Chris O'Shea
Every year we set new resolutions for our finances. The truth of the matter is many people abandon their resolutions before the end of January. You can set new financial goals at any time of the year. So let’s start small and set you up for success. Here are some things you can do to get started.
Revise Your Budget
Take a look at your budget and make sure it is still working for your situation. Ask yourself the following:
- Are all my essential expenses covered?
- Did I have any change to my income?
- Have I set aside enough for fun and entertainment?
- Do I need to cut some non-essential spending?
- Am I spending too much on things I don’t even use like subscriptions and streaming services?
- How’s my emergency savings?
Review everything and make changes if necessary.
Increase Savings
It’s always a good idea to save more. If you’ve been struggling with that, your first step is already done for you: revise your budget. Now if you have some extra funds available, do this:
- Funnel any “extra money” into savings
- Make your savings automatic
- Many employers allow you to split your direct deposit into multiple accounts, so be sure to do that.
Automatic saving does two jobs, saving money and not allowing yourself the chance to spend.
Boost Your Score
The easiest way to improve your credit score is to pay your bills on time, every time. One way to make sure that happens is to set up autopay whenever possible. Once again, automation takes out the guesswork and makes things easier on you.
Do One Thing: Set your bills to autopay so that you never have a late payment.
