2014 is winding down and its time to start thinking about how to become financially fit in 2015. We would hope doing more saving and less spending is included on your list of resolution(s). Of course it’s easier said than done, but in the long run it will be worth it. There are so many little things you can do to help limit your spending and increase your savings.
Here are some tips to help you manage and save your money:
1. Set realistic financial goals.
You will most likely reach your financial goals if you define them. Whether you are trying to pay off a credit card or buy a house/rent an apartment, you should do some fine tuning and create a plan of action so that you can stick with it throughout the year.
2. Create an emergency fund.
This is something that everyone should have. Start with a small amount, which will help you get into the habit to put money aside continuously. A great idea would be to set up transfers so that you as soon as your paycheck comes in your savings will ne taken out.
If you can try carpooling to work or taking public transportation when the weather is good. Gas prices are pretty reasonable now, but your gas will last you a little longer throughout the week if you switch up your transportation.
4. Skip the latte.
While a $4 dollar Starbucks latte or Dunkin Donuts coffee can satisfy the soul, it can also hurt the budget. Consider buying the equipment needed to make your beverage of choice at home. It will be a larger out of pocket expense, but it will easily pay for itself over time.
5. Use credit responsibly.
It’s so easy to get carried away with credit card spending, but there are several ways to use them to your advantage. Sign up to for a credit card with a rewards program so that you can earn points towards a vacation or a splurge purchase. If you are going to own one just be sure to pay off your balance in full and on time each month.
Having a financial goal in mind for the New Year does not mean that you have to deprive yourself of life’s little luxuries, especially as the holidays come to an end. If you know where to cut your budget, set money aside for savings and always keep your long-term goals in mind. No one wants to start or end a year with financial stress. With the right management and judgment you will likely see your short-term holiday wishes come true as well your future ones! Happy New Year!