Last year, many of us started out with a financial plan but somewhere
along the way we overspent and moved away from our goals. Well, it's a
brand new year and time to get back on the wagon. There are many people that
feel a new year’s resolution is pointless because no one ever sticks to it. Not
true. Some people do but if you don’t it’s a great time to refocus. The New
Year is just a great starting point for change. You are better off making
some attempt towards improvement, even if it only lasts a few months, than not
to make any changes at all. At least you would be a few months ahead compared
to doing nothing at all.
While it is
important to have some goals, rules and perimeters, it won't hurt to step out
of that to do something sporadic and fun. Or purchase that one of a kind
find item. You
do have to enjoy your life, everything can't be about the practicality of bills
and saving for the future. It is and always will be about balance
diva. And the person that gets back on track after the holiday expenses is
about it. So we have had our fun, but
now it’s time to get back to the concept of a budget.
I won’t bore you to tears with a whole bunch of details just a few
important things to consider when structuring your budget to improve savings:
1. Create a few savings accounts. One for long term, one for short term, and
one for emergencies. (Yes fund them all)
2. Make a list of your monthly expenses,
deduct that from your monthly income.
What you have left is what you can save.
3. If it’s not enough, then find ways to cut
back on your expenses (i.e. Bring lunch, eat out less, shop around and compare insurance
prices, internet prices etc. Try to get your interest rate lowered by your
credit card company – everything is negotiable or you can get another card at
least that is what you can tell them.
Cut coupons, etc., Get a part time job – 3 to 6 months won’t kill you
girl.
4. Every saving account is important so whether
you put $10 or $1000 in each account per pay period, put something in there.
If you don’t plan, then you plan to fail. When it comes to your family’s financial health,
failure is not an option so take the time to come up with a plan and get movin’
on it. Live well!!!!
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