It is a New Year and while I do not believe in resolutions I do believe in looking at your personal finances and planning for the new year. Everyone has financial goals whether that is buying a house, saving for kids college, or just saving in general. Here are some quick tips to make that happen:
Make a Budget
Being the excel nerd that I am I usually do this in Excel so that I can easily sum up my income and expenses. However, you can easily write them on a piece of paper or a word document. Some key things to take into account are:
- Income (after taxes) per month
- Living Expenses - rent, electricity, etc
- Car Expenses
- Cell Phone Expenses
- Gym Membership
- Monthly Subscriptions
Stick to the Budget
Track how much you spend and make sure you don't go over the amount you have allotted. One of the best budgeting tools I have found is an app named Mint
This app lets you enter in how much money you want to spend on each category. As well, you can connect it to you bank account so that when you make purchases it is automatically tracked on the app.
Invest my Money
Those savings that I will be accumulating in 2017 I plan on investing. I want to work on my investment portfolio so that my money is not just sitting in savings but making some possible earnings. As well, I increased the amount I am contributing to my 401k because saving for retirement now is so important.
HAPPY NEW YEAR EVERYONE!!