Make 2017 your most productive, wealthy year yet by rearranging how you allocate your time, effort, and resources in your life. It can be a simple task that can easily translate to healthy habits as long as you dedicate yourself to seeing it through. See what we mean.
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Invest your money.
One of the most effective (and oftentimes easiest) ways to grow your money is to invest it, and invest it as soon as possible. The idea is that the more you invest now, the more money you will have down the road due to the growth on investment returns. We suggest starting with your employer's 401(k) plan if you haven't already, and then entertain the idea of investing your money in a traditional or Roth IRA.
Instead of indulging in your favorite drama every night before bed, pick up a book about investing, personal finance, or a biography of a successful individual or someone you admire. You never know what you can learn from page to page, and it may motivate you to change your lifestyle. The power of a book is unparalleled, so try it out!
Get a side gig.
It may seem like a daunting, overwhelming deed initially, but if you think about all the different options available, you might reconsider. Although factors vary based on the company and position, you can find something that will fit your schedule while giving you some extra income on the side. Moreover, if you're not fond of your current full-time job, a side hustle can be an easy way to get paid to do something you actually like!
Commit to a savings goal.
If you aren't saving money regularly, decide on a consistent, automated savings method that will help you save whatever amount of money you choose a day or week. Essentially, pay yourself first. For example, automatically set $20-$40 to be transferred to your savings account every week, or if you can, every day. Another way to save is to think about saving an hour of your pay every day. Send one hour of pay (if you work a full-time job of 40 hours per week, divide your annual salary by 2,080 hours to get your pay per hour) to your savings every day. It's an easy, no-brainer way to save money once you've set it up.
Consider a high-yield savings account.
For the money beyond your emergency fund, it'd be beneficial to invest the leftovers into a high-yield savings account instead of a traditional savings account. The former can provide 1% interest, whereas a traditional account typically offers only 0.01% earnings.