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Weekly Tips

Weekly Tip: Set a budget for yourself

2014 is the year to get your finances under control and save money, right? Like many New Year’s resolutions, this task may seem daunting. It is hard to save money and change your spending habits, but it’s not impossible. By setting a budget for yourself, you can easily stay on track throughout the year and fix your finances.

The first thing you need to understand is your expenses. What are you spending your money on? Write down all the expenses you have (rent, groceries, electricity, car payments, bills, etc…) and identify where you are spending extra money (entertainment, shopping, concerts, restaurants, etc…). Then, you will need to set budget and financial goals. Your expenses are necessary, but you may be able to cut down on daily Starbucks runs and going to the movies every week. You will want to set some money aside for extra things, but it is important to decipher between what is a luxury and a necessity. You can then easily reduce and monitor the luxury portion of your budget.  How much you are able to save is up to you.

Once you have a budget in place, the most important thing is sticking to it. Don’t get rid of fun entirely; just monitor your spending so you don’t overdo it. By keeping track of where your money is going, you will be able to set aside some money and focus on saving.

on Tue, 2014-01-07 15:58