Intro: Now that the holidays are over and we are all preparing to usher in a new year, you may well be feeling that sense of hope and opportunity that a fresh January can sometimes bring. Many of us make resolutions to be healthier, more active, or master a new skill in the new year, and a lot of us also make the resolution to take back control of their finances.
At Trinity Financial Mission, we want to make sure you are able to stick to this New Year resolution, which is why we’ve got some advice for you to follow to get financially ahead in the New Year.
Budget Budget Budget!
If we’ve said it once we’ve said it a thousand times, if you want to control your finances you need to have a comprehensive up to date budget. Like other resolutions, many people make a budget with the best of intentions and then within weeks simply forget about it. This is a mistake.
There are myriad different budgeting software and systems out there for you to choose from, and it doesn’t matter which one you use as long as you stick to it and make it work for you. Keeping track of your incomings and outgoings is vital to getting financially ahead.
Assess last year’s finances
We’ve all heard the expression that if you don’t learn from history, you’re doomed to repeat it. This really rings true when it comes to your finances. If you aren’t aware of any fiscal mistakes or oversights you made last year, how can you make sure you won’t make the same mistake this year? This is why assessing the previous year’s finances is a vital step in preparing for the New Year.
Once you look over a complete picture of last year’s expenses, you should be able to outline any areas where you overspent, or find hidden expenses you weren’t even considering in your budget previously.
Small changes can make a big difference
What better time than the new year to make changes to your spending patterns? Though it may not seem like it would make a difference, making small changes like making your coffee at home rather than buying it at a coffee shop can make a sizable impact on your finances over the course of a year.
Consult your budget and see if there are any unnecessary expenses you can cut back on to increase your savings month on month.
Shop around for your bills
New Year is the perfect time to reassess all of your suppliers to make sure you’re getting the cheapest deals you can. This time of year you will often find different suppliers offering lower rates for things like your cell phone or energy tariffs. So be savvy and don’t feel bad about shopping around for the best rates you can find.
Don’t forget that the Trinity Financial Mission is here to help you make sure you stay financially on track throughout 2018.