Begin your new year with some budgeting!

Here’s a few easy tips to keep track of your finances this year and to stay on budget all year long:

  • Find out where you stand financially: Review your past year’s finances & evaluate your budget.
  • Set goals: Be sure to set goals that are realistic & measurable so that you can actually reach them & are able to track progress. Setting monthly goals is also a good idea, versus yearly or longer ones. Have stepping stones – they help with seeing the progress.
  • Cut expenses: Just because you cut your expenses, does not mean that you have to get rid of everything you love. Instead, it means that you just have to be aware of it and limit it. This may mean buying coffee once or twice a week rather than everyday. These smaller savings will add up over time!
  • Be wise with the use of credit cards: When using credit cards it is best to know that whatever you are buying, you are able to pay back immediately if you really have to. This will save you from going into debt. Use them wisely such as to get rewards, earn cash back or gain discounts and to up your credit. Always remember to pay your bill on time & in full is best – then you never have to worry about missing payments & interest.
  • Have an emergency fund: This is a good idea in case the unexpected happens. It should consist of at least 3 – 6 months of your monthly expenses, this way you will be sure to have enough money in case you lose your job, have an accident etc. If you haven’t started one yet, start today!
  • Think about all of your long-term goals: You may have many long-term goals, such as paying off loans, saving for retirement, buying a house etc. When you begin to set your budget, start setting money aside for at least one of these goals today!