Budget for the New Year

With the start of the new year comes new goals. During this time everyone re-evaluates their lifestyles to make changes. This is the time that many start the dreaded yearly budget. This can be overwhelming and you might wonder how you are going to make ends meet. Here a tips to help start you budget on the right foot.

Track All Expenses

Many people don’t realize where all there money actually goes. Create a system to track your expenses. There are many apps and websites that can help you with tracking. You can even go old school and just write it out. Either way, tracking your expenses will help you you see what you actually spend on rather than what you think you spend money on. Data is one of the most useful tools.

Use Cash

It is so easy to swipe a debit card because you don’t see the money leave your account. Using cash helps you better track your money. Typically, consumers are more frugal when they are spending cash vs. using a debit card. Sometimes Cash can even save you money! Some services will offer you a cash discount.

Cut Unnecessary Expenses

Cut out unnecessary expenses. Look at your trips to Starbucks or all the times you eat out and see if it is a priority. Look at what you pay for insurance, rent, car payments, ect. Shop around and see if you can get these lowered.

Take a Class on Creating a Budget

Look at taking a class on budgeting. There are many options out there but one of the best is taught by Dave Ramsey.  He has some really good strategies to help you get out of dept. The cost for the class is very minimal compared to what it can help you save in the future.


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