Budgeting Tips for the New Year

Happy New Year Everyone! 2020 is off to a great start, I hope it is doing the same for you! Are there any New Years Resolutions? I have not really thought about any for myself, but I would like to hear yours. Leave me a comment and I will check it out. If any of your resolutions are to save money, well you have come to the right place. I will be sharing a few tips on how to save better and budget your money in this New Year!

  If you know me than you already know how I feel about finances. if you don’t, well your about to find out. I don’t remember how I was with money when I was little, but when I became a teenager I was serious about how I spent my money. My Father became laid off while I was at a young age and I guess watching my parents go through this scared me. I never went without food, a roof over my head, or clothes on my back, but that did not make almost loosing my house any less scary. Ever since then money has always been a big deal to me. I am very careful how I spend it and I can find deals without even trying.

Tip 1:  MAKE A BUGDET BOOK / LEDGER

  This will help you keep track of all your expenses. Such as bills, food, household items, or just spending money. You can use any type of notebook, pad, even a checkbook register / ledger will work. I have a composition notebook that I use. I have a specific way of organizing it and I write pretty big so this type of notebook works best for me. I love to have tangible items that I can look at and writing things down helps to remember what it is and also keeps you more organized. If you are not the paper copy hand writing type you can always utilize the notes sections in your cell phone. I believe this idea is more practical in todays world. You do the same thing you would use the pen and paper for. Most of us will always have our phones on us therefore it is easier to pull up.

Tip 2: COUPON COUPON COUPON

  Couponing is a great way to save money! I get a ton of coupons in the mail for some retail stores that I love to shop at. Utilize your mail. The coupon books that come in take a look at them instead of throwing them away right off the bat. There might be something useful in them. Apply for the mail or email listing to some of your favorite stores. The Christmas Tree Shop is one of my favorite stores to go to when it comes to holiday décor. Thanks to their email list and the book that I get in the mail every week there is no telling how much I have saved. I am not saying become an extreme couponer, but to at least take advantage of the little bit that you do have.

Tip 3: PAY ON BEDT ASAP

  If you have a credit card or owe some company or someone money, pay it off! My 9th grade History teacher once said, “If you start your life in debt, you will end it in debt.” I really took that to heart.  Now I know that a lot of the time it is impossible not to be In debt someway or another. There is know way around constant debt to earn credit. Just be smart about the way you track and use your debt. With a credit card, use it as minimally as possible. Or use it constantly, but turn around and pay it right back. Yes, you have to leave a little on there to actually build your credit, I just went through this same thing with  getting a secured card and then being transferred to a regular full fledged credit card. For example I use my Credit card for GAS every month. I leave no more than a $100 balance on this card. Some of you may be thinking, THIS IS ABSURD, she has know idea what she is talking about. I may not be as experienced and have never had an issue (PERSONALLY, but I have seen it happen 1st hand) with having no choice but to use a credit card for something I cannot afford right away, but that does not mean I don’t know what I am talking about. If you have the ability to use my advice on debt please use it. If not, YOU WILL get to this point when you can. The only item that I am not too worried about paying back is my car. My grandfather financed it and I am just paying him back for it. I guess since it is through family I am not scrambling to get it payed. If it was not for having to pay for a wedding I would be paying more on it though.

Tip 4: LOOK FOR DEALS

  I guess this could also pertain to Coupons, but when you are going on a trip or buying things at the store make sure you keep an eye out for deals and package's that they might have going on. This can save you a lot of money and hassle in the long run. I find most of my deals when I am out retail shopping! Having just past the Christmas Season I am sure you may have come across a few deals yourself.

Tip 5: SPEND WISLEY

  Ask yourself, “Do I really need this? Am I gonna use / wear this?” I ask myself these questions every time I go shopping.  Ask anyone who has gone with me, I will even go put things back because I am having second thoughts about getting it. I do not spend my money easily, especially if it is in a big quantity. Unfortunately having this concept has made me stingy and selfish along the way. I do think that this is pretty good advice, but I have taken it too far at times. Like I said I do not like spending money and when I do I am usually selfish and spend it only on myself. This is something I am working on. Sometimes you will have to go without something that you want to help someone else out and still stay on track with your quota.

Tip 6: SAVE WHEN / WHERE YOU CAN

  I struggled with moving money from my checking to my savings account for a long time. Why? I have know idea. For a stupid reason really. I liked the way my checking account looked! REALLY. Eventually I did move it and you should too. If that money just sits in your checking account you are getting know where, but if it is in your saving account you are potentially earning interest on it. So you are earning money for not spending it! If there is away to save, SAVE! If your bank offers a program for automatic savings please utilize it! Wells Fargo has a program where every time you swipe your debit card $1 transferrers into your savings account. South State transferrers the remaining change that is used in a single debit card transaction into your Savings account.

  I hope you learned something from my few tips and tricks to help save money in this New Year.  These are just some of the things that I like to use when it comes to finances, it may not work for everyone, but it is worth a shot. Good luck saving in the New Year!