💰Small actions = big benefitsJan 14, 2024
It’s a brand new week to crush some money goals and we’re diving straight in! We’ve been working on some new projects that will help you hack your money faster, easier, and wiser than ever before. While we can’t say much yet, we know these new tools are going to help you supercharge your finances in no time so stay tuned and stay excited
As Money Mondays go, this week we’re dishing out hacks, breaking down money terms, and telling you all about our tool of the week. This one’s full of some great stories so read on to the very end!
IN THE STOCKS
- S&P 500 4,783.83 (0.075%)
- NASDAQ 14,972.76 (0.017%)
- Dow Jones 37,592.98 (-0.31%)
*Stock data as of closing on January 12th.
THE MONEY BREAKDOWN
“Health Savings Account (HSA)”
If you have a high deductible insurance plan, a Health Savings Account (HSA) is a tax-advantaged financial tool that's ideal for you. You can contribute a set amount of pre-tax income to this account every year, and the funds can be utilized for medical expenses.
If you don't spend all the money in one year, it rolls over to the next, so it's like a health safety net that grows. But here's the real kicker – when you use it for qualified medical expenses, you don't pay taxes on it! It's a smart way to save for healthcare costs and keep some extra money in your pocket.
No matter where you are in your financial journey, there are 4 key accounts you need to open and an HSA is one of them. Here are the rest.
MILAN’S HACK OF THE DAY
Commit To Routine Repairs
As with most things in life, small everyday actions always snowball into bigger benefits. This week, let's rev up our financial well-being by talking about car maintenance – a key area where a little routine attention can steer us away from pricey repairs.
Here are some things you should be doing regularly:
- Regular oil changes are the lifeblood of your engine.
- Keep an eye on tire pressure.
- Rotate your tires regularly to ensure even wear.
- The squeaky sound coming from your brakes? Get them checked!
- Fluid checks are like hydration for your car; keep an eye on the levels.
- Most importantly, consider a regular checkup with a trusted mechanic. It's like an annual health check for your four-wheeled friend.
Skipping these simple steps will only mean your car troubles could add up and land you with a hefty bill somewhere down the road.
If you find it difficult to afford small repairs every month, the answer to your worries is budgeting. Tracking your expenses and sticking to your budget can help you master your money and relieve your financial worries. Start today with my free budget planner at milansingh.co/budget-planner
OUR FAVORITE TOOLS
Money management isn’t a one-off task. It’s an ongoing process that requires research, curiosity, and continuous improvement. So if you’ve started taking steps in your financial journey, here’s your next: start investing your money.
Investing is the easiest way to grow your wealth and maintain financial stability. Depending on your preferred investment method, you can choose to be heavily involved or off-hand about your investment strategies and still make money off of it.
If you don’t know where to start, our Tool Of The Week is Streetbeat’s AI-powered investing assistant that can be your guide to the world of investing. It answers any questions you may have, gives you premade strategies to start off with, and uses real-time data to show you investment portfolios that may interest you. Head to milansingh.co/streetbeat to learn more and to get a referral bonus of $10 or more each time you refer a friend.
*Please note Streetbeat is available exclusively for U. S. Residents.