate, and so on.
Tackling your debts is the first step towards financial freedom. For a great debt reduction calculator and other financial resources, check out Pigly.Com.
5. Start A Retirement Fund
Starting a retirement fund is a great way to get on top of your finances. Before you commit to any service, it is vital to determine your needs and conduct thorough research. There are several different types of retirement accounts that you can look into, including:
- Traditional Individual Retirement: These are accounts that you open yourself, without the support of an employer. It is possible to get an income tax deduction on what you contribute, depending on your circumstances.
- Roth IRAs: These accounts are also individual retirement accounts which you start and fund yourself. A Roth IRA allows you to put in after-tax cash, meaning you do not get any income tax deductions on these contributions.
- 401(k) Schemes: A 401(k) is a type of retirement account provided by an employer. You can contribute pre-tax, which reduces your amount of taxable income. One of the best things about these accounts is that your employer can match what you put in, (up to a certain amount).
6. Automatic Saving Deposits
Lastly, one of the simplest ways to get on top of your finances is to automate your savings. It is simple to set up automatic transfers, to ensure that your savings account stays nice and healthy. Once you get into a routine of automating your savings, you will barely notice the contributions!
7. Switch Your Service Providers
Improving your finances is all about reducing expenses where possible, and one of the easiest ways to do this to look for better deals on your service providers. Whether it is your energy, Internet, or car insurance, there are plenty of deals to discover if you shop around.