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New year = new beginnings. In January, we often reflect on the past and look forward to the future. Resolutions are made, goals set, and we hit the ground running towards what we trust will be wonderful and great things.
Along with personal goals like hitting the hiking trails more, finding time for hobbies, or eating more greens, plans for your financial well-being are always smart to consider.
Now is the perfect time to do a financial check-up. It doesn’t have to be complicated!
Take an honest look at your financial goals. Looking to finally buy a house? Need to think about your child’s educational future? Are you fantasizing about that dream trip? Or maybe this is the year you are determined to start seriously saving for your future retirement.
Write down those goals, and then prioritize them.
Find easy ways to save. Take a hard look at those incidental expenses. The little ones that add up over time. Maybe you don’t need to subscribe to four streaming services when you really only watch two consistently. Do you absolutely need to buy a book when you can borrow it from the library (in hardcopy or e‑book format)? What about starting a new routine of making coffee at home instead of hitting the drive-through daily?
Consider trying cash only. If you can’t always pay off your credit card statement in full each month, try going a month where you put the card away and make all your purchases in cash. This will give you a better sense of your actual cash flow and will also help you save credit card interest, which can quickly accumulate and multiply.
Pause before purchasing. In our ‘buy-now’ world with easy online access to almost everything, it’s too easy to put something in our cart and click the purchase button. Why not implement a cooling-off period? Put that item in your cart but leave it there for a few days. Often, that sense of immediacy will dissipate, and you’ll find that ‘must-have’ item has turned into a ‘maybe’ or perhaps even a ‘what was I thinking?!’ item.
Look for help. Okay, so your goals are set, and you are ready to implement some savings practices but what’s next, especially for those big goals? First, recognize that you don’t have to figure it out on your own. We’re here to help and are ready to walk you through how to reach your goals.
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