Financial Tips

  ​Goal Setting 

It’s a New Year, which means a new you, right? Have you already set your goals for the New Year and already failed at them? Sometimes we take on too many things at once and try to change every single part of our lives. This can be overwhelming and stressful! Setting financial goals can be hard to stick to, which is just like any other goals. Also, trying to come up with what you can do to improve your financial situation can be hard to know where to start. If you are struggling to know where to start, have already given up on your goals, or if you haven’t had the chance to make them because life is too stressful, one way to start is to make a…

BUDGET! 

​This may seem like a big and overwhelming task to do, but if you break it up and accomplish one thing at a time, it is definitely doable! Follow these three steps to help you along the way!

1. ​Track Your Expenses and Start Your Budget

In order to figure out how you can afford the things you want and need, the first step is to track your expenses. Write down what you spent and how much you spent, with every purchase you make. As you do this throughout the month, you will be able to take a look at it and see what you are spending your money on and where your money is going. You then should review what you are spending your money on and create a budget. You can do this in multiple different ways, such as, using an App, Spreadsheets, Pen and Paper, or using the Envelope Method. The Envelope Method can be used by making envelopes for each category, such as groceries, rent, car payment, savings...etc. and when you are going to go grocery shopping you only use the amount that is in the envelope for that month. This can help you stay within the limits you put in each category. All of the other methods are essentially the same thing, but just in a different way. Remember that there is no right way to budget, just do what works best for you!

2. Start Saving

Remember to add a category in your budget to put a certain amount into savings. This will help you in many different ways. A good way to become successful with your budget and money is by making sure you have some savings. This can be used for emergencies, a down payment for your home, or if you are unemployed and need to live off your savings. A savings account has many benefits that can help you as it is important to add money to it every month, even if it's just a little bit.  Sometimes life happens and we end up getting a flat tire, or parking somewhere we shouldn’t and getting a ticket, or even forgetting about a family members birthday. It is important to save. The best advice I have been given about savings is to save at least 10% of your paycheck in your savings account. This can be very beneficial to a set amount in your savings because once it is in there it is much harder to spend. Savings can be overwhelming but putting at least 10% away proves that you are budgeting even though it may be small, it can be very beneficial in the long run. 

3. Stick to Your Budget

Once you have tracked your expenses, made your budget, and implemented your savings, it is important to stick to the budget you have made! You put a lot of work into figuring out what works best for you. Once you have tried out your budget, you will be able to see necessary changes that might need to be made. You can challenge and stretch yourself to fitting within your means. For example, if you noticed that you have spent too much money on eating out, you can set your budget to only spending $20 a month on eating out. You can go through each category and see if your budget is working for you. Once you set these limits, stick to them! This can be hard at first, but once you figure out the groove of having a budget, it starts to get a lot easier. Sticking to your budget will improve your situation and cause less stress!
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These three steps can get you on your way to financial success! It can be really hard when just beginning to try these methods out, but once you figure out what works best for you, you will see how easy and effortless it really can be! Remember to start tracking your expenses to help you know where to start, then from there you make a budget and make sure to put savings in a category for your budget. Then stick with your budget and make changes as necessary. Let’s make February the month where we start budgeting and stick to our goals for the year! 
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