Four Tips That Will Help Your Finances in 2016
It’s about that time of the year again: New Year’s resolutions! Starting January 1st, gyms will be packed full, salads will fly off the menu and everyone will be vowing to spend less and save more. While not all resolutions will last all year long, it is possible to make real changes in 2016 by setting a goal!
One goal that hits close to home for most people is saving money. We’ve come up with a few financial tips and tricks to help keep your money in your wallet and safely tucked away in your bank account this year.
#1 - Set goals
The first step is to set some short-term and long term goals; this will help show how your saving efforts actually pay off. Want to go to see Adele perform on her tour? Maybe you need to start saving to send your oldest to college, whatever the goal may be, come up with clear reasons you want to save.
#2 - Record expenses
For one month record all of your expenses. This includes groceries, gas, eating-out and any other knick-knacks you may spend your money on. At the end of the month, categorize your expenses and take note of where you are spending most of your money. Once you have a snapshot of your spending habits, create a budget and decide what categories you can cut back on in order to meet your savings goals. Perhaps you will limit yourself to eating out only once a week, or making your coffee at home rather than stopping at Starbucks on your way to work.
#3 - Find ways to reduce monthly bills
Take note of all your bills. Can some of these be eliminated? Do you really need to pay the extra $10 a month for a music subscription? Also, don’t forget to think about your insurance. Are all your policies held under different insurance carriers? If so, talk to your agent 844-272-3424 to see what savings are available for bundling your policies. It can be cheaper, and also save you time, if you have all your insurance policies with the same company.
#4 - Small changes, big results
As the year goes on adjust your budget as needed based on spending, upcoming events and extra income. The important thing is that you keep your original financial goals in mind-while one stop at an expensive coffee shop won’t make or break the bank-a coffee every day for five years will. By taking small steps to get a handle on your finances, it’s possible to make a huge difference in your bank account.
What other resolutions do you have for 2016?