New Year, New Financial Goals

by Melissa Winger

It is a New Year! How are you doing? Are you exercising as much as you said you would? Have you lost a few pounds? Did you quit smoking? Have you paid off a credit card? Did you sit down and write that budget?

Many people fall off track with New Year Resolutions, and it’s perfectly fine to hop right back on track when you fall. It doesn’t have to be a New Year to set a goal for your life or your money. Don’t take one small misstep as a failure. A major goal for many people in 2016 is to organize their finances. The first step is to make a plan. Your money needs a plan, or budget. 

Here are some Simple Budgeting Tips to get you started:

1- Make it realistic. If you set aside $400 a month for groceries, but you really spend $800 per month then that isn’t going to work especially if you are using credit cards to make ends meet. Track your spending, every little bit, for a month. Then you will know for sure what your actual spending habits are.

2- Include Savings in your Budget. If you don’t pay yourself first, then the list of “wants” will take over this category.

3- Balance your Budget. If your expenses are more than your income, then it’s time to differentiate between needs and wants. Sometimes little adjustments here and there on cable, cell phones, internet, etc can make a big difference. 

4- Include Debt Payoff. If you make the minimum payments on credit card debt, and there is “extra” after you balance your budget then include excess towards debts where you are losing money on high interest charges.

5- Ask for Help. If you have gone through your budget, and it’s not working, ask someone for help. There are many apps and websites available to walk you through setting up a budget and items to consider. We are also available to go through your budget.

If you just can't make ends meet with high credit card payments and high interest rate debts, please contact us, as we may be able to help you get them reduced, contact us at 1-800-955-5765.