New Year Budgeting Tips
The new year is right around the corner and it’s safe to say we are all anticipating its arrival. With a new year comes new beginnings – whether it’s jobs, marriages, birthdays, or even a new diet. You want to be prepared, not just mentally and physically, but financially as well. So what do you do? You plan and save.
Plan a Holiday Budget
Yes, a holiday budget. You don’t want to go into the new year with a financial hangover. Set a solid budget for what you want to spend during the holidays. Take into consideration the people you want to buy for, where you purchase the gifts and take advantage of deals! Being mindful of what you can afford can keep you from overspending.
Set Aside Part of Your Income
Sometimes it’s hard to put a part of your paycheck into a savings account when its right at your fingertips. So, go into the new year with a new plan, set up automatic transfers to help build the habit of saving. Have your employer deposit part of your paycheck into your savings before you even see it.
Set Your Plan for the Year
When conducting your financial business and budgeting what you want to save and spend, factor in your plans for the year. This could include new babies, new trips, new cars, etc. If you know what and when you will have something going on, factor it into your budgeting in the beginning of the year instead of waiting until closer to the time of arrival.