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Deal with your debt

Having debt hanging over your head is a burden that can easily prevent you from hitting your savings goals and improving your financial stature.

An online marketplace called Credible can help you consolidate your debts into one monthly payment with a low interest rate.

Combining your debts into a single loan will help you pay down what you owe faster, and potentially save you hundreds in interest.

It might also be useful to sit down with a financial adviser to discuss both your current situation and where you’re hoping to head in the future. Finding an adviser that’s a good fit for your specific needs can take a lot of legwork though, especially if you’re doing it on your own.

If you want to get some professional advice on managing your finances, Zoe Financial can match you with a vetted financial adviser in minutes, based on your answers to a few basic questions.

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Build a budget

Sizing up your spending and building a budget might seem like a chore, but once you get past the initial shock of learning just how much you spend each month (those delivery fees add up!), the process is actually pretty simple, and it’s extremely important if you want to get ahead.

First, make a list of your short- and long-term goals — things like creating an emergency fund or saving for a vacation.

Next, take a look at your bank statements for the previous month and sort everything into two columns: wants and needs. Needs are things like groceries and rent, wants are things like Netflix and cocktails. Include your goals in the needs column, so that you’re always putting your savings before your spending.

Finally, compare your list to your monthly net income, and start making adjustments. Prioritize your needs, and see where you can trim some fat from your wants. Any money you can shave off the wants column can go towards your goals in the needs column.

You can use an app called Acorns to put your savings on autopilot. Once you’ve installed the app and linked your bank account, the app will round up every purchase you make to the nearest dollar and invest the spare change. That way, you can work towards your savings goals a few cents at a time without even thinking about it.

Diversify your investments

Investing is a key part of climbing the financial ladder and taking your income to the next level. But following headlines about a blockbuster stock (and experiencing FOMO) has more in common with playing Powerball than building a powerful portfolio. To that end, diversification is crucial.

Commercial real estate has long been a solid choice for investors looking to diversify and add stability to their portfolios. For years, investing in commercial real estate was only an option for the ultra-wealthy — but that’s no longer the case.

With First National Realty Partners, accredited investors of all levels can invest in grocery-anchored commercial real estate properties and expect quarterly income. FNRP’s team of experts will manage every step of the investing process, so you won’t have to worry about whether you’re making the right moves.

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Moneywise

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The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.