As the year comes to a close, the promise of a brighter tomorrow looms just over the flip of the calendar. While New Year’s resolutions are hard to keep, these five quick tips could help boost your financial life in the months ahead.
- Review Your Budget: Are you spending less than you make? If so, good job! But there’s always room for improvement. Take a look at your overall budget and find new ways to trim expenses. Do you really need all of your streaming services? Could you move to an ad-supported music service? What about using coupons and shopping sales?
- Spend with Purpose: It’s easy to fall into bad spending habits. That includes stress shopping, retail therapy, and spending out of boredom. To spend with purpose, take a look around and carefully consider every purchase. Will you actually use the item(s) you’re planning to buy? Could you find it for a lower price somewhere else?
- Build Your Emergency Fund: If you don’t already have an emergency savings account, start one. That savings account should have a balance equal to at least six months of your family’s monthly expenses. If yours is not that flush with cash, add to it. As the year winds down, add any unexpected money to your emergency account.
- Set New, Realistic Goals: Whether it’s saving for a vacation, paying for tuition, getting out of debt, or buying a new car, be sure your goals are specific (identify what you want to accomplish), measurable (can you keep track of your progress), achievable (will you be able to accomplish your goal in the new year), relevant (does your goal help boost your financial future), and time-based.
- Buy a Shredder: A good shredder can help protect your private information. It can also help eliminate files and paperwork you don’t need anymore. For instance, it’s okay to shred receipts that are more than five years old, and tax documents that are over seven years old.
Boost Your Financial Wellness
More Financial Wellness Matters blogs on topics ranging from financial self-care to protecting your financial health are coming soon. Twice a month, we’ll dig a bit deeper into the relationship between financial health and overall well-being, shedding light on the behaviors and beliefs that drive money relationships. With simple tips and proven insights, we hope to enhance your financial well-being and help you live a healthier, happier life.