The new year has begun, and the holidays are officially over. The decorations should now be packed away, and New Year's resolutions should be made. It's a fantastic idea to consider how you may enhance your money management as you pick what you will focus on in the coming year.
According to Chris Grimm, President of BANK, "The new year is a terrific time to make adjustments to your lifestyle that will help you live longer and happier. There are also numerous things you can do to improve your finances. You may reduce your debt, save money, and improve your preparedness for the future by making a few small changes.”
5 New Year’s Resolutions for Your Wallet
Exercise more, diet, giving up a bad habit, or trying something new are some typical New Year's resolutions. Your financial New Year's resolutions can be based on similar ideas. Think about the following concepts:
1. Reduce your spending. Examine your spending plan carefully and identify any places where you might make modest improvements. The money you save by forgoing certain purchases could amount to significant savings over the course of a year.
2. Reduce your debt. Select at least one loan that you can pay off before the end of the year as you review your budget. Decide how much you must put toward that debt each month, and make a commitment to repay that sum. You will have extra money once the debt is paid off, which you may use to pay off additional debt, put money in savings, or purchase the things you want.
3. Stop spending money in one area. Pick one expenditure you can cut out in 2023, such as a membership to a streaming service, excursions to the neighborhood coffee shop, online impulse buys, etc. These things don't have to be abandoned forever. However, seeing if you can go a full year without them can help you create a new sound financial routine.
4. Try out a different saving routine. There are numerous methods for increasing your savings. Take what you would have spent on those products, or a portion of what you would have spent, and add it to your savings account. You could also adhere to a 24-hour spending limit to reduce your impulsive buying. The guideline is straightforward: If you see something you want to buy, wait 24 hours before doing so. Waiting might reduce your desire to purchase that thing and free you more money for savings. There are countless suggestions for simple changes you may make to increase your savings. You can also set up automatic transfers with our mobile app. Each pay period, set an amount to automatically be transferred to your savings account and watch your savings grow. Learn more about the benefits of our online banking program at www.BANK.bank/personal/online-banking.
New Year's resolutions might be challenging to keep, but if you follow one of the four suggestions above, you won't be dissatisfied in 2024.