Money Moves You Should Be Making Now

People often struggle to talk, and even think, about money. While it is tempting to put financial thoughts in the back of your mind, doing so can cost you in the long run. Taking the time to become more comfortable with your finances ensures that you make the most of every dollar.

Consider Consolidating Your Debt

If you struggle to make ends meet each month, consider consolidating your student loan debt. Consolidating this debt rolls each of your student loans into a single expense. During the process you can change the terms of the loan, giving you longer to pay off the debt. You may also qualify for a lower interest rate, which saves you money over the life of your loan. Consolidating isn't complicated. You can complete the process quickly and easily online. You can use guides to determine if consolidation is right for you. It gives you all the information you need to make the right choice and lets you know what information your lender needs to complete the process.

Master Your Emergency Fund

An emergency fund is important to ensure you have access to money if something unexpected happens. If you already have three to six months' worth of expenses saved, good for you. If not, that should be your priority. Once you have this funded, consider starting some sinking funds accounts. Sinking funds are used for expenses that crop up that you may not be able to pay for out of pocket. Having money set aside for car or home repairs, holiday purchases, or veterinary bills means you do not need to pull money from your emergency fund.

Don't Be Afraid to Invest

If your workplace offers a retirement program, you should take advantage of it as soon as possible. Contributing early gives your money more time to grow. Once you have an emergency fund set up and have started to accumulate, you can start looking at investing outside your retirement account. This can be with a brokerage account, through online investment apps that allow you to invest small amounts monthly, or through the purchase of low-risk investment vehicles such as certificates of deposit or treasury notes. Investing is a very personal decision, and you need to research your choices before investing any money. However, when first starting, low-risk investments allow you to get comfortable with the idea of investing without the risk associated with more volatile choices.

Check-in On Your Progress

Saving rather than spending can seem like a chore. One way to make the process more rewarding is to keep track of debt as you pay it down and savings and investments as they increase. There are many apps available that you can use to track your net worth. Unlike tracking your budget, tracking your net worth can be rewarding and provide an incentive to keep moving forward. Even if your net worth is zero, which it will be for many people with existing debt, seeing how quickly that number can change makes it easier to stay on track and keep your contributions high.