Business and Finance

Prove Yourself As The Best Money Manager With These Tips In 2016

Are you ready to make better personal finance money management decisions in 2016? Here are some tips to get your finances ready for New Year.
Prove Yourself As The Best Money Manager With These Tips In 2016
Good Nelly

Did your finances get messed up in 2015? What are your financial resolutions for 2016? Hopefully your financial goal will be “spend less, save more” as you create new opportunities this upcoming year!

Here are 12 financial tips to get your money back on track:

1. Focus on budgeting

Are you planning to get hold over your finances? If yes, then your primary focus should be on your budget. Budgeting is the first building block of any monetary plan. In order to create a perfect budget, you should first note your monthly income and expenses. This will give you a detailed idea of your financial whereabouts.

2. Pay off your debts first

If you want to make your finances smile in 2016, then pay off your debts first. Don’t let them ruin your New Year’s enjoyment. Make time to prioritize your debts. Find out, which are your priority debts and non-priority debts, and work accordingly to pay them off. If you are facing difficulty in prioritizing your debts then seek help from a financial advisor.

3. Create an emergency fund

Typically, emergencies don’t let you know in advance they are coming. Has your credit card limit got exhausted in paying the medical bills? Or, what will you do if you suddenly lose your job? One of the basic solutions is to create an emergency fund for yourself. So, begin saving to be prepared for any unexpected situation.

4. Put money aside for your retirement

If you save for your retirement now, then you will have money when you start preparing for a pending retirement. A good rule of thumb is to invest 10% of your income into retirement accounts. Also, you can invest in your 401(k)/403(b) account.

5. Be aware of identity theft

Identity thieves are smart enough to steal not just your identity, but also your money. So, the next time you get an unknown email with a hyperlink, think twice before you click on it because it can be a trap!

6. Take advantage of your workplace benefits

If you are in a job that provides you with various employee benefits, be sure to get all the details. If they provide you with retirement accounts, flexible spending accounts, financial literacy programs, wellness support, and so on, then make sure you should take full advantage of them.

7. Be financially educated

Financial literacy is a key factor when it comes to money management. Read various financial journals and articles to educate yourself with what is going on in the financial world.

8. Handle your household expenses

Money management gets a bit difficult with the day-to-day household expenses. Are you facing difficulty in managing your household expenses? Yes? Then, you can use the HomeBudget app and the HelloWallet emergency savings calculator to better manage your money.

9. Review your insurance policies

If you are the only earning member of your family, then don’t forget to check out your insurance policies once a year. Review your insurance policy to get a good idea of your coverage, and make sure you are getting enough of it. Is your company providing any insurance coverage? If so, then make it a point to avail that.

10. Know your financial goals

Where do you want to see yourself financially in the next few years? Do you want to buy a house or a car? Or, do you have other major financial plans? Ask these questions to yourself first, and find out where you stand financially to know how to fulfill your dreams by setting your financial goals accordingly.

11. Learn ways to earn supplemental income

One of the key points in money management is to learn the ways to multiply your finances. If you are good at trying your hands in the kitchen, then you can provide catering services to earn some extra dollars. You can also search the web to get ideas regarding ways to earn more money.

12. Learn to negotiate

You should have the guts to ask for better rates on everything you purchase. Learn how to negotiate and make your finances happy. Always remember, “a penny saved is a penny earned”.

If you haven’t made any financial resolutions for 2016, then go back and check out the above tips to help you manage your finances better.

If you have a financial plan for 2016, what are the things you are focusing on?

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business and Finance
Good Nelly

Good Nelly is a financial content writer. She is associated with and you can also find her work at, which is her personal blog. Besides writing financial articles, she also loves to cook and travel.

More in Business and Finance

Ways to Manage Your Money as a Freelancer

How Freelancers Can Attain Financial Stability in 6 Steps

Maricor BunalSeptember 2, 2016
How To Make An Extra Few Bucks On Pinterest

How To Make An Extra Few Bucks On Pinterest

The Frugal Buzz TeamMay 18, 2016
Simple Tips for Paying Off Credit Card Debt

Simple Tips for Paying Off Credit Card Debt

Robert HybkiApril 4, 2016
Six Steps For Small Businesses In A Big World Wide Web

Six Steps For Small Businesses In A Big World Wide Web

Robert HybkiMarch 1, 2016
Best Apps For Personal Bill Management

Best Apps For Personal Bill Management

Barney WhistanceFebruary 5, 2016
3 Proven Ways To Get A Huge Tax Refund

3 Proven Ways To Get A Huge Tax Refund

Robert HybkiJanuary 17, 2016
Simple Tips To Reach Your Financial Goals

Simple Tips To Reach Your Financial Goals

Robert HybkiJanuary 13, 2016
6 Ways To Make Money With Your WordPress Blog

6 Ways To Make Money With Your WordPress Blog

Robert HybkiJanuary 6, 2016
How To Start A Blog

Step-By-Step Guide: How To Start A Blog

Robert HybkiNovember 23, 2015