Making a New Year's resolution about money isn't out of the ordinary.
Maybe you’re experiencing money woes after spending more than you planned for the holidays. Taking control of finances is rarely easy, but having a plan to stick with a budget for the new year can be a major help. Follow these New Year budget guideline ideas to make this the best financial year of your life. Go ahead, make a totally different New Year's resolution this year to end overspending problems.
Budgeting Tips for the New Year
- Excuse yourself to splurge. It’s no secret that anyone can come up with an excuse to splurge, especially when you see a purse or designer pair of shoes on sale. There’s a way to splurge with discipline. Earn money and set it aside as a splurge fund for each month, every two weeks or even every week. Just make sure other necessities like bills, groceries, and family finances are handled before splurging.
- Don't eat out as much. You might think you rarely spend money on dining out, but take a look at your bank statement over the last month to see how much you have spent on those restaurant meals. You would be surprised how quickly stops for a soda and large fries can add up. Instead of going out to lunch, make a sandwich or salad from home a few days a week. Meal planning and cooking large amounts for the week ahead can also cut down costs on food.
- Save money for unexpected expenses. If something can happen, it might. It’s definitely wise to save for it. A car part might suddenly stop working or your toddler eats something that lan
ds him in the emergency room. Whatever the case is, you don’t want to leave yourself having to take from other funds to cover these unexpected surprises.
- Plan for things that you know come every year. This includes birthdays, holidays, anniversaries, etc. You could even go a step further and set aside a fund just for these special occasions. Tell yourself you won’t spend more than a certain amount on each gift and start saving at the beginning of the year. That way, your someone special gets what they really want and you’re not left penniless. Everyone is happy!
- Pay off the smallest and/or oldest accounts first. If you find yourself in a large amount of debt at the beginning of the year, stay in communication with creditors and companies who you owe money to. Don’t be ashamed of the amount you can pay, no matter how small.
Taking these small steps will certainly help you feel better about your money situation by the end of 2014! If you have any money saving tricks of your own, let other readers know on our or !