Heading into the New Year with healthy financial goals is a great way to make your year the best it can be. However, it can often seem overwhelming to get back on track after months of holiday spending. But fear not: with proper foresight and planning, you’ll be on your way to a savings plan that will benefit you for years to come.
Keep track and plan ahead
Taking note of habitual weekly and monthly spending (i.e. bills, food, etc.) can help you to prioritize what is most important and essential as far as spending is concerned. It can also help you eliminate expenses that are nonessential (think: that monthly streaming subscription that you rarely use or the magazine that you flip through once and promptly toss into the recycling bin). Additionally, being aware of spending habits allows you to effectively plan ahead.
Spend deliberately
Before making a purchase of any size, consider the value it would add to your life in both the short and long term. Knowing the difference between a smart spending decision and an impulse buy is an instinct that will be beneficial in the long run.
Make a meal plan
Take time before the work week begins to plan your meals. Not only will grocery shopping with a plan and a list allow you to stay on budget, it will also ensure that you are not resorting to spending money on take-out, which can add up in the long run.
Don’t forget to treat yourself
You work hard for your money. Factoring entertainment and travel into your budget is not only fun but can stop impulse spending in its tracks. But remember: plan ahead. Making small daily, weekly, and monthly adjustments to your spending plan in preparation for fun activities allows you to compensate and save.
No matter how you choose to make this your best financial year yet, it is important to remember that you are not alone. Sustaining financial goals is done best when you have the proper support and guidance. Whatever your saving goals are, Premier Source is always ready to help! Set up a savings account and take advantage of our savings tools any day of the year!