Let's talk money: Here are 4 ways to be better with your cash in 2019

As we reach the end of December, the time has come for the annual tradition that binds together Americans of every stripe: resolve to save more money next year.

Many of us divide this resolution into the same aspirational money triptych: spend less, save more, pay down debt. While that’s a concise and practical list, those dreams are often dashed before the snow thaws.

And for good reason. Chances are your pay hasn’t kept up with life’s most expensive aspects, such as health care, which can put a strain on your budget and even lead you into credit card debt. This cycle can make discussing your finances — let alone fixing them — less appealing than a Christmas with the in-laws. And have you seen the market lately?

If getting better at money is one of your resolutions for next year, go about it a little differently by setting reasonable, specific goals. Here is some of the best financial advice of the year from The New York Times and Wirecutter to help get your financial life in order.

Shed your fears and start talking about money
 

There are many reasons to avoid money conversations. Maybe you’re embarrassed by a gaping hole in your savings account, a recent slip-up or mounting debt you can’t seem to escape. Maybe you consider yourself bad at the subject, like a hideous replay of high school calculus. But the issue isn’t going away, and learning how to talk about it, especially with a partner or spouse, is the only way to improve your situation. If the thought of such a tête-à-tête makes you mildly nauseated, now is the time to face your fears and extinguish the taboo. Read more here.

Earn what you’re worth
 

Your inclination to clam up around money has another deleterious side effect: It can reduce your pay. Employees are often squeamish to share salaries with one another, which can lead to wage suppression and a lack of transparency around pay inequity. Start the discussion. And when it comes time to ask for a raise, your best bet is a direct and fact-based presentation. As Julia Child might say, “Never apologize!” Read more here.

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Update your credit card game
 

Much may have changed since your last credit card application. Interest rates shot up this year as new rewards offerings became available, and banks made it harder to qualify for the plastic. If you’re settling with what’s already in your wallet, you could be missing out on a good deal of perks. Read more here.

Prepare for a bear market
 

Stocks started 2018 by dropping like a rock, and they are ending the year in much the same fashion. Meanwhile, the bond market has given investors a warning that recession may loom. The Federal Reserve kept gradually raising borrowing costs throughout it all. The bull market in equities, which is nearing a decade, may be getting long in the tooth. Now is the time to reassess your appetite for risk, and what you want to own in your portfolio. Read More here.
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