This is a great time to think of ways to make and save more money this year and for years to come. Here are eight great ideas.

Many people have already let some of their new year goals fall by the wayside, but any time is a good time to start making and saving more money. Not just for this year, but for years to come.

People at Team Hewins talked to Philip Herzberg, a senior financial adviser. He gave us some great money-saving ideas and advice on how to keep them.

Mortgages and student loans can be refinanced.

If you want to change the terms of your mortgage and/or student loans, do it soon.

Do not miss the chance to lock in low mortgage rates until next year. Refinancing may be a good idea right now if you want to cut down on your monthly payments, which are usually the biggest expense and the biggest asset for most people.

Also, think about refinancing your federal or private student loan payments to save money on interest rates. Keep that in mind. With federal student loan forbearance ending on May 1, be aware that you will have to start paying back your student loans again soon. On Jan. 23, there were average refinance rates of 2.99% for a 30-year fixed refinance and 2.288% for a 15-year fixed refinance at Bankrate.

Do a Little Homework, OK?

First, you should make a promise to yourself to learn as much as you can about the financial markets, money, and investments. You can learn more about how to keep your money in order by researching online, taking personal finance classes, or reading investment books. There may be a lot of information online or on social media about investing, but you should only trust people who can give you good advice about it. Set a goal to make sure you read at least one financial publication each month.

It’s important to put your health and well-being first.

New Year’s Day is a good time to feel more in control, both mentally and financially, so use it to do that. Consider taking advantage of any company wellness programs for your physical, mental, and financial well-being if there are any. Many employers offer financial-education programs and digital tools that can help you learn more about money. These tools can help you supplement the advice you get from financial advisers. As a result, you’ll be able to bring a sharper version of yourself to work, as well as make better use of other workplace benefits, like a retirement plan and group insurance.

Treat yourself: Make the most of your credit card rewards.

Make the most of your credit card cash-back, miles, and point rewards. If you don’t already have one, try to get a new reward credit card. There are a lot of reward credit cards that offer big sign-up bonuses, like 100,000 miles for spending $3,000 in the first three months. Bonuses are often worth $1,000 or more.

Monthly subscriptions should be reviewed and cut down.

Look at every service you have and see if there are any that you could get rid of. Most of the time, you sign up for a free 30-day trial and forget to cancel when the trial is over. You later forget to cancel the subscription before the next automatic deduction. This is why you didn’t. Use an app like Truebill to keep track of subscriptions and cancel services you no longer need.

When you make changes to your designated beneficiaries, make sure you tell them.

After you have had a major change in your life, like getting remarried or getting divorced, check your beneficiary designations. Make a quick check to ensure that the beneficiaries on your insurance policies, retirement accounts, or bank accounts are up to date and reflect your current intentions. Beneficiary designations take precedence over the terms of wills or trusts, so make sure that your will and any financial account or insurance policy are in line with each other.

Ramp up your savings for your retirement.

If you’re still on track with your long-term plan, keep up with it by adding to your tax-advantaged retirement funds. People who have 401(k)s, Roth IRAs, and other types of savings accounts can make more money in this year. Make sure you pay yourself first by deferring more of the extra money you make in this year toward your workplace retirement plan to get the full match from your employer, because it’s free money. To lower your risk but still make money, invest in a wide range of assets from around the world. Do not sell when the market is down.

Begin a 529 plan:

If you want to save for your child’s college education, it’s especially important to start now with a 529 plan, a tax-free account that can help pay for it. You can save more for your child’s education and grow your investments tax-free if you choose the right plan and follow a good investment strategy. You can use a 529 plan as part of a tax-free gifting plan. If you’re single in this year, you can give $16,000 to each beneficiary, or $32,000 if you’re married and live together. It’s also possible to pay $80,000 as an individual, or $160,000 with your husband or wife.

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