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A new book could do more for your financial health than you realize.
- The best gift may be the one you give your future self - and you can get started for as little as $10.
- Instead of buying another sweater, gadget, or pair of trendy sneakers this holiday season, consider something less tangible that will improve your financial health.
- Get ahead by opening a high-yield savings account, buying life insurance to protect your family, reading a helpful personal finance book, or meeting with a financial planner.
- Read more personal finance coverage.
Whoever said you shouldn't include yourself on your "gifts to get" list? We all know that self-care is important - there's no shame in treating yourself - but consider something less tangible this year: improving your financial health.
If you have cash to spare right now and carry a balance on your credit card or have high-interest student loans, that should be your first order of business. Increase your monthly payment - even an extra $100 can make a huge difference - or make a one-time lump sum contribution. Debt can hold you back if it's not managed responsibly, regardless of other sound financial decisions you make.
But if you're free of high-interest debt and looking for ways to maximize your money, there is no shortage of options. Here are a few suggestions.
For $10: A high-yield savings account
Seventy-five percent of Americans don't have a high-yield savings account, according to a Credit Karma survey, which means they're leaving free money on the table every day.
A high-yield savings account is the best place to store money for short-term goals - your cash is free from market risk, accessible, and earns up to 20 times more interest than a traditional savings account. That can translate to hundreds of dollars per year, depending on how much you're saving.
You can open a new high-yield savings account with $0, but you'll need to contribute something to start earning interest. Make a $10 deposit to start, or more if you can.
For $15: A helpful or inspiring book
Whatever your financial goal may be, there's sure to be a personal finance book packed with tips to help you get there.
Find actionable advice in JL Collins' "The Simple Path to Wealth"; timeless inspiration in Thomas J. Stanley and William Danko's "The Millionaire Next Door"; or a framework for investing wisely in the latest update of Ramit Sethi's "I Will Teach You To Be Rich."
For $25: Your first month of life insurance
Not everyone needs life insurance, but if you financially support anyone or plan to in the future, it's smart to have. Term life insurance costs between $300 and $400 a year on average, according to insurance-comparison site Policygenius, which can shake out to as little as $25 a month.
Your premium is determined by your health, how much coverage you get, and your age. The younger and healthier you are, the cheaper your policy will be. People with life insurance will tell you time and again: It's a small price to pay to protect your family's financial future.
For $50: A brokerage account
If you've paid off high-interest debt and are already saving for retirement, consider opening a brokerage account to make the most of any additional cash in the greatest place for growing your money: the stock market.
For beginners, an online investing app like Betterment can keep your costs low (its current expense ratio is just 0.25%) and guide you toward investments that match your risk tolerance and your goals. Betterment has no minimum balance requirement for its digital brokerage account, but you may need more than $50 to invest in certain funds.
For $100: A personal or career development course
Take a piece of advice from legendary investor and billionaire Warren Buffett: Invest in yourself and instantly increase your worth. Buffett says a Dale Carnegie course he once took on effective communication changed his life.
There are endless resources online where you can find a personal or professional development course that suits your needs, whether it be tactics for building a business, tips for negotiating a raise, or strategies for managing your relationships effectively. For industry-specific courses, check out the buzzy platform MasterClass, where you can get access to lessons taught by award-winning directors, respected writers, accomplished executives, and talented artists for $90 each.
For $200: A monthly increase to your retirement account
If you're already saving for retirement through a workplace plan or an IRA, kudos to you. But if you haven't bumped up your contribution rate lately - or ever - now is probably a good time. Workplace retirement plans, like 401(k)s, allow you to make deferrals from your pretax salary, usually expressed as a percentage.
Experts recommend saving 10% of your income, or getting as close to that amount as possible. Let's say you earn $100,000 a year, pretax, and contribute 5% to your retirement plan. For about $200 a month, you can double your deferral rate.
For $300: A meeting with a financial planner
Most financial planners don't charge clients for an initial consultation, but if you want help making a budget, prioritizing your goals, making a plan to pay off debt, or fine-tuning your retirement strategy, you'll need to schedule a second or third visit, and maybe even monthly or quarterly check-ins.
You can expect to pay anywhere from $100 to $300 an hour for a good fee-only financial planner, or more if you want professional investment management as well. It may seem intimidating or scary to pull back the curtain on your finances, but if you're serious about reaching your goals and maximizing your wealth, a financial planner is one of the best resources you have.
SmartAsset's free tool can help find a financial planner near you »
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Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.