Making money is one of the most popular New Year’s resolutions every year.
While budgeting, paying off debt, and investing in the stock market gets a lot talked about, there are many other less obvious money moves you can use to make sure 2022 is your best fiscal year yet.
Some of the most effective actions you can take are actually in personal finance areas like real estate, taxes, medical bills, and business finance.
Six fintech founders who specialize in these niches reveal their best money tips to help you improve your finances this year.
1) Don’t wait too long to start your homeownership journey.
“The most common mistake I see people make is that they wait too long to start their homeownership journey, mainly because of their general lack of understanding among the different types of homeownership.
Wonderful homes in desirable areas can be affordable. Real estate is an integral part of building wealth, and the longer you wait, the more money you are theoretically “wasting”. The beauty of today’s world, especially with growing startups, is that regardless of your credit score, living situation or even income, there are still opportunities that allow you to get started today. ,
—Eric Chebil, Founder and CEO, ET variable, the first real estate marketplace to help first time home buyers and renters, whether living together or investing together, co-own homes together by saving them time and money on home ownership helps to obtain.
2) Negotiate your medical bills so you don’t overpay.
“Americans pay more than $400 million in medical bills each year. Talk to your provider to make sure you’re not paying more than you need. You can often get a discount on services just by asking .
Also, if you can’t pay your bill in full and on time, ask the provider if they will allow you to make smaller, more manageable payments over an extended period of time.”
-Chris Blakeley, Co-Founder and COO repayment, a company that provides hospitals and patients with modern billing and payment solutions, including interest-free payment plans that allow patients to pay for their rising health expenses in a budget-friendly manner.
3) Save thousands of dollars with a tax credit, especially if you’re a parent.
“As you get ready to file your taxes, make sure you take advantage of the extension of the tax credit for the 2021 tax year – especially if you are a parent.
American Rescue Plan increased eligibility and dollar amounts of key credits such as the Child Tax Credit and Child and Dependent Care Credit. This could mean thousands more dollars in your tax refund for the average family!”
-Claire Herceg, Founder and CEO, let’s get set, a company that democratizes access to wealth-building for hardworking Americans through its mobile-first app that helps parents secure and deploy tax credits ($12 billion of which they default each year) go).
4) If you’re struggling to pay off your mortgage, ask your lender for help.
“If a family is struggling to pay their mortgage, they should work with their lender/debt servitor to come up with an affordable plan for keeping their home. Often homeowners act like ostriches. But unfortunately, ignoring the situation will only make matters worse. With the foreclosure moratorium coming to an end, they need to act now.”
-Wayne Snell, Chief Investment Officer crowd capital, whose mission is to give families facing financial hardship and those at risk of foreclosure a second chance to keep their homes and regain their financial health while creating a socially responsible investment opportunity.
5) Diversify your investments by adding real estate to the mix.
“If you’ve always wanted to invest in real estate, now is the time. Anyone who is 18+ years old can invest thanks to SEC regulations that democratize investment opportunities!”
Eve Picker, Founder and CEO small change, a real estate crowdfunding platform where everyone can build a property for as little as $200 and invest in projects, developers and their favorite cities.
6) Future proof your business by tracking cash flow regularly.
“When business owners regularly track cash flow, they are better equipped to identify and address future cash flow gaps.”
Eric S. Quick, Co-Founder and CEO, PocketCFO, a SaaS-based financial intelligence platform that builds financial literacy and provides real-time data for business owners to make informed business decisions.