For many of us, the start of a new year represents an opportunity for positive change. And while some may think resolutions are just to hit the gym or eat a bit healthier, we’d be remiss to not consider the benefits of hitting a proper budget and making our spending a bit financially healthier. Here are 5 easy financial resolutions you can make in the year to come.
With a plethora of user-friendly financial apps at your fingertips, budgeting has never been easier. The right app can help you manage your hard-earned cash, provide a clear view of your spending habits, and help you set specific spending limits. An app can even make saving money a bit more fun with colorful progress trackers and rewards, helping you to stay motivated and engaged throughout the process.
Set it and forget it. One of the best strategies to save money is to automate the process. With this method, you can add to your savings without adding to your weekly or monthly to-do list. An automatic savings plan reallocates your money to savings all on its own and removes the possibility you could mistakenly spend the money before it gets there.
Online shopping is everywhere—and although its convenience is undeniable, it can certainly lead to overspending. With all of the sales alerts, coupon giveaways, and promises of free shipping, you may feel tempted to pull out your credit card and purchase something you didn’t necessarily need. To improve your spending habits, unsubscribe from marketing emails so it’s not as hard to stick to your budget.
Do you know how much you’re spending on subscriptions? You may have a rough idea but it’s essential to know the exact amount because it may be much more than you think. If it is, it’s time to review your bills and cancel the subscriptions you no longer need because over time they really add up. To prevent unnecessary spending, consider using subscription-tracking software that helps you manage your monthly subscriptions. From streaming services to phone bills, these handy apps can show you the amounts spent on each service, making it easy to identify which ones you can easily cancel.
It can be difficult to squeeze extra cash from your paycheck towards an emergency savings account—especially if you’re struggling with your finances—but it’s exactly why building your emergency savings should be a priority. If you have little to no savings to handle emergencies like sudden illness, a serious home repair, or job loss, you can find yourself in a costly panic. With a financial safety net, you can feel confident that you can tackle life’s unexpected events without additional financial stress.
The New Year is a blank slate—another chance to get things right. With inflation driving up the costs of even everyday essentials let alone luxuries, it’s important to set attainable goals to improve your financial health. Whether you’re saving for a vacation, preparing for a comfortable retirement, or want money worries to no longer be a part of your life, practicing good financial planning is one of the best ways to take care of yourself in 2023.
Check out our previous blog post on 3 Ways To Stick To Your Holiday Budget. In addition, if you need personalized financial advice, our team is always here to help—contact us today to book an appointment!