All about the challenges of Midlife Finance

How do you plan to spend your extra day this year?

Every four years, we are gifted an extra day. You just have to figure out how to make the best of that extra day.

What is leap day?

The Februarys of most years end on the 28th. A leap day is February 29.

Unlike most years that have 365 days, years that have a leap day have 366 days. Technically, it takes 364 ¼ days for the earth to complete its rotation around the sun. Since that would make calendars and life very awkward, a 365-day calendar was adopted. To compensate for the missing ¼ day every year, we add a full day to February every four years. Aside from having a February with 29 days, leap day years like 2016, 2020, and 2024, are divisible by four. Other interesting facts about leap days include:

·   Only the Gregorian calendar and calendars that are based on the rotation of the earth around the sun have a leap day.

·   People who are born on leap days are called leap day babies, leaplings, or leapers. There are about 4 million such people in the world, including Tony Robbins and Ja Rule.

·   Julius Caesar is responsible for popularizing the leap year after introducing it around 46 BC

·   Without leap days, we’d lose about six hours every year.

How will you spend your extra day this year?

If you are one of those who keep complaining that you never have enough time, congratulations, you have a leap day this year to accomplish something more. But what are you going to do with it?

Since the 2020 leap day is on a Saturday, you could spend it relaxing or spend extra time with your family. But since time is money, we recommend using some of your leap day’s hours for your finances.

Here are some ways you could do that:

Get a better deal on your utility bills

Unless you live off the grid, the only thing more constant than taxes is your utility bills. Thankfully, it’s possible to reduce the expenses of your utility bills by switching to an electricity or gas company that offers a better deal.

For example, if your GA gas prices are high, you can make a comparison of Georgia gas suppliers and switch to the one offering a better deal. You might be able to save money by checking out the GA natural gas rates. The same thing goes for your electricity and water suppliers. You could also make your home more cost-efficient by switching to energy-saving bulbs and appliances that consume less energy.

Work on your taxes

You can take the day to sort your taxes and also find ways to legally reduce your taxes through deductibles, pension contributions, and other tax breaks.

Set up an auto-transfer

If you’ve been struggling with saving money, here’s your chance to fix that by setting up an auto-transfer from your paycheck to a savings or fixed deposit account.

Make leaps toward your financial goals this year

This leap year could be a unique opportunity for you to finally change your financial status. You just need to find better ways to make and save more money. Here are some money-making ideas:

Find a side hustle

Even if you are happy with your paycheck, you can earn even more by having a gig on the side that brings in extra cash. It could be passive income, or you could monetize special skills or interests that you have.

Grow your money

The interest you earn on savings in a bank won’t make you rich. To get the most out of your savings, consider investing long-term in something safe, like real estate or shares.

Get rid of your debt

You can’t claim to have savings as long as you have debt. Try to work toward reducing or eliminating your debt this year.

Apply these tips, and you’ll find your financial situation more satisfying by the end of the year.

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