Now that the holiday season is over, and we may have splurged a bit on new holiday decorations and gifts, it is time to set our budgets back on track to reach 2024’s financial goals! Here are some tips to help.
Create a Goal
What is your financial goal in 2024? Are you looking to save up money for a house? A wedding? Or a vacation? Align your goal with your values, and clearly define what would you like to save up for this year.
Create a Budget
Take time to sit down and review last month’s income and expenses. Create a list of wants and needs – that might mean considering that it might be cheaper to make coffee at home instead of buying it at a coffee shop and you may need to adjust your “want” purchases to accomplish your goal. While you are creating your budget, remember to set aside some extra money for any unexpected expenses, like car repairs or the furnace going out.
Review your Subscriptions
Remember that subscription to Jelly of the Month club you thought you were going to use, but forgot about? Maybe it time to review it and decide if it is worth keeping.
Limit Credit Card Use
Credit card debt can be pretty easy to get wrapped up in. You’re budget should help you to only spend as much as you can payoff each month, and pay on time. If you can pay it off a couple days before the due date to avoid risking a late payment fee, that is even better!
Hold Yourself Accountable
Set a reminder at the end of each month to check your spending habits! Financial planning can be hard sometimes and takes time to adjust habits, so don’t get down on yourself if you didn’t save as much as you planned. Don’t give up; review and adjust, and keep working toward your goal!
To view the winter 2024 issue of Partners magazine in its entirety, click here.
