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Financial Resolutions for 2016
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Posted December 30, 2015
Get organized
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Make a budget for 2016 and stick to it. If you write out all of your monthly income and expenses, you can start saving money for things later in the year such as spring break.
Use an automatic savings plan
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It can be difficult to remember to set aside savings on a regular basis. Setting up automatic transfers to your savings account can help you save money without even realizing it. After a few transfers, you will get used to not seeing that money any longer, and as a result, you will get used to not spending it.
Get on top of your debt
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Starting off the New Year with mountains of debt can be overwhelming. Take small steps this year to slowly pay off debt so you can reach your goals!
Cut back on eating out
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You’d be surprised, but excessive eating out can really add up if you’re not careful. This year, try to cut back on how many times you eat out per month. Even if you only cut back by one trip out to eat, you could easily save yourself, on average, $10 a month. It may not seem like a lot, but in one year that’s $120 saved!
Work out at home
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A more popular New Years resolution is working out, and it’s one that benefits your overall mental and physical health. However, joining a gym is sometimes unaffordable for those who live on a tight budget. If you can’t afford a gym membership, try working out at home. You can find hand weights at decent prices, making it easy to do some of your favorite routines at home. All you have to do is clear space in your living room or bedroom and get moving.
Save your change
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Most people don’t realize how much money they can acquire by saving all of their spare change. If you have an empty jar of some sort, or even a coffee mug, get into the habit of throwing all of your change into that container. You will be surprised by how much money you could have by the end of the year.
Try the 52-week challenge
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An easy way to save money, the 52-week challenge will help you earn more than $1,300 by the time it’s over. How it works is simple. All you have to do is put away the amount of money that corresponds with the week you are in. For example, in week one you save $1. In week five you would put away $5 and in a later week, such as week thirty-two you would add $32.
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