Many people say “New Year, new you.” But we’d like to bend the rules a bit…”New Year, new budget.” Getting into the habit of budgeting, or even working out a new budget, does not go without a pinch. This is especially harder at the beginning of the year, but with the right tools and attitude, you will be well on your way to a stress-free financial journey. Get on your way to saving with these tips:
1 Track your spending
It is essential to know your spending patterns – keep a record of your monthly expenses and eliminate unnecessary items from your shopping list. Set a budget and stick to it!
2 Equip yourself
Budgeting can be tricky, whether you’re a beginner or have some experience under your belt. Equip yourself by getting the right budget skills and knowledge for your needs. You can do this online, search for templates, blogs or even videos that will assist you. Financial knowledge is key.
3 Work on your debt escape
The start of a new year could be the push you need to bridge the debt gap. Why not ease the financial pressure for the rest of the year by tackling your debts early? Getting your debts out of the way will fast track your way to seeing more money in your “piggy bank” or savings account.
4. Lessen your driving trips
A full tank of petrol can go a long way and last you a little longer than usual if used wisely. Spend less time on the road driving and where possible, opt to take a walk rather than a “quick, short drive” (if it’s safe enough, of course!). Walk your way to saving by lessening your car trips – you get a free exercise too! Summer body…loading.
5. Mo’ money, mo’ savings
If you’re fortunate enough to get an increase on your salary, this does not necessarily mean you will have more spending money. Budget your increase smartly and save the extra cash to bring you added relief during the months to come. Saving becomes easier when you have a set goal to motivate you. Start the New Year off on a good income and saving note. Record your saving goals and work towards them monthly.
6 Plan for emergencies
Life happens! Create a separate savings stash for those rainy days through the year when you feel the pinch. This way, you won’t need to tap into your main savings account every time you need to attend to emergencies. Whatever is not used through the year will give you an added boost for the next.
Having a good budgeting system in place is as important as having insurance for your valuables. If you save on groceries and petrol, make sure you save on your car insurance too by getting an online quote! Ensure that your insurance premiums are always up to date to protect yourself from the financial stress should you find yourself in an unfortunate predicament with your car or home.
This post was sponsored by MiWay.
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