It’s an easy way to save over $1,000 in one year. $1,378 to be exact.

The 52 Week Money Challenge is realistic for anyone because it doesn’t require the same amount of money to be saved each week. That’s because over the course of 52 weeks you save as little as $1 and, at most, $52.

Let’s take a more detailed look at how the 52 Week Money Challenge works, and some alternative ways of doing the challenge.

How the 52 Week Money Challenge Works

 
The 52 Week Money Challenge is simple. Over the course of 52 weeks, you make a deposit into your savings account once a week. The deposits range in value from $1 to $52.

One way people do this is deposit $1 the first week, $2 the second week, $3 the third week, and so on. At the end of 52 weeks the deposits total $1,378.

Another way to do this is vary the payments. Perhaps you deposit $52 the first week, $1 the second week, $51 the third week, and so on. This works well when there are busy times, like Christmas, where money is tighter, or if you have an unexpected expense that sets you back.

Being able to adjust your weekly contribution as needed is an added layer of flexibility to the challenge, but not everyone takes that approach. It can be easier to just stick with increasing your contribution each week by $1. Who knows? Maybe you will even continue past the 52 weeks.

Another variation is to multiply the amount you save. Depositing $1 through $52 is great because you will save $1,378 in one year, but why not up the ante? If you deposit $5 through $260 in increments of $5, you would have nearly $7,000 saved. This is a great way to make a game out of building an emergency fund.

I recommend having a separate savings fund at a different bank than your home bank or credit union to create a separation between the money you have for spending and the money you are saving for a rainy day. My choice is a high-yield savings account at CIT Bank. Many banks pay almost nothing in interest for their savings account. You deserve to get a high interest rate on your savings account, and CIT Bank is a great option.

Download the 52 Week Money Challenge Spreadsheet and Printable

 
If the 52 Week Money Challenge sounds like something that you want to try, we have a free 52 Week Money Challenge Spreadsheet and Printable for you.

If you want the spreadsheet or printable, you can get a free copy below.

Don’t miss out on our free budget spreadsheet or these travel rewards credit cards that can help you achieve your travel goals faster.

If you’re like me, a lot of ideas are swimming around in your head. It can be hard to nail down what areas of your life you want to focus on.

That’s where this list of 100 goals to focus on for a successful year comes in handy!

100 goals is a lot of goals, but this list is meant to give you a bunch of ideas that you can pick and choose from. We have ideas for money goals, career goals, personal development goals, and finally health & fitness goals.

You’ll find inspiration and things you can take action on below.

1. Create an emergency fund
2. Automate your savings
3. Create a budget
4. Track your income and expenses
5. Save for a down payment on a house, a wedding, a baby fund, a car, etc.
6. Create a student loan repayment strategy.
7. Travel more, but spend less by travel hacking using credit card rewards to get free flights and hotel stays
8. Make a plan to give a percentage of your income to charity
9. Identify your spending triggers and create a plan to cut temptation out
10. Make a plan for paying off your debt
11. Commit to not getting further into debt
12. Learn more about investing
13. Open an IRA and start saving for retirement
14. Contribute more toward your 401(k) – enough to get matching contributions from your employer (if it’s offered)
15. Learn how to invest in rental property
16. Read some awesome personal finance books
17. Spend in a way that reflects your values
18. Save a certain percentage of your income each month
19. Start a side hustle
20. Review your insurance coverage to make sure your needs are met
21. Consider refinancing your student loans and learn about income-driven repayment plans
22. Try calling creditors to get your interest rates lowered if you have credit card debt
23. Cut cable (if you haven’t already!)
24. Take a “no-spend” challenge or a ban on buying certain things
25. Calculate and track your net worth
26. Learn how to optimize your taxes and take advantage of tax savings
27. Create a will and an estate plan if you have a family

1. Ask for a raise, or work toward getting one
2. Work toward a promotion (and a raise)
3. Update your resume
4. Go to networking events in your area
5. Go to a conference in your industry (yes, even if you are a huge introvert!)
6. Try learning one new skill each quarter that you can apply directly to your job
7. Create a “pat on the back” folder in your inbox and fill it with praise you receive from coworkers and managers
8. Distance yourself from office politics as much as possible
9. Start a side business to diversify your income
10. Look for a better paying job with more opportunities for growth if you feel stagnant at your current job
11. Find a mentor in your field
12. Work toward receiving recognition for something you’ve done – does your employer offer awards?
13. Work more hours or less hours depending on your personal and financial goals
14. Get comfortable with negotiating
15. Take a public speaking class, join Toastmasters, or seek out opportunities for public speaking
16. Explore other interests you have to gear up for a career change
17. Do regular salary research to make sure you are getting paid what you should be
18. Consider going back to school for an advanced degree
19. Take a course to get certified in something related to your industry
20. If you’re still in college, research internship opportunities
21. Raise your rates with clients if you’re a freelancer and/or business owner
22. Get comfortable with the idea of outsourcing and think of how it can benefit your career instead of hurt it
23. Learn how to manage your time better
24. Set expectations and boundaries with clients/customers
25. Find a way to showcase your creativity in your job

1. Find things to be grateful for
2. Control your thoughts and emotions and choose to react better to negative situations
3. Give meditation a try
4. Learn the art of having patience – good for those with a short fuse
5. If you’re Type A, try going with the flow and being spontaneous more often
6. If you’re Type B, try embracing organization and planning more
7. Think of a few habits you want to develop (like not checking your phone/social media as often) and mindfully incorporate them into your life
8. Consider enlisting professional help in the form of a coach or psychologist
9. Read inspirational stories from others
10. Make more time for yourself; stop focusing on others as much
11. Live more intentionally and mindfully each day
12. Volunteer at an organization close to your heart
13. Become more confident in yourself; have faith you can accomplish new things
14. Get out of your comfort zone and do something completely out of character (but still legal, of course)
15. Learn a new language
16. Travel to a different country and live like a local to immerse yourself in a different culture
17. Write something, whether that means starting a blog or going all in and writing a book
18. Put yourself in the shoes of others more often
19. Get rid of your tendency to procrastinate and get ahead on a few projects
20. Pick up a book like How to Win Friends & Influence People by Dale Carnegie (a classic) or The 7 Habits of Highly Effective People by Stephen R. Covey
21. Learn a new language using software like Duolingo or Rosetta Stone
22. Wake up earlier to get a head start on the day (or work through the night ;))
23. Cut out or decrease the time you spend in front of the TV
24. Consume more information – there’s tons of free content out there in the form of books, blogs, podcasts, video courses, etc.
25. Keep a daily journal or blog

1. Try cutting out sugar from your diet
2. Eat smaller meals frequently throughout the day
3. Cut out all fast food
4. De-stress and relax more often
5. Be proactive and get an annual checkup
6. Set aside 10-15 minutes each day, search YouTube for a exercise video, and do it!
7. Get into exercising at home with light weights or kettlebells
8. Go to your apartment complex’s gym or your town’s community fitness center for free
9. Become vegan or vegetarian
10. Have vegetables with every meal, or at least two out of three meals per day
11. Drink more water (a Contigo water bottle can help)
12. Choose to walk to places within a mile or two of your house instead of driving
13. Start a couch to 5k program to work your way up to running
14. Make it a point to try a new, healthy meal at least once per month
15. Join a community sports team or find a Meetup group where people play sports
16. Improve your posture by being mindful of how you sit at work, or…
17. Get a standing desk (you can build your own)
18. Increase your flexibility
19. Commit to working out at least three times a week, every week
20. Visit a nutritionist to optimize your diet
21. Get more sleep
22. Decrease or cut out any unhealthy vices you have, like smoking, drinking, or eating frozen meals all the time
23. Pick a workout or diet program and stick with it consistently for a month or two
24. Make sure you’re getting enough vitamins from your diet and if not, choose appropriate supplements
25. Try a new fitness class to get more excited about getting in shape (Groupon always has deals)

 
If you’re looking to make next year your best year yet, then these 100 goals focused on money, career, personal development, and health and fitness should help make it happen!

Increase Your Savings

 
1) Open an online savings account with a higher interest rate. Online savings accounts, like CIT Bank, are able to offer a higher interest rate because they do not have to spend money keeping up brick-and-mortar locations. Consider making the switch and earning a few extra dollars in interest.

2) Set automatic increases. You can increase your retirement savings easily by setting auto-increases every year or so. You likely won’t even notice an additional 1% being deducted out of your paycheck, but that little extra contribution can add up overtime.

3) Automate your savings. The easiest way to meet your savings goals is to automate your savings. You can have money automatically set aside into a separate savings account each month. The important thing is to not touch it once it is there.

4) Keep a budget. Budgeting can be time-consuming, but it’s a habit that can have big implications for your finances. Check out our free automated budget spreadsheet if you don’t currently keep a budget.

5) Start an emergency fund. An emergency fund can save you and your loved ones from financial disaster. Make it a goal to set aside at least 3 months of living expenses in an emergency fund.

6) Meet your employer’s retirement match. If your employer offers to match a portion of your retirement fund contributions, make sure you are contributing enough to receive the full match.

7) Contribute to an HSA. If you are on the high deductible health plan, you are eligible to contribute to a health savings account, or HSA. HSAs offer huge tax advantages and can cover any health related expenses you may have. The best part is that they carry over from year to year, so you can build it just like a regular savings account.

8) Utilize catch-up contribution limits. For anyone over the age of 50, you are eligible for catch-up contributions, meaning you can contribute more to both an IRA and 401(k).

9) Save for your child’s education. A 529 plan allows you save for your child’s education while providing you with tax advantages.

10) Consider whether you should rent or buy. Depending where you live, it might make more sense to buy a house. If you are in an expensive city, you may not be able to afford to purchase a home right away. You’ll need to compare your financial position and personal priorities to make the best decision for you.

11) Compare car insurance rates. Get quotes from other insurance companies periodically. They may be able to offer you a cheaper rate for the same level of coverage.

12) Avoid ATM fees. ATM fees are ridiculously expensive considering that they are essentially charging you to access your own money. If you frequently use ATMs, locate machines that are free to use. If your bank does not offer free ATM use, consider switching to a bank that does.

Frugal Living

 
13) Meal plan. Planning out your meals can not only save you money in groceries, but it can save you a ton of time as well. You can plan out your meals, cook them all at once and be ready to go for the week.

14) Use a cash-back site. If you frequently shop online, Ebates will give you cash back for your purchases. It is free to use and sign up.

15) Turn off items electronics when not in use. Why spend money on things you are not even using at the time? You can save money by unplugging items when not in use.

16) Sell items you no longer need. Not only will selling household items declutter your home, but you can make good money by doing so. Take a few photos of what you are trying to sell and post it to sites like Craigslist, LetGo, and OfferUp.

17) Buy used or go thrifting. By buying used, you are saving money and helping the environment. You might be surprised at what you can find in a thrift store for cheap.

18) Adjust the temperature. You can save money every month by adjusting your thermostat by just a few degrees. To really save money, consider installing an adjustable thermostat. Many of the new thermostats allow you to control it from an app on your phone.

19) Plan gifts in advance. If you tend to frantically look for gifts last minute, you likely aren’t finding the best deals. You can save money (and prevent stress) by shopping in advance.

20) Consider cheaper hobbies. Everyone should invest in their hobbies, but some hobbies can drain a budget really quickly. Consider finding a few cheaper activities and splurging on your expensive hobby less frequently, or find a way to make money on your hobbies

21) Pay for maintenance. By prioritizing maintenance for the most important things (such as your house, health, or car), you are saving money in the long run. By doing regular maintenance, you are saving money in the long run by improving efficiency.

22) Learn to DIY. If you have the time, skill, and resources to do it yourself, you can save a sizeable amount of money.

23) Prolong purchasing anything new. If you tend to be an impulse shopper, make sure you are taking time to really evaluate the value of your purchase. After doing this practice, you will likely find that there are actually very few things you need.

24) Use less. With most things, you can get by with using less of a particular item. Using less is a practical way to save money in the long-run. For example, you can use less toothpaste, makeup, paper towels, or cleaning supplies with each use.

25) Make coffee at home. You can make your own coffee for literally pennies after you purchase a coffee maker. You can find a decent coffee maker for around $30. If you consider that each speciality drink at a coffee shop costs $4 to $5, you will quickly earn your money back.

26) Purchase discounted gift cards. Raise.com allows you to buy gift cards for less than what they are valued. Likewise, if you have gift cards you aren’t going to use, you can sell them on Raise.

27) Carpool. Carpooling to work can save you 50% of gas and will prevent wear-and-tear on your car. In some cities, you even get the added advantage of using the carpool lane, which results in you spending less time in traffic.

Career

 
28) Improve your soft skills. You can improve soft skills, such a public speaking, organization, and communication by participating in free organizations and classes around the area.

29) Take on additional responsibilities. By taking on additional responsibilities at your full-time job, you can show your boss that you are serious about the work you do. Management is more likely to give you a raise after clearly seeing the value you provide.

30) Organize yourself at your job. By prioritizing organization, you are ensuring that you are always prepared and operating efficiently.

31) Network, network, network. The best opportunities come through networking since everyone you know has a network of their own. If you are nervous about networking, you can read some tips here.

32) Make use of LinkedIn. LinkedIn is a great tool to collect with other professionals in your industry and community. Best of all, it is free to use!

33) Ask about remote opportunities. You are able to save money in gas and time if you are able to work from home even a few days a week. Plus, you may find that you actually increase your productivity. Talk with your boss to discuss the possibility of working from home.

34) Get certified. By getting certified in your field, you are able to better your chances for a raise or promotion.

35) Join professional groups. Professional associations and other organizations keep your skills sharp while simultaneously giving you plenty of opportunities to network within your field.

36) Consider switching jobs. If you feel stuck at your current job both professionally and financially, then it may be time to apply for new jobs.

37) Keep your resume up-to-date. You never know when the right opportunity may open up.

38) Always keep a business card on you. You should always be prepared. You don’t want to lose out on a potential connection simply because you didn’t keep a business card on you.

39) Spend less on accounting. If you are a business owner, you can save money by switching to Freshbooks for your accounting needs. They typically offer lower fees than many other software.

40) Take advantage of all employer benefits. Does your employer offer a 401(k) match? Free gym membership? Tuition assistance? Cell phone reimbursement? Failure to take advantage of employer benefits means you are leaving money on the table, so be sure to make use of everything your employer has to offer.

Pay Off Your Debt

 
41) Create a debt payoff plan. Before you can become debt-free, you have to know what you are up against. Make a list of all of your debt, the balance, interest rate, and the minimum monthly interest rate. This free spreadsheet was made to list out student loan debt, but you can use it for any debt.

42) Utilize the debt snowball method to pay off debt. The debt snowball is a very effective method of paying off debt. Essentially, you pay off your smallest debt first, even if it has a low interest rate. The psychology behind it is once you pay off one debt, you’re more motivated to pay off another.

43) Refinance your student loans. You may be eligible for a lower interest rate on your student loans through SoFi.

 
44) Refinance your credit card debt. If you have credit card debt, refinancing may help you to pay it off more quickly. Check out SoFi to see if you are eligible for a lower interest rate.

45) Avoid taking on more debt. Save for purchases ahead of time to avoid falling into a debt pitfall.

46) Settle on your car. Cars lose value the second you drive them off the lot, so they are not a wise investment. Settle for a less-expensive car and pay it off as quickly as you can.

47) Refuse to carry a credit card balance. Credit card debt has high interest rate and it can be one of the most difficult financial holes to crawl out of. Prevent credit card debt by paying off your credit card every single month.

48) Calculate your debt to income ratio. To calculate this ratio, add up your minimum monthly payments on all of your debt. Divide that amount by your monthly net income. If this percentage seems high, you should focus on either lowering your debt or increasing your income (or both!)

49) Make multiple debt payments. Instead of paying your minimum debt payment every month, split that amount into a few smaller, but more frequent payments. For example, instead of paying $400 once a month, pay $200 twice a month. This lowers the amount of debt you owe, so ultimately, you are paying less to interest.

50) Call your creditors. If you are struggling to meet the minimum debt payment, call your creditors. They might be willing to worth with you to setup a payment plan.

Make More Money

 
51) Start a blog. Blogging can be very profitable if you keep at it. Best of all, you can blog about any topic that is of interest to you.

52) Earn money through freelance writing. If you can write well, create detailed content, and meet deadlines, you can earn money through freelance writing.

53) Drive for Uber. Driving for Uber is perfect for anyone who is looking to make some extra cash in their spare time.

54) Rent out a room on AirBNB. If you have extra space in your home, you can rent it out on AirBNB. You can choose the days you are willing to rent out your space and charge as you would like.

55) Take surveys for extra cash. Surveys won’t make you rich, but it is a good way to earn a few extra dollars while sitting in front of the television. A few of our favorite survey sites include CrashCrate and Earning Station.

56) Evaluate your productivity. They say time is money, so it’s a good idea to know how much time you are spending on various tasks. RescueTime is a great tool to help you track your productivity.

57) Become a virtual assistant.Virtual assistants are administrative assistants that work from home. They might work for a large company or for a single business owner. Common virtual assistant tasks include scheduling, updating social media, coordinating travel, answering client questions, and more.

58) Earn a raise at work. Don’t forget that you can make more money at your current job. If you are trying to get a raise, here are some good tips.

Lifestyle

 
59) Read financial blogs. Blogs are a great way to learn a few personal finance tips as well as to stay on top of the latest personal finance news.

60) Have a mentor. Do you have someone you can talk to about your financial situation? A mentor can help guide you and hold you accountable.

61) Purchase a few personal finance books. Reading is such a great resource, and there are so many good personal finance books out there. Here are a few of our favorites.

62) Take free classes. Sites like Coursera and Udemy offer online classes from real colleges for free.

63) Find a financial community. Finding a community that prioritizes finances provides a huge advantage. So few people want to talk about money, but it’s holding everyone back. Maybe you find a financial class at your church or within your city, or you join the personal finance blogging community.

64) Keep a planner. Keeping a planner helps you keep your finances organized, ensuring that you never miss anything.

65) Write down your financial goals. Did you know you are over 40% more likely to accomplish a goal if you write it down first? Write down your goals and keep them somewhere visible to help keep yourself motivated. Here’s 15 financial goals to consider

66) Teach yourself something new. As we get older, we tend to stop teaching ourselves new things. Learning new skills or tasks keeps our minds sharp, which in return helps us make wise financial decisions.

67) Avoid FOMO. FOMO, or fear of missing out, can push a lot of your financial decisions if you aren’t careful. Keeping up with what everyone else has is not cheap, and you don’t want to be spending money on things that aren’t a high priority for you.

68) Listen to podcasts. Podcasts are a great way to learn about any topic. You can download podcasts for free on your phone and listen to them at the gym, in the car, or while at work.

69) Hold yourself accountable. Don’t let yourself slack on meeting your goals. Figure out how you can hold yourself accountable. Maybe you need to set small incentives for yourself, or maybe you need to find an accountability partner.

70) Stay healthy. By eating well, working out, and sleeping plenty, you are helping to lower your overall healthcare costs.

Perfect Your Budget

 
71) Always pay your bills on time. To avoid late fees or a potential negative impact on your credit score, it’s important to pay all of your bills on time.

72) Practice good record keeping. You want to be sure to always keep receipts and organize your finances. In case a mistake was made on a bill or taxes, you want to ensure that you have proof and documentation of each situation.

73) Track your net worth. Your net worth gives you a snapshot of where you stand financially. We recommend using the free Personal Finance app.

74) Cancel services that aren’t a priority. You can cancel services like cable, subscription boxes, and magazines to save money.

75) Analyze your budget every month. No two months are the same, and you won’t have a perfect budget right away. It takes some trial and error, especially in the beginning. You may find you regularly have a higher spending in one specific budgeting category and need to reallocate money to that.

76) Use a cash-only budget if you do not respond well to credit cards. Some people find credit cards too tempting. If you have racked up credit card debt in the past, it may be better for you to stick to an all-cash budget.

77) Figure out which budgeting system works best for you. Some people like to write their budget with pen and paper. Other people prefer spreadsheets or apps. However you decide to do it, the important thing is to just track your finances.

78) Like spreadsheets? Use our free automated budget tracker spreadsheet to keep track of your finances.

79) Use Personal Capital. Personal Capital is a financial software that puts all of your finances in one place. It essentially gives you a snapshot of your overall financial health. And it is free to sign up.

80) Learn to say no. Saying yes to everyone can result in a lot of unexpected expenses and can cause you to stress. By learning to say no, you are able to dedicate your time and money to things that are truly valuable to you.

81) Negotiate your bills. A quick phone call to your providers can save you money every month. You can negotiate almost any bill, including cable, car insurance, and internet.

82) Enroll in autopay. Autopay is an easy way to make sure all of your bills are paid. Some bills, like federal student loans, even give you a small discount if you enroll in autopay. Plus, it saves you time.

83) Check your tax withholdings. Though it might be nice to get that big tax return every year, you are essentially giving the government an interest-free loan by doing so. You also don’t want to be on the opposite end of the spectrum and owe the government money come tax time. Double check your withholdings to make sure they are correct.

84) Talk to your significant other about finances. Whether you are newly dating or married, you need to be on the same page with your finances. Be open and honest with one another.

85) Consider how to give back. Giving money away might not seem like a typical financial tip, but by donating your time or money, you are reminding yourself of the value of a dollar while improving the lives of others.

86) Budget for fun. Your budget won’t be very successful if it’s all work and no play. Be sure to set aside some money for entertainment and hobbies.

Use Credit Wisely

 
87) Open a credit card that is a good fit for you. Everyone has different financial priorities, and it’s important to find a credit card that works best for your lifestyle. You can compare the best credit cards here.

88) Learn about credit card travel hacking. You can take free trips across the world by learning how to travel hack.

89) Don’t open up lines of credit just for the deal. How many times have you been told you could save 20% on today’s purchase by opening a credit card at the checkout line? Avoid signing up for any credit card just for its short-term rewards.

90) Keep a credit card open. You can increase your credit score by having older lines of credit, so it’s always a good idea to keep your oldest credit card open, even if you rarely use it.

91) Have a low credit utilization. Credit utilization is another factor that makes up your credit score. By utilizing a small amount of the total credit available to you, you are working to increase your credit score.

92) Monitor your credit score. You can have peace of mind by monitoring your credit score with Credit Sesame.

93) And your credit report. According to the FTC, 1 in 3 consumers find an error on their credit report. An error on your credit report could result in a lower credit score, which may be costing you money by increasing the cost of borrowing. By checking your credit score, you are protecting your finances.

Secure Yourself

 
94) Get life insurance. Even if you are young, you never know what could happen. Life insurance is a way of providing financial security and peace of mind to your family. If you don’t already have life insurance, you can get a free quote to see how much it would cost for various levels of coverage.

95) Backup your computer. If your computer crashes, you might not realize what you have lost until it is gone. To prevent losing important data, backup your computer files regularly.

96) Keep important files in a safe place. You want to make sure you have all of your most important and private files locked away in a fireproof safe.

97) Get a will. Writing a will isn’t a fun thing to do, but failure to do so can result in big financial consequences for your family should something happen to you. You can contact a lawyer to start the process.

98) Compare your insurance premiums. If you have adequate money saved in an emergency fund, then it doesn’t make sense to pay extra in premiums to have a lower deductible. Consider the effects of having a higher versus a lower deductible, and you will be able to save money while still securing yourself.

99) Give instructions to your loved ones. If something were to happen to you, you will want your loved ones to have access to all of your important documents.

100) Change your account passwords frequently. You do not want to risk anyone getting access to your private information. You can prevent this by changing your account passwords frequently.

 
 
What are your best financial tips? Which of these tips has made the biggest impact on your finances?
 
 

I thrive when I have actionable items that I can work on.

This directly translates to money and finance. Making money, saving money, and managing money are things that everyone has to deal with.

But dealing with money can be daunting if it’s not broken down into actionable tasks. That’s why I decided to write a post about 40+ ways to improve your finances this month.

There’s many things you can do over the next year, two years, or ten years to get in a better spot financially. But what about this month?

My goal with this post was to provide a list of things that you can take action on within the next few weeks to improve your finances. Some will take longer than others, but all can at least be started this month.

1) Start Tracking Your Income & Expenses

 
Tracking your income and expenses can have a huge impact on your finances. When my wife and I started to track our income and expenses years ago, we immediately felt freedom by having a record of exactly how much we were making and how much we were spending. The sooner you start, the sooner you can make adjustments to how you spend and manage your money.

After years of doing a manual budget spreadsheet, I finally created an automated approach. You can grab my free automated budget spreadsheet here. It uses Tiller which is an awesome new tool that automatically formats all your data into one uniform format. I highly recommend it.

2) Start Tracking Your Net Worth

 
It was long after I started tracking my spending that I started to track my net worth. To be honest it can be a bit deflating for millennials to track their net worth, especially if they are buried in student loans (and other debt).

Regardless of how you will feel about your net worth, it can beneficial to track it. An easy way to track your net worth (automatically) is Personal Capital. Personal Capital is a free service use myself. Once you link all your accounts it’s super easy to go in monthly, quarterly, or annually to check your progress.

3) Review Your Debt

 
So you know what your net worth is because you set up a free account on Personal Capital, but I would encourage you to not stop there. Instead, dig deeper into your debt. Not all debt is equal. There’s a big difference between credit card debt with a 20% interest rate and a mortgage with a 3% interest rate.

My wife and I keep tabs on our debt using a simple spreadsheet. We list out what company owns the debt, what it was for, what the interest rate is, and what the outstanding balance is. We pay off the higher-interest debt first and some debt we put nothing extra towards (like our mortgage with a 3.15% interest rate).

I put together a free debt payoff spreadsheet that will help you estimate how long it will take you to pay off your debt based on the size of your payment each month. If you have student loans, I created a free student loan spreadsheet with a ton of tools and resources within it, which goes hand-in-hand with my book Student Loan Solution: 5 Steps to Take Control of Your Student Loans and Financial Life.

4) Make a Debt Repayment Plan

 
A debt repayment plan essentially maps out exactly how you plan on paying off your debt. It can include details like which debt you will pay off first, changes you will make in spending to pay off debt faster, or how you will increase your income to pay off debt faster (which is the basis of my book Hustle Away Debt).

While making a plan, think of actionable things that you can do today to lower your overall debt load. For example, should you consider a different repayment plan for your student loans? If you are in credit card debt, have you looked into moving them onto a 0% transfer card?

Once you have a plan created read this post to increase your chances of sticking to your plan.

5) Start Using a Calendar

 
The saying “time is money” is true: your income is constrained by your time. The biggest issue people run into when starting side hustles is the lack of time and inability to fit it into their schedule.

I use a calendar religiously and it’s really helped me juggle my full-time job, my side hustles (blogging, speaking, creating products), and everything else in my life. I use Google Calendar, but I encourage people to use whatever works for them. You may find my time tracking spreadsheet useful.

Having your time under control – and spending your time on the things that matter to you – can only help your finances.

6) Start Contributing to an HSA

 
If you have a Health Savings Account, or HSA for short, and aren’t contributing to it, you should start ASAP. HSAs are like IRAs, but on steroids (no pun intended) because you can use them both as an IRA in retirement or you can use them to pay medical bills, tax free, until the day you die.

I’ve talked to countless millennials who have HSAs through their employer but who are not contributing. Some of them say they simply do not have many medical expenses so there is no reason to. To that I say – that’s the best time to build up your medical emergency fund! Plus you can invest your funds and withdraw them in retirement, similar to a standard IRA (but better). I have a stretch goal of eventually having a $100k+ HSA.

7) Start Tracking Your Donations

 
When it comes to taxes you really need to keep good documentation. Some of this is done automatically through an employer or company you have a student loan through, but some of it falls on your plate.

Take donations as an example. Many people donate both money and physical goods, but how many actually keep detailed records? If you don’t have a record of your donations, you won’t be able to write them off.

Next time you go to goodwill or donate to a cause, keep detailed records of your donation. For physical goods, having details of exactly what you donated will help you calculate your write-off come tax time (and help if you ever are audited). If you really want to track donations properly, take a picture of the physical goods you donate. Make sure you get a tax receipt, both when you donate physical goods or when you make monetary donations.

Changes to the tax code last year make this less important as a majority of people take the standard deduction, but if there is potentially you will itemize your deductions its important to have this documentation.

8) Review Retirement Options

 
If you don’t already contribute to a retirement account, it’s time to start. And even if you do already contribute to a retirement account, it never hurts to evaluate how much you are contributing and whether you can/should increase the amount.

If you have the option, a 401k is a good place to start saving for retirement. Make sure you check and see whether your employer matches your contributions up to a certain percentage. If they do, make sure that you contribute at least enough to max out the employer match – anything less is leaving money on the table.

For those who do not have retirement account options through work, consider opening an IRA. A regular IRA gives you tax protection today but taxes you when you withdraw funds. A Roth IRA is after-tax money and does not protect you from taxes today, but you will not be taxed when you withdraw funds in retirement. Both have their advantages; the important thing to do is get started!

Don’t just stop at contributing – make sure you are putting your money in the best funds. Here is a free spreadsheet that will help you analyze your retirement account options.

9) Review Your Fees

 
Do you know how much you are losing in fees in your retirement account? Taking it a step further, do you know if you are paying the lowest possible fees on your retirement account?

Most people don’t think about management fees when it comes to their investments. After all, the difference between 0.5% or 2% seems minimal. The difference can actually be huge: 33% difference in savings after 30 years!

Again, using the free spreadsheet to analyze your retirement account options can help you avoid putting (and keeping) money in funds that gouge you on the fee front.

10) Get Life Insurance

 
If you are married and/or have children, you need life insurance. This is especially true if you have debt or if your spouse relies on your income.

Life insurance is an easy thing to put off. I put it off for more than 2 years – it always seemed to fall at the bottom of my to-do list. Finally I went through Policy Genius to get quotes online and see what my options are.

11) Write down your goals and get motivated

 
What are you working towards this month? This year? Five years from now?

Taking 10-30 minutes and setting goals can have a huge impact on your finances long-term. Once you have them written down you are much more likely to follow through with them.

Need ideas? Here’s 100 goals to focus on for a successful year.

Some goals – like paying off $100k of debt – are daunting. Breaking your goals down into achievable, actionable sub-goals can be a good approach. For example I made a goal out of college to make $1,000+ each month in side hustle income to offset my wife and my student loans. From there I broke it down even further into things I could do (start a blog, Excel spreadsheet consulting, freelance write) to make extra money each month.

12) Review Salary Data & Consider a Job Change

 
In my book Hustle Away Debt one of the things on the “Pre-Hustle Checklist” is see if there is an opportunity to make more at your 9-5. After all, in many jobs you will be working (close) to the same hours regardless of what level you sit at. Making an extra $10,000 at your day job may be a whole lot easier than making an extra $10,000 at a side hustle.

Two things I recommend everyone consider doing on a regular basis is review salary data on sites like Glassdoor and PayScale, and look at job openings at the next level. Salary data may reveal that you are getting paid lower than you should be, or that other employers pay a lot more than your company for similar positions (here’s how you can find and compare salary data). Looking at job openings helps you recognize the skills and experience hiring managers are looking for at the next level. You can develop those skills now so you are prepared when you are applying for those jobs.

13) Create or Update your LinkedIn Profile

 
Love it or hate it, LinkedIn can help you get job opportunities that otherwise wouldn’t come your way. Many recruiters spend countless hours looking at LinkedIn profiles. Not having a presence on LinkedIn could be costing you.

Even if you aren’t looking for a job, you never know what the future holds. There may be a shakeup in management and you could get caught in the cross-hairs. Even if you retain your job, you may not be fond of who you are reporting to or what your new duties are. Building connections on LinkedIn, particularly recruiters, could benefit you down the road. To get you started, here’s 15 in-demand skills that improve your LinkedIn.

14) Update your Resume

 
We’ve all been there. There is a job opportunity that comes up, and you need to submit a resume. But you haven’t updated it in years. You may even struggle to find an old copy of it on your computer!

Regularly updating your resume – every six months to a year – can make your life a lot easier. Beyond that it will show you gaps or areas for improvement. Is your resume unimpressive in the management/leadership area? How can you improve that over the next year?

While updating your resume may not directly improve your finances this month, it’s hard to argue that it won’t improve your finances long-term.

15) Meet with a Recruiter

 
If you’ve been at the same company for 5+ years, you likely would benefit from talking to a recruiter. Whether it’s a recruiter at another company you are interested in or a recruiter from a recruiting company like Robert Half, they typically have a lot of insight into what hiring managers are looking for in new hires.

Even if you don’t have plans of leaving your employer it can be beneficial to have another contact and hear what other employers compensation and career track is for your area of expertise. At the very least it gets your resume in front of another person – and someone who works directly with hiring managers, at that.

16) Attend a Networking Event – or Network 1:1

 
Networking events aren’t for everyone, but they can lead to good connections. Another option is to find people who work for companies you are interested in and setting up 1:1s with them. It may take some extra effort, but most people are open to meeting with others who work in their same field.

Finally something we can all do is keep up our current network. Think about a handful of people you’d like to stay connected with long-term, and schedule some time to get coffee with them and catch up. You never know what opportunities they may be aware of, or how you can help each other out down the road.

17) Start a Side Hustle

 
For those who are unfamiliar, side hustles are essentially any way to make money in addition to your 9-5 income. It can be as simple as working a retail job on the weekend, or as complex as creating a product that you have manufactured in China and sold on Amazon. Ultimately, though, side hustles are meant to help you increase your income so you have more money to reach your financial goals faster.

As student loans become a bigger burden and the overall debt people hold becomes higher, a 9-5 sometimes just won’t cut it. A side hustle like starting a blog, freelance writing, or selling on Etsy has the potential to give you the income you need to make your goals a reality. The important thing to do is to get started!

Here is a huge post I put together that lists 50+ online and at-home side hustles. You may also be interested in checking out this list of 15 hobbies and interests that can be profitable side hustles, or this post on how to start a blog side hustle.

18) Use Cash Back Apps

 
If you don’t feel like you have time to start a full-blown side hustle, there are a number of simple, easy, and non-consuming ways to make a little bit of extra money online each month. If you stick with them long-term you should make a small amount of extra money for very little effort – all from the comfort of your home.

One of the ways to do this is through cash back apps. There are a number of them, but a few I keep going back to are Ebates, swagbucks, and BeFrugal.

Here’s a list of 10+ cash back apps to check out. If you use the links in that post to sign up you can get $40+ in sign-up bonuses for the first five on the list.

19) Rent part of your house

 
I get it: it’s nice to not have roommates or renters. But honestly if you are single this can be a really great way to improve your finances. If you have a big enough house with enough extra bedrooms your rental income may even be high enough to cover the entire mortgage!

Because my wife and I are always looking for ways to increase and diversify our income, my wife and I rent out part of our basement. It’s laid out as a studio apartment and the rental income has been great the past five-plus years.

Of course renting out part of your house or getting a roommate may not be an option for you, but if you do have the space it can be a great way to increase your income and cut your expenses at the same time.

20) Work on a skill

 
It’s no question that employers are looking for skilled workers. So what is one way to make yourself more in-demand and, potentially, paid more? Learn new skills and continue to improve the ones you already have.

One of my favorite benefits of side hustles are that they offer you the opportunity to improve your skills. For example I have done some Excel Spreadsheet freelancing, and it not only provided me with extra income but also improved skills that I use at my 9-5. A win-win!

If one of your goals is to focus on self-improvement this year, working on your skill set is a great way to help your finances. For example, many programmers are primarily self-taught. They took the initiative to learn how to code and that has allowed them to land jobs in a very lucrative career path. With all the courses and free content available online these days you can learn and improve virtually any skill you desire.

Here are 15 skills that will help you make more money and 10 skills that can help you make money online.

And a final note that this doesn’t need to have anything to do with your 9-5. It could be a way to make more money through a side income, but it doesn’t have to be. Sometimes learning a new skill won’t directly impact your finances, but it can make your life more enjoyable. I’m learning French but I don’t foresee it having any monetary return.

21) Sell your stuff

 
I am a big fan of Gary Vaynerchuk, the entrepreneur and marketing guru. One thing he talked about recently was how some people will say “if I just an extra $500, $1,000, or $2,000 dollars I could do (fill in blank).” His suggestion was to go through everything you own and make a pile of things you can sell.

This is really great advice for someone who wants some extra money but doesn’t want to start a side hustle. You can sell your stuff on Craigslist, at a garage sale, or on eBay. You can even take it a step further and go to garage sales and flip things for a profit (one of my neighbors did this full-time with furniture).

So if you want to improve your finances this month, consider spending a weekend going through everything and selling it online or by hosting a garage sale. It can be a good way to practice minimalism as well as make some extra money.To help you start brainstorming, here’s 15 household items you could sell today for extra money.

22) Use Credit Card Rewards

 
When used appropriately, credit cards can provide you with cash back and travel rewards that will save you money. One credit card (actually the card I recommend as a first credit card) has provided my wife and I with cash back that we turned into Starbucks and Chipotle gift cards. I am not exaggerating when I say we’ve saved over $1,000 over the years.

Cash back rewards are good, but I’ve also saved a lot of money on travel as well. Here’s a post I wrote about saving money on flights and other expenses using an airline credit card and a general way to save money on travel using credit cards.

23) Set Up Automatic Savings

 
Building an emergency fund can be daunting, especially if you are in a lot of debt and want to make payments towards your debt as well. Nevertheless, having an emergency fund is essential, especially if you are in debt, because it helps you avoid having to go into debt if an emergency arises.

There’s a couple of ways to build up an emergency fund that take the pain and guesswork out of the equation. My personal recommendation is that anyone looking to build up their savings should set up automatic fund transfers from their checking to savings. This can be set up to align with when your paycheck hits your checking account. With money moving automatically you have less of a “choice” to save and are, in a way, forced to continue to save.

I am a huge fan of CIT Bank’s high yield savings account, and wish I had made the switch sooner. It’s a great place to put your emergency fund, or to build one. Here’s a post I wrote about building an emergency fund $100 at a time.

24) Review Your Spending

 
I suggested recording all your income and expenses, either in a spreadsheet, app, or whatever works for you. Once you have that data it’s time to analyze and adjust your spending.

Perhaps you didn’t realize you were spending so much money eating out each month. Or maybe it’s another spending area – like home improvement projects – that are costing you more than you’d like each month.

Once you recognize areas that you would like to change, the next step is to actually make those changes. Be conscious of where you are spending your money and consider rewarding yourself for successful adjusting your spending habits.

25) Cancel Subscriptions

 
With all the subscription options available today, it can be easy to forget about just how many subscriptions you have – and whether you are even actively using them.

Consider taking some time this month (put it on your calendar) to review all the things you are subscribed to. From magazines to subscription boxes, you may be surprised just how much you pay in subscription fees. (Here’s how I get magazine subscriptions for free).

Cable is always the big one, and for good reason: many people pay $100+ every single month for cable and internet. With more and more lower-cost entertainment options it may be time to evaluate whether you really need cable, or if you’d be better off cutting the cord and using a lower-cost option for your entertainment needs. I was happy to cut cable not only for the savings, but also to not waste my time playing the cable company’s games anymore!

26) Coupon

 
My wife and I have saved thousands the past few years using coupons on things we would have bought anyway. If you are struggling to save money I would encourage you to consider spending an hour or two a week couponing. The savings may be worth it.

Retailers and brands face fierce competition, and coupons are one way they can differentiate themselves from their rivals. Even when my wife and I go out to eat or get ice cream, we almost always have some sort of coupon to bring down the cost.

There are many sites like Target.com, Redplum.com, and Coupons.com that provide printable coupons. The fact they are online makes it easy to sort and filter only on the products you care about. There are also apps like Ibotta that offer additional savings (without having to physically print anything).

27) Plan Your Meals

 
Meal-planning is another way my wife and I save time and money. If you don’t already plan your meals, I would recommend you start for the benefits you’ll gain both in only buying food you will actually eat and not having to think “what should I have tonight?”

My wife and I plan two weeks at a time, but you can do just one week or take it further and plan a full month. Remember, this doesn’t mean you can’t change your mind later on. Being flexible is key, but the fact that you took the time to plan out your meals makes you more likely to stick to the plan. Your wallet will thank you.

28) Make a Grocery List

 
Along with meal-planning and couponing, making a grocery list is the third way you can cut down on the amount you spend on groceries and eating out at restaurants.

A good way to integrate all three is by first planning out what meals you want to have. Next, look for coupons that line up with those meals. Add anything else to your list (i.e. paper towels, toiletries, other household goods) and look for coupons for those as well. Finally make your grocery list.

Following this strategy will help you only buy the things you need and not purchase things because there are coupons for them. You will also cut down on the number of items you add to your cart simply because they caught your eye as you were going through the grocery store.

29) Brew Coffee at Home

 
I know a number of people who get Starbucks or Caribou every single day. While I’m not opposed to getting coffee from Starbucks every once in a while, I try to limit it as much as possible.

If you’re looking to save money and you find yourself going through the Starbucks drive-through frequently, brewing coffee at home can be a big win from a financial perspective. It also could save you time as it’s relatively quick and easy to brew coffee at home versus stopping by Starbucks in the morning.

30) Bring your Lunch to Work

 
When I was an intern I made a really dumb financial decision: I bought a salad at work every day. I’m not talking cheap salads. I’m talking $5-$8 salads. To put this in perspective I could get $2 or $3 bags of salad at the store and make 2 big salads per bag.

I certainly can understand the draw of purchasing your lunch at work. It’s so easy! Hauling tupperware to and from work each day isn’t fun. But the money you can save is real and can have an impact when we talk in terms of months or years.

Another reason my wife and I plan our meals is because we try to plan dinners that will have leftovers for lunch the next day. Lo mein, pasta, pizza, stir fry, salad…there’s a ton of options. Bringing our lunches to work has saved us thousands the past few years, and I’d recommend you give it a try if you are looking to improve your finances this month.

31) Put Off a Purchase (Big or Small!)

 
A piece of financial advice I like to use is “run your personal finances like a business.” With my six years of corporate finance and accounting experience I have seen many great parallels.

One of these parallels is this: delaying spend can be a big financial win. If a business is trying to hit financial targets for a quarter or a year one of the things that is almost always considered is delaying spend. And most times the result is better financial performance.

In the same way you can delay spend with your personal finances, with good results. It isn’t always the easiest thing to do, but putting off big purchases can typically result in better finances. Whether you are delaying the purchase of your next car, that bathroom/kitchen/basement renovation you’ve been wanting to do, or new shoes, delaying these purchases typically doesn’t greatly hurt your quality of life and can sometimes greatly improve your finances. Here is one strategy that immediately limits spending.

32) Go On a No-Spend Challenge

 
Have you considered going on a no-spend challenge? This may sound like an extreme measure, but it can work similar to the “delayed” spending tactic. If you force yourself to not spend money in a given week, month, etc., you by default must find a way to get by with what you have.

A lot of people do this with food. If you feel like your cupboards, fridge, and freezer are packed, but you constantly have food going bad before you can eat it, a no-spend challenge can force you to really look at what food you have on hand and eat that rather than purchase more food. Here’s why you should consider a no-spend challenge

33) Create a Student Loan Repayment Strategy

 
With over $1.4 trillion in outstanding student loan debt in the United States, student loans are a big problem. It doesn’t help that repayment plans and opportunities for loan forgiveness are complicated to navigate.

There are some authors and speakers in the personal finance space who don’t even mention income-driven repayment, or opportunities for loan forgiveness. This is a huge disservice to people who could greatly benefit from these. In certain situations, Public Service Loan Forgiveness can make a massive difference in someone’s finances.

If you don’t have a student loan repayment strategy, consider purchasing (or getting from your library) my book Student Loan Solution: 5 Steps to Take Control of Your Student Loans and Financial Life.

34) Go the DIY Route

 
I have a friend who has Summers off because he is a teacher. He tries to do one bigger home project each Summer. It’s the ideal time, as he has plenty of time to go through the project slowly and go the DIY route in virtually every aspect of the project.

A couple years ago he renovated their bathroom. He took everything down to the studs and even redid the wiring with the help of one of his relatives. The project ended up great and saved him anywhere from $5k – $25k.

While we may not all be able to go to the DIY route, it can be a good option for saving money. If you have extra time and aren’t pursuing other side hustles with your spare time, you can potentially save thousands or tens of thousands of dollars that otherwise would go to contractors. Consider the DIY route for your next project and see if you have the time and capacity to make it happen.

35) Read a Book about Personal Finance

 
I think of financial literacy as a lifetime learning program: there’s always more to learn. There are so many books out there about personal finance. Literally thousands upon thousands! So how do yo pick one? Here’s my list of personal finance books for millennials.

36) Take a Personal Finance Course

 
Courses are becoming more and more popular. There are courses on virtually every financial topic, like investing and budgeting, but there are also general personal finance courses. If I had to recommend just one it would be Tara Falcone’s MONEY course, which has over 75 modules and covers a wide variety of personal finance topics. You can learn more about her course here.

37) Learn about Tax Strategies

 
We’ve already mentioned HSA, retirement accounts, and recording all your donations, but typically most people don’t think about taxes as a way to save money. In reality if you are strategic about the opportunities given to you (i.e. 401k, HSA, etc.) that can save you money on taxes, you could greatly lower your tax bill at year-end.

A lot of tax savings has to be done over the course of a year. If you take some time this month to look into ways to lower your taxes, you may be surprised at how little you are actively doing to lower your tax bill. With our complicated tax code it’s natural to not want to deal with it or think about it except at year end.

I encourage you to take some time to analyze your tax strategy this month. And if you don’t have a “tax strategy”, consider creating one. Here’s a list of some tax-advantaged accounts.

38) Subscribe to Young Adult Money’s weekly newsletter

 
Can you blame for including a plug here :) I’ve started to put more time and energy towards our newsletter, and it can give you a quick recap of what posts were new the past week as well as other news and links to popular posts.

We are really committed at Young Adult Money to helping you make more, save more, and live better. Who doesn’t want those three things? Fill out the form below to join our community:

39) Work Out on a Regular Basis

 
The statistics don’t lie: Americans aren’t the healthiest. While there are two sides to the health equation, both eating healthier and getting more exercise, I wanted to specifically call out working out on a regular basis as a way to improve your finances.

I won’t bore you with countless stats on how exercising makes you healthier and at lower risk for various diseases. We’ve all heard this. But one thing I’ve noticed about exercise is that it really is about getting in the habit of making time for it. Once you are in the habit of going to the gym or exercising outside a few times a week, it does get easier.

There are some health conditions that simply can’t be prevented by exercise. I had two sinus surgeries and it had little to do with how many days I went to the gym. With that being said, if you can improve your health in general and in turn save money, it’s a good way to kill two birds with one stone.

40) Minimize Stress

 
My wife will probably read this tip and say “listen to your own advice!” I’m not the best when it comes to handling stress, but I do recognize that when I am calm and feel like I have control over a situation I generally handle situations better. This obviously has an impact on my job performance, side hustle performance, and ability to make wise financial decisions.

It’s incredible the amount of stress people are under from demands at work, packed schedules, lack of sleep, and anxiety in general. Some people have huge expectations put on them by others, while some put the expectations on themselves. It’s important to identify the source of stress and decide what you can do about it.

Most people, especially those in their 20s and 30s, have some sort of financial stress. For some it can become crushing. That’s why I am so passionate about financial literacy and proposing side hustles as a way to be proactive about taming debt and getting in a better spot financially.

Regardless of what your source of stress is, take some time this month to acknowledge the source or your stress. List out exactly what you can do to deal with it better and/or minimize the underlying issue.

 
 
What will you do this month to improve your finances?
 
 

This post is part of our series 7 Weeks to Your Best Finances. This series is meant to serve as a 7-week path to improving your finances. It will cover all the important topics like starting a budget, saving money, making money, investing, and more. To find out more and see all the tips and ideas for improving your finances check out the dedicated 7 Weeks to Your Best Finances page.

 
With the new year right around the corner, now is the perfect time to reevaluate your financial goals. Have you started thinking about what you want to achieve financially this year?

There are so many steps you can take to improve your finances, no matter if you are dealing with a lot of debt or are debt free, we all have room for improvement and we should never fail to set financial goals for ourselves.

Take the start of the year to commit to improving your finances drastically. No matter what stage you’re in, here are 15 personal finance goals to consider.

1) Educate Yourself About Money

 
Perhaps one of the best things you can do for yourself financially is to educate yourself about money.

Gaining knowledge is the best decision you can make. We all know the basics of finances – debt is bad, credit cards can be either very useful or very dangerous, and you need to save for the future. But taking time to educate yourself will help you to make the best financial decisions for you and your family.

The good news is that there are thousands of resources at your disposal. You don’t need to go get a finance degree to understand money. You can read some of the hundreds of personal finance blogs and books to get you started.

2) Spend Less

 
The fastest way to reach financial freedom is to spend significantly less than what you earn. Where can you cut back on your spending?

Take a look at your budget and compare it to what you actually spend in a month. Are there things you can cut out? The more spending you can eliminate, the faster you can pay off debt or build savings.

You have to get creative and in depth with how you can save. Can you cut cable and other subscription services? Shop around for cheaper car insurance? Go out to eat less? Figure out how you can spend less and commit to it.

3) Track Your Credit Score

 
For some people, tracking their credit score doesn’t even cross their mind. If you don’t already track it, this is the year to start.

The biggest reason to track your credit score and report is to make sure no one is stealing your identity. You want to check it a few times a year to make sure there are no false claims on there that are hurting your score.

The best news is that you can check your credit score for free.

You are entitled to a free copy from each credit-reporting bureau, each year. Read this post to find out how you can get your credit reports.

4) Improve Your Credit Score

 
What does your credit score look like now that you’ve checked it? If you’ve never borrowed money, you may not even have a credit score.

A credit score is important for a variety of reasons. If you ever need a loan (like a mortgage or car loan), or even services like cable and internet, they will check your credit score. And why? People want to know that you can actually pay them for what you owe.

The better your credit score, the better rates you will get from lenders. So it is important to have a high score. Credit scores range from 300(low)-850(high). Here is a detailed post of exactly how to improve your credit score.

5) Become Debt-Free

 
Becoming debt-free might not be something you can accomplish this month, or even in the next few years, but the more debt you have, the higher of a priority it should be to get it paid off.

Think about what your life would look like without the weight of debt. You wouldn’t owe anyone anything. Your money is strictly yours and you choose what to do with it.

6) Plan to Avoid Future Debt

 
If you are already debt-free, how can you stay like that?

Look ahead to the future. What will you be needing to save for? Will you need a new car in a few years? A house? Plan to go to graduate school?

Map out a plan to figure out how you will be able to afford things in the future. Remember, taking on debt is not an option!

7) Make More Money

 
No matter where you are on your financial journey, it never hurts to have extra money. Think about how you could make extra cash to supplement your income.

Could you ask for a raise at work? Find a higher paying job? Or start a side hustle, like blogging, freelance writing, or something else?

Any extra income you make will bolster your financial goals. Make it a goal to earn more money this year and see how much extra you can make!

8) Bulk Up Your Emergency Fund

 
A healthy emergency fund is imperative for financial success. Why? Because it covers you in times of trouble and prevents you from taking on major debt.

Can you imagine losing your job? Totaling your car? Having major medical expenses? How would you pay for that?

In tragic times, the last thing you want to worry about is money. So take this year to bulk up your emergency fund to a level where you are comfortable. Build it up to a level where you feel comfortable. If you’re just starting out, a small $1000 emergency fund will help you immensely. Ideally, you would want to get to the point where you could cover 3-5 months of living expenses (at least) should something bad happen.

9) Build Your Retirement Account

 
Everyone is at a different stage of saving for retirement. Some of us are trying to balance saving for retirement with paying off debt. While others of us have been saving heavily for retirement for a while.

Take time to really evaluate your retirement account. Compare where you are currently to where you want to be. Are you in the best retirement program available to you? Commit to throwing any extra money you make this year into your retirement savings.

10) Review Your Insurance

 
Is your insurance still the best fit for you and your family’s needs? Could you potentially save more money by switching insurance?

Insurance is something we can easily forget until we need it. Many people see the cost of insurance and simply go with the cheapest option, which is probably not enough to cover them should something bad happen.

There is no secret formula to tell you what you should purchase for health, car, rental, homeowners, life, or any other type of insurance. You need to evaluate your needs. If you are trying to spend less on insurance, do you have a plan of how to pay for a tragedy?

Insurance isn’t cheap, but it is worth the peace of mind it provides. Shop around for the best options and prices for your family.

11) Decide How to Give Back

 
Many of us are organized financially until it comes to giving. Or we are afraid to give away the money we worked so hard for.

No matter your situation, someone else is struggling worse than you. Giving back is a major way to make a difference with your money.

Instead of haphazardly giving this year, come up with a plan. What organizations or groups do you want to give to? How much? Or what will you donate?

When you plan your giving, you not only will make a bigger impact on those you are giving to, but you will also protect your finances from any unexpected expenses.

12) Start a No-Spend Challenge

 
Want to really push yourself this year? Try a no-spend challenge.

A no-spend challenge is just what is sounds like. You avoid spending any money you don’t have to. This means no extra clothes, no social events, or eating out.

This is extremely challenging, but very effective. You’ll realize how little money you actually need to get by.

If that seems too intense for you, try applying a no-spend challenge to one area of your life. If you shop a lot, try a shopping ban. If you eat out frequently, vow to only cook from home.

13) Downsize

 
Downsizing your belongings might not save you any money immediately, but it forces a lifestyle change that will save you so much in the long run.

Think about everything you own. How much did you spend on it? Do you have to pay to maintain it?

If you don’t truly enjoy everything around you, then it’s time to go. By embracing a more minimal and simpler life, you’ll save money and think twice while making a major purchase. As a bonus, you can sell those extra things laying around for some cash!

14) Perfect Your Professional Skills

 
By improving your professional skills, you aren’t just improving your work, but you are improving your finances.

Continue to develop the technical and personal skills you need at work. Because the harder you work, the more potential you have to earn more money. And not only that, but many of these skills translate into your personal life.

For example, if you are a skilled negotiator, you have the potential be able to save hundreds, if not more, money per year by haggling. If you work at your organizational skills in your work life, that can also improve your personal finances.

15) Set Your Long-Term Goals

 
There are so many financial goals that we want to achieve now. But what are your long-term financial goals? Every financial decision you make will impact your financial future, so it’s important to know what your long-term goals are.

Maybe you want to retire by 50. Or maybe you want to start a large family. Want to go back to school? Or travel the world? Your long-term financial goals should be big enough to keep you motivated on your financial journey.

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Make this year a great one by committing to improve your finances, whether it’s one thing or everything on this list. Keep in mind your long-term goals to motivate yourself in the process!
 

Even if you have only a basic understanding of Excel or Google Sheets, you probably realize how powerful they can be for things like planning and tracking.

While there are thousands of personal finance tools and apps out there today, it’s tough to beat the simplicity and power of a spreadsheet to level up your money.

Having worked in corporate finance and accounting for nearly a decade, I’ve spent most of that time working in spreadsheets. I’ve created a number of personal finance spreadsheets that I give away for free.

This post lists out some of those free personal finance spreadsheets you can use to level up your money.

Let’s start with the most popular spreadsheet I’ve made: an automated budget spreadsheet.

 
I was so happy when Tiller came out because it allowed me to finally share an automated budget spreadsheet. Tiller is a software that pulls all your transactions from your various financial accounts and puts it in a uniform format. Anyone who does this manually each month knows that it’s a big time-saver.

You can download the automated budget spreadsheet by filling in your email below or you can read more about it here.

The student loan spreadsheet has all the following features:

• Instructions on Where to Find your Student Loans – Whether you have federal, private, or state student loans, there are instructions on how to find the details of your student loans.

• Tracking Tab to House all your Student Loan Details – The most important part of the spreadsheet. This will be where all your student loan detail is laid out in a nice snapshot.

• Student Loan Repayment Calculators – Three different student loan calculators that help you visualize what sort of impact putting additional dollars towards your loans will have.

• Weighted Average Interest Rate Calculation – Simplifies various calculations by giving you one interest rate that can be used in all your student loan repayment calculations.

• Income-Driven Repayment Calculator – Shows your estimated monthly payment under the various income-driven repayment plans.

• Federal Poverty Guidelines – Helps with calculating income-driven repayment.

• Principal vs. Interest – Curious how much of each individual payment is going towards interest versus principal? This tool will help you visualize it.

You can download the free student loan spreadsheet by filling in your email below or read more about it here.

 
Most people who plan weddings need to keep track of their budget and how much they spend along the way. There are definitely apps and tools out there that help with this, but it’s tough to beat the simplicity of a spreadsheet.

I created a wedding budget spreadsheet for a friend who was planning her wedding. I made it available for anyone else who was planning a wedding.

Enter your email address below to get the wedding budget spreadsheet sent to you, or read more about it here.

 
The 52 Week Money Challenge is simple. Over the course of 52 weeks, you make a deposit into your savings account once a week. The deposits range in value from $1 to $52.

One way people do this is deposit $1 the first week, $2 the second week, $3 the third week, and so on. At the end of 52 weeks the deposits total $1,378.

You can also do a modified version where you save more or less each week depending on how much extra cash you have. Did you have some unexpected bills this week? Save $1. Have some extra cash this week? Save $50.

Enter your email address below to get the 52 Week Money Challenge spreadsheet sent to you, or read more about it here.

 
Dividend income is the ultimate source of passive income. If you can make $30k+ a year through passive dividend income, it makes it a lot easier to use your time how you want (especially if you can quit your full-time job!).

But how many stocks would you need to buy to actually make passive dividend income that you can live off of?

This spreadsheet has two calculators that will answer that question for you. One calculator allows you to plug in a stock and see what sort of passive income you would receive with various amounts of that stock. The second calculator allows you to plug in your desired dividend income and then tells you how much of a certain stock you would need to buy to achieve it.

Enter your email address below to get the Dividend Analysis spreadsheet sent to you, or read more about it here.

You can start or add to an existing emergency fun. You can invest in a retirement account. You can budget.

This year I want to encourage you to take a specific money challenge: take control of your student loan debt.

Everyone’s situation is different. People take out different amounts of student loans, at different interest rates, for different degrees.

Some people finish school, some do not. Income can vary drastically for grads and non-grads alike.

For some borrowers, student loans are no big deal. They only have a small amount of debt and they pay it off either over the standard ten-year repayment period or faster than ten years.

This isn’t the norm, though. For many student loans are a huge burden. It can seem like an insurmountable task to pay them off. It may be difficult to ever imagining paying them off.

It’s no surprise that student loans consistently hold people back financially and cause mental health issues like depression. More than a million borrowers default for the first time each year.

Regardless of your personal situation, if you have student loans you can benefit from taking specific actions that give you a feeling of control over them.

If you don’t have a full understanding of your student loans, your repayment options, and what the best strategy is for maximizing your financial life, I encourage you to take part in a money challenge: take control of your student loans.

Here’s specifically what I think you should do to take control of your student loans:

• Understand your Student Loans – If you don’t know what loans you have, how much you have in loans, and what interest rate your loans are at, the first step is to find out. You can use my free student loan spreadsheet to do that. The next step is to understand what things like Direct Subsidized, FFEL Unsubsidized, and other student loan terms mean.

• Understand your Repayment Options – The standard ten-year repayment option isn’t the only repayment option; there are income-driven repayment options that will limit your required monthly payment depending on your income level. And are you aware of all the options for federal student loan forgiveness? You can’t fully be in control of your student loans until you understand all the options and opportunities available to you.

• Pick the Right Strategy – Does it make sense to pursue loan forgiveness? If you are pursuing it, does it make sense to maximize your pre-tax retirement account to keep the income low that is used to calculate your monthly payment under an income-driven repayment plan? Or perhaps the best strategy for your situation is to refinance your loans and pay them off within five years.

A majority of the past year was spent researching and writing a book that I am incredibly proud of and that I think will benefit anyone with student loans. The book is called Student Loan Solution: 5 Steps to Take Control of your Student Loans and Financial Life.

I’m biased, but the content in this book is top notch. I interviewed more than ten experts for the book who shared their thoughts on everything from money mindset, to mental health, to what they think is the best budgeting tool.

I spent a ton of time thinking through how best to lay out the 5 steps, and what made the most logical sense for someone who has student loans. If we’re being honest, most of the student loan repayment advice out there isn’t comprehensive and may not even mention, among other things, details of income-driven repayment plans or loan forgiveness opportunities.

Another thing that has frustrated me and ultimately motivated me to write Student Loan Solution was the fact that most personal finance content does not center around student loans. Someone with a $500, $1,000, or higher student loan payment needs to factor in those student loans when making financial decisions.

My book and my approach doesn’t just lay out the details of student loans and repayment options. It goes further and talks about how to evaluate your current financial situation and make improvements. I also approach tough questions like should you invest when you have student loans? and what should you do if student loans affect your relationship?.

The five steps in the book include:

 
Step 1: The Starting Point – Know Your Loans

In step one, you will gather all your student loan information and put together a student loan snapshot. This snapshot of your student loans will include relevant information that you will need to create your student loan strategy. You will also learn about the different types of student loans, including consolidation loans, and understand the differences between them.

Step 2: Understand Your Options

In step two you will learn about your repayment options, opportunities for loan forgiveness, and tools such as refinancing, forbearance, and deferment. Having a full understanding of the options available to you is critical for feeling in control of your loans and confident in the choices you make. Student loan default is also covered, including how to get out of it and get back on track.

Step 3: Your Money – Understand your Financial Situation

Knowing the ins and outs of your student loans and repayment options isn’t enough for making an effective student loan plan. You also need to understand your financial situation. Things like how much your cash flow is, how much of an emergency fund you have (if you have one at all), what debt you have besides student loans, and other topics, are all important factors when determining your repayment strategy.

Step 4: Decision Time – Choose your Repayment Strategy

At this point you will have full knowledge of your student loans, repayment options, and your financial situation. In this step you combine all this information and choose the best repayment strategy for you.

Step 5: A Brighter Tomorrow – Optimize your Money

Having a repayment strategy is great, but don’t stop there. Your situation today doesn’t have to be your situation tomorrow. I’ll share strategies and hacks that will allow you to continually improve your situation and put yourself in a better financial spot.

In addition to these 5 steps to a successful student loan plan, my book dives into a few specific areas that student loans tend to impact.

Bonus Section: Your Student Loans and your Life

Mental health and relationships are two areas that student loans can have a big impact on. Additionally, student loans pose a problem for people who go to school for a career and then realize it’s not the right fit for them. We will talk about all of these things in this section.

 
There’s obviously a lot that goes into each step, but this is the approach I recommend taking if you want to take control of both your student loans and financial life. If you’re motivated and willing to put in the time, you absolutely can tackle your student loan debt. What that means and what that looks like will depend on your income, debt, loans, job/career, and goals. It will look different for each person. The five-step approach my book takes can help you get there!

So are you on board with this money challenge? Are you ready to take control of your student loans? Get Student Loan Solution: 5 Steps to Take Control of your Student Loans and Financial Life and reach out if you have any questions!