Tag Archives: 2015 resolutions

Money Managing Tips for 2015

The year 2014 has wrapped up and many are ready to see what the New Year has in store for them. Every year some people make the same resolutions that involve dieting, learning something new, or making more money. However, it’s always a little hard to stick to our resolutions because we often just lose our willpower or motivation. Try making 2015 different by sticking to your goals. If improving your money management skills is on your list, then check out our tips for helping investors maintain their momentum through the year!

Saving

Sometimes money can be hard to come by the time you pay all your bills. However, there are ways to squeeze some fat out of your budget so you have something left over for saving and investing. Take a look at your monthly spending and figure out where most of it is going. A large portion is most likely being spent on the roof over your head and utilities – while it is hard to find extra cash in those expenses, consider going green to save money on utilities like using less electricity/gas and water.

For example, taking shorter, less warm showers can save on the gas or electricity needed to heat the water and use less water at the same time. Turning out lights when you leave rooms and switching to LED or fluorescent lighting can lower electric bills and raising thermostats one or two degrees in the summer and lowering them one or two degrees in the winter can make a dramatic difference in bills for heating or cooling your home. You can get big savings in your monthly food budget by switching your groceries to store and generic brands, stocking up on basic food staples during store sales and clipping coupons.

Investing

Once you get your budget under control and begin saving money on a regular basis by implementing some of the tips described above, you can begin working on ways to seek to grow those savings through investing. Investing in the stock market can be both exhilarating and risky, because the stock market fluctuates.  Sometimes it moves in your favor and sometimes it will go the other way. At any rate, investing the cash that you have saved wisely creates the opportunity to achieve benefits for your wallet as long as you realize that no one can predict where the stock market is going and there is no magic time to enter the market.

With that being said, Matson Money advises their clients to invest in diversified portfolios. A well-diversified portfolio reduces investment risk and creates the opportunity to achieve market rates of return without taking excessive risk with your savings.  Matson Money also recommends that clients focus on the long term and avoid trying to invest based on what’s being touted by the media on any given day. This approach creates opportunities to meet your personal investment goals without losing sleep every night over how your portfolio is performing.  Trying something new in 2015 could be exciting! But always recognize that not all stock market strategies are the same, nor do they all produce the same results. Start making small adjustments in the way your spend money now so you can start investing in your future tomorrow!