Thursday, December 27, 2012

New Year's Resolutions



Today's author: Lindsey

Christmas is over and now we all turn our eyes towards the New Year and our resolutions for 2013. I always make New Year resolutions only to break them a few weeks later and I am sure many of you have had that problem as well. Let’s try to make this year different though! Here are five New Year’s resolutions to help you get financially fit!

Don’t spend unexpected money all in one place. If you have a bonus or birthday gift come into your bank account, it can be easy to spend it all in one place. Instead, try breaking it up into multiple different items. Put some on past debt, some on an item you want or need now and as always, some in savings!

Start an emergency fund. You should have one in addition to your savings! When you have an emergency fund it will be easier to cover unexpected car repairs or any other curve ball life throws at you. When you use money in your emergency fund your savings money can still be there for those big things you wanted, like a house or awesome vacation!

Ditch your purchasing method. If you are like me, cash in your pocket burns a hole and therefore, I don’t carry it! If I have $20 at the beginning of the week you can be sure I will not have very much of it left and little to show for it by the end. Some people don’t spend cash as quickly as they will take out their debit card. Whatever your method, try not taking it with you and by doing that, stopping those impulse purchases.

Start thinking of your savings account as a bill you need to pay every month. Write it down along with all your bills and pay it just like you would your electric or rent.

Make and actually stick to a budget. Sit down this New Year and look over your finances. Create a budget that is realistic and is easy for you to follow and then do it!



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