If you haven’t already made yourself a new year’s resolution – don’t worry, I’ve got one for you. Make 2017 a year of better financial footing. All you have to do is kick the year off on the right foot and make some adjustments for better finances. There are a ton of things you can do to get yourself on the right track, but we will focus on a few of the bigger ones in order to make the largest impact.
The first step in tackling your financial new year’s resolution is reevaluating, resetting, and creating goals. Goals are the finish line of your resolution, but you can’t possibly get where you want to be without knowing the end. Goals also give you something to work towards. They will keep you on track and motivated to reach a better financial foundation. Set both large and small goals. Be care to not shoot for unattainable things though, because they aren’t going to do you any good.
Automate Saving and Bill Pay
The absolute best thing you can do for yourself is to automate as many payments as possible. One of those payments should be to your savings account. Most living expenses and monthly bills offer an autopay option, so take advantage of it. This will help you pay bills on time and never leave you paying a late fee ever again. Additionally, schedule payments or transfers from your checking to savings. It’s a good way to consistently build up your saving with little effort on your end.
Another thing you can give a shot is a cash budget. Many people say it’s much easier to lose track of spending when you use plastic. It makes a lot of sense. Paying for things in cash helps you visualize exactly what you have left to spend. It may also deter you from making certain purchases. You can start small and set a cash budget for things like eating out. If you keep cash on you that only can be used for food that week, you’ll be surprised at how much you save by sticking to it!
Bill Due Dates
Another way to balance your finances is to change bill due dates. Depending on your pay periods, it may be easiest to pay half your bills at the beginning of the month and the rest in middle. Right now you may be tight for the first half of the month because all your bills are stacked at one time. Requesting a change in due dates will help you budget better and leave you with more money each paycheck.