January 2018 Financial Checklist

January 2018 Financial Checklist

Am I the only person who finds it incredibly satisfying that January 1 falls on a Monday in 2018? Because if you’re like me, the diet, the new hobby or kicking a bad habit “always starts on Monday.” So if you’ve been waiting for the perfect moment to kickstart your new year resolutions, this is it. With that being said, why not take advantage of the first month of the year and add these 7 money-savvy ideas to your to-do list.

Splurge on new year sales

For a lot of us, intense shopping sprees usually die down after Christmas, but if Santa couldn’t take a hint and left you feeling disappointed, give yourself permission to spurge on the new year sales. There are a number of things on sale from gadgets and electronics to fitness equipment. Just make sure you don’t give into the temptation of overspending by setting a spending limit or budget beforehand.

Talk to a financial advisor

In December we asked you to set some goals for 2018 – now it’s time to take action by meeting with a financial advisor. While you don’t necessarily need one for achieving small goals, like buying less coffee (you need caffeine rehab for that), but with big goals, like investment, it doesn’t hurt to get a little help. A financial advisor can point you in the right direction with an effective strategy to help reach your goals along with assessing the risks involved and providing recommendations on how to avoid them. And if you don’t have the time to schedule in a meeting, you can still get financial advice thanks to new fintech trend, Robo Advice.

Begin ‘personal loan shopping’

Okay so you’ve met with an advisor, next comes personal loan shopping. This isn’t a must and should be carefully considered before jumping in (we suggest a pro/con list), but if a new car or holiday is on your agenda, a personal loan can help you get there. But before you start comparing, it’s important to make sure your credit history is in check to guarantee approval. And if you’re new to the world of personal loans, educate yourself with our range of guides before checking out our personal loan comparison tool.

Brainstorm side hustles to make extra bank

Instead of lounging around during your free time, brainstorm a few ‘side hustle’ jobs that can help you make some extra cash, which you can deposit into a  high interest savings account. This can include dog walking, selling your stuff online or even renting out your car. For example, CarNextDoor is an online car sharing platform that hooks up potential car borrowers with car owners. And if you do plan on taking up the car rental idea, have a quick read of your car insurance policy to make sure you’ll still be covered if someone else’s joyride ends badly.

Cut off a subscription to crush post-Christmas debt

Who’s ever just paid a bill without really checking what it was for? We thought so. This month, go through your bills and cut off a subscription you could live without, like Foxtel (everything is online anyway), a magazine subscription (because who still reads magazines) or your gym membership (and get fit for free). And since we’re all about smashing goals in 2018, put the extra cash towards the application fee of a balance transfer credit card to help crush post-Christmas debt.

Start collecting change

The best thing about this idea is that it doesn’t require much effort but it will guarantee you some coin by the end of the year. All you need to do is find some empty bottles or containers to start stashing your gold and silver coins in. While you don’t have to do this everyday, try to do it as much as you can to prevent disappointment at the end of the year. You could even start a ‘gold coin challenge’ and force yourself to make a tiny deposit everyday – literally every cent adds up.

Walk more when you can

Let’s face it, we’re all a little lazy. But our dependence on Ubers, taxis and public transport is costing us big time, especially if our destination is within walking distance. Make the effort to walk more during January while keeping track of how much you’re saving as motivation. It’s also worth mentioning that by doing this, you’ll be knocking off two of the biggest new year resolutions known to man: saving money and losing weight!

Ready to make 2018 your year? Head over to our Life & Money Hub for more money saving tips!

January 2018 Financial Checklist was last modified: January 2, 2018 by Ceyda Erem

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