5 Money Hacks for the New Year

As we kick off a new year, this month’s blog posting is an excerpt from the December 20, 2015 Working Mother by Teri Cettina, Working Mother contributing writer. You can find her bio at the end of the posting.

5 Money Hacks for the New Year

These are uncomplicated and essential for keeping an eye on your finances.

Want to get smarter about managing your money this coming year? It doesn’t have to be an overwhelming project, says financial coach and mom-to-be Kelsa Dickey, owner of Arizona-based Fiscal Fitness Phoenix. In fact, these are super-simple strategies for getting into better financial shape in 2016.

1. Review those January paychecks. If your salary is automatically deposited into your bank account, it’s easy to forget that this month’s checks could be slightly different amounts. Did you opt for different health insurance coverage? Change your 401k deductions? Who remembers? Those were way back during your open enrollment period. “Particularly if you’ve made any big changes, review your new deposit amounts and update your monthly budget if necessary,” advises Dickey. It’s a simple thing—but not doing it could mess with your bank balance and cause you to overdraft.

2. Let your calendar save you cash. How can something as basic as your schedule help improve your finances? Easy, says Dickey: “My clients who are disorganized spend a lot more money. They pay for missed doctor appointments and late childcare pickup, they eat out a lot because they forgot to pick up groceries, and more.” Whether you use a paper or digital calendar, commit to using it regularly starting January 1. Coordinate schedules with your partner too (Google Calendar makes it easy). Review your kids’ school/daycare calendar along with your and your partner’s work and personal calendars, and enter important 2016 events into your schedule ASAP.
If you use your calendar on your phone, make sure key reminders and appointments are set as pop-up alerts with sound or text. If you constantly run late, set reminders further ahead (30 minutes instead of 10) to give yourself time to disengage from whatever you’re working on and get out the door in time.

3. Use your FSA money now. Got a stack of healthcare and childcare receipts you haven’t yet submitted to your Flexible Spending Account (FSA) provider? Bite the bullet and round them up and submit in January. You probably have a few more months (your employer sets the date) to submit 2015 receipts, but the longer you wait, the more likely you are to forget an expense. If you have a chunk of money left, think: eyeglasses—and go today or tomorrow. Use it or lose it!

4. Embrace library e-book downloads. If you’re a big reader—as many professional women are—you probably drop a good amount of cash on books (both paper and digital). An easy way to save money in 2016: Commit to downloading digital books from the library instead of always buying them. “You can easily go back and buy the book if it’s really great—but often you’re only going to read it once,” says Dickey. Also, if you tend to rack up library fines for late returns, library e-books should be your new best friend. When your borrowing time is up—poof!—the book automatically removes itself from your digital device, so you never pay a late fee. Pretty slick.

5. C’mon, get app-y. “I’m still amazed at how many professional moms haven’t embraced money-saving apps they can use on their smartphone,” says Dickey. Some of her favorites:

• GasBuddy Compare the price of gas at multiple nearby stations—including warehouse clubs like Costco—so you know whether to fill up near home or somewhere closer to work.
• Key Ring Add everything from store loyalty cards to your barcode-scannable library card or gym ID card access to this app. You’ll never be without your important cards, and you’ll instantly slim down your wallet. If you have an Apple device, also consider the built-in Wallet app.
• Mint.com If you don’t use a full-blown budget program, Mint does a great job of tracking and categorizing your expenses, notes Dickey. You can also use its bill-alert system so you don’t overlook a bill and end up paying late fees and extra interest.
• Your Bank/Credit Union App Mobile deposit is Dickey’s favorite banking feature. Snap a photo of the front and back of your check and submit it electronically. No need to drive to the bank! 

Teri Cettina is a Working Mother contributing writer who specializes in parenting/family, money and business. She also writes for Real Simple, Reader’s Digest, Parents, Women’s Day and more. Teri lives in Portland, OR, with her husband and two daughters. Follow her at @TeriCettina or on LinkedIn, or visit her website Cettinaworks.com.