With the change in the calendar comes a determination to make positive changes in your life and finances. This year, make New Year’s resolutions that are simple, yet sustainable and they will make a big impact on your finances in 2018, and for years to come.
1. Make a Budget
Yes, every bit of financial advice starts with this, but it is the foundation of any financial plan, and only about 1 in 3 Americans actually make a budget. A budget doesn’t have to be complicated. Leverage technology to help you stay within your financial plan with CBC’s online budgeting tool. You’ll likely be surprised at just how much a simple budget can transform your wallet.
2. Eat Out Less
Dining out is one of the biggest budget busters for most people. Resolve to eat out less, but rather than making a vague resolution, go back through the past month and count how many times you ate out. Yes, grabbing Starbucks in the morning counts. Now. resolve to eat out 20 percent fewer times each month. Mark it on the calendar every time you eat out, so you have a visual reminder to stick with the resolution. The money saved by eating at home will help you stay in budget and accomplish your other financial resolutions.
However, special occasions or long days at work can make eating out not just a treat, but also a necessity. When you do eat out, do so wisely. With a Perks+ personal checking account from CBC, there are plenty of merchant discount programs you can take advantage of that help you save money during those necessary meals out. These money-saving perks can include things like 10 to 15 percent off your meal or free appetizers when you dine at local restaurants.
3. Pay Off One Debt
Resolutions are easiest to keep when you take small steps toward reaching larger goals. Rather than resolving to get out of debt this year, resolve to pay off one debt. Pick your smallest debt and resolve to pay that off as soon as possible. Once you’ve done that, pick your next smallest debt and add the monthly payment you were making from your first debt toward paying off the second even faster. Just focus on one debt at a time, and you’ll be amazed how quickly your debt can be cleared away.
4. Save Twenty Dollars
Having an emergency fund to get you through a car repair or other household emergency is key to maintaining stable finances. A thousand dollars is a good emergency fund to have set aside. Resolve to save just $20 a week, and you’ll have that thousand in savings before next Christmas. Take that $20 right off the top, and you’ll find you won’t even miss it. In fact, at just $20 a week, you will have enough over that thousand to go out to dinner to celebrate your success.
5. Be Generous
One of the best ways to appreciate the value of money is by making a charitable donation. Find a cause you believe in, and you will find yourself wishing you could do more to help. By tying your financial health to goals beyond yourself, you’ll find it easier to stick to your positive resolutions all year long, and using CBC’s PopMoney service can help make giving that much easier.
Make financial resolutions you can stick with this year. By this time next year, you will have the satisfaction of having made observable improvements to your financial health.
