Another huge bill that can easily add up is your Internet and cable bill. We use Netflix and Hulu instead of cable because of how much it saves. Also, if you haven’t checked your Internet bill recently take a look at it. You may be shocked at how much you’re paying.
Talk with your Internet service provider and see if you can get it lowered. After a 1 year promotion, they decided to double my internet bill!
I decided to lower my internet speed, take advantage of a promotion, and make a couple of phone calls. Now, our Internet bill is only $30/month instead of $60/month and we still get high-speed internet for all our streaming needs. That we still get to watch Cupcake Wars and Shark Tank (my personal favorite).
3) Create a Roth IRA or Increase your Contributions to It
An amazing money goal for this upcoming year is to create a Roth IRA account. A Roth IRA is a post-tax investment vehicle which is very valuable in retirement. You pay taxes on your income and then portion out a certain amount every month or year to your Roth IRA.
You can create a Roth IRA with most any investment firm. I currently have one with USAA but will be transferring it over to Vanguard in the near future. I’m a big fan of Vanguard because of their insanely low expense ratios on their index funds.
If you already have a Roth IRA, that’s fantastic! Make a goal to increase your contributions by at least 10% or better yet - max out your contributions!
As of 2019, you can contribute $6,000 to your Roth IRA which is a large chunk of change which will grow substantially for your retirement. Check out this cool Roth IRA calculator I use to find out just how much a Roth IRA can grow.
4) Increase your Income by 10% or More
In addition to saving more money to become financially independent, you should also make goals to increase your income. This allows you to reach financial independence sooner than you would have otherwise.
There are a few different ways you can increase your income.
One simple way is to simply ask for a raise. Many people don’t get a raise when you have to do is just ask! I’ve been working at my current job for a year now and figured it’s almost time for a raise. I asked my boss about it and 2 weeks later got a raise.
If you work for yourself or aren’t able to get a raise at work, then you can pick up a side hustle for some extra cash.
My favorite side hustle is to buy things locally and sell them on eBay. I go to garage sales or look on Craigslist for good deals. Then I’ll take pictures and list it on eBay to sell. You can make decent money doing this in your free time.
You will learn so much more in these books than how to just save money or pay off debt.
7) Buy Used to Save More Money
There are some things in this life I will never buy used. Some examples are shoes or mattresses. I don’t want anyone’s toe fungus or anything like there.
On the other side, there are many things I would buy used like cars, appliances, or electronics.
You will become a millionaire much faster buying used cars versus buying new cars. Some appliances you can buy used to save money such as a tv or a box freezer.
I’ve personally bought multiple used phones in my life. You can buy a phone used and likely recoup all but $100 you spent on it in the first place. There’s no need to spend $1,000 or more on a brand new cell phone. You can easily buy a $200 or $300 phone on which will last for years to come.
8) Invest for Free with RobinHood
I love investing. But I hate investing when there are fees involved. Luckily, there’s an app where you can buy and sell stocks for free!
It’s called Robinhood and I love it. I’ve used stock trading platforms before where each trade can cost you $5 or even $10. Those commissions can really add up over time.
Not on Robinhood though. You can buy or sell stocks for free. What’s better than that?
On top of that, if you sign up for RobinHood with my referral link here, then Robinhood will automatically give you and me both a free share of random stock (anywhere from $2.50 to $200). Did I mention it’s free? :)
You don’t have to accomplish all 8 of these goals I’ve written about. Just choose a couple goals that you are passionate about for this next year.
Write it down where you can see it and check up on the goal once a month. You won’t regret it :)
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