This is the year. This is the year you’re going to get your finances in order once and for all. But how? What do you need to do to make sure that happens? Let’s take a closer look at tricks to keep your finances on track this year.
Round up in Your Checkbook
This is a simple but effective method to put a buffer in your checking account. Each time you use your debit card, round up to the next dollar. It’s something that is quick and easy to do but can make a big difference over time. If your purchases round up to just $1 per day total, that’s still $30 per month.
Setup an Automatic Savings Plan
When you treat your savings plan like any other bill, you’re more apt to actually save money. Setup an automatic withdrawal to occur during each pay period. Decide what you want to save each month and divide that by the number of pay periods to determine how much money to withdrawal each time.
Use the Envelope System
The envelope system is great for getting your finances in order. Each pay period, put money into envelopes for your variable expenses, such as groceries and entertainment. When you go out, you rely on the money in the envelope and do not use debit or credit cards. This forces you to be more careful with your money.
You want to remove spending triggers from your life. It might be emails that let you know about special sales at your favorite stores or even going to a certain store. Think about the things that cause you to spend the most money and remove them from your life.
Buy with Intent and Purpose
Another great tip is to buy with intent and purpose. This means to only buy something when you know how you’re going to use it. If you’re just buying something because it’s on sale or cute, it’s a waste of money.
Do It on a Dime
Last, but not least, do everything on a dime. If you want a bigger kitchen table, for example, shop thrift stores or look on Facebook groups. You can almost always find what you need used or at a lower price, if you wait for it.
If you want to keep your finances on track this year, these tips will make a huge difference. You don’t have to do anything major, sometimes you just need to make smarter decisions.