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Should You Tighten the Belt On Your Budget for the New Year?

January 3, 2017
Buyer Friendly

Should you plan a fast after the holidays?

Yes.

Along with losing track of our calorie consumption, many of us lose track of our consumer consumption as well; spending more money than we had planned.  With the hustle and bustle of the holidays, dieting for those 6-pack abs and saving for that dream vacation seem to be put on the backburner.  We don’t feel the pain and regret until after the holidays. 

How to shave off the expenses?

1.       Make putting away money thoughtless.  Go to your employer or your bank and ask them to automatically deduct the money from your payroll deposit.  This will make saving money easier, as it doesn’t require the willpower to put away the money every month.

2.       Only buy the essentials for a month.  Stretch those turkey dinner leftovers as far as you can and who said Christmas sweaters aren’t stylish in January?

3.       Make use of what you have in your home.  Mostly everyone has way too many material things in their home; which is not realized until you go through everything.  Find stuff in your house that has been long forgotten and make a use for it or sell it on Kijiji or the new app letgo.

4.       Set an end goal completion date.  It is hard to be frugal forever.  Set a date and work towards your goal, you may be surprised how much you can save in a month.

Take charge of your finances.

Now that you are ready to cut back on your expenses, its time to contemplate how you can improve your finances beyond cutting back for a short while.

- Keep track of your spending for a month.  Online banking makes this very easy to do.

- Do you know how much you owe? What interest you are paying on that money? Have you ever added up the interest you are paying to see how much you could have in your pocket rather than paying it to a bank?

- Set a goal.  Do you want to be debt-free? Do you want to save up to travel? Do you want to save $5,000? Set a goal and begin working towards that goal.

It is easy to get caught up in the holiday spirit and get off track.  The New Year is a perfect time to revaluate where your finances are at and get back on track.

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