How to Stick to Your Financial Resolutions the Right Way

Tracking-YourResolutions

So the New Year has started and you made your financial resolutions; but have you been following through with them?

Financial resolutions can be hard to stick to but there are multiple things you can do to get them back on track and make them stick.

Adjust Your Budget

If one of your financial resolutions was to make a budget, evaluate why you aren’t following through. Every month your spending may fluctuate based on varying expenses; a budget that is too rigid will only work against you and may cause more financial harm than good. Leave a little wiggle room in your budget each month for “miscellaneous” expenses.

Have a System

Setting up a routine to check your finances will help you stick to your financial resolutions. Whether you use a budgeting app or handwriting your expenses, you will be able to better stay on top of your expenses. Being able to continually track and stay on top of your finances will help you to stay motivated and stick to those financial resolutions.

Learn from Your Mistakes

If you know you have a problem with impulse purchases or going over your holiday budget and getting yourself into holiday debt, then it’s time to really sit down and evaluate those expenses. By evaluating what those purchases were and whether they were truly worthy purchases, you can become more financially aware and be better able to reign in your spending.

Once you become aware of your spending mistakes, you can take them and differentiate between “needs,” and “wants,” and which “wants” are worthy purchases. This is where the miscellaneous part of your monthly budget will come in. It’s alright to treat yourself every now and then, as long as it doesn’t break the bank.

Avoid Snowballing

Often times unforeseen expenses can lead to a “debt snowball.” Whether it’s due to lack of budgeting or having an unforeseen emergency expense, then it can be easy to get off track due to overwhelming debt. A great way to avoid this and stay on top of your financial resolutions is to leave room in your budget to contribute to savings and your emergency fund each month. Having a backup plan helps you be prepared to weather any financial storm that may originate. The second you have a tremendous expense, many people lose sight of their goals and ultimately continue to take on debt because they weren’t prepared.

Have more ways to get back on track with your new years’ financial resolutions? Need advice on how to get out of debt and take control of your finances? Give us a call today or leave a comment below, we’d love to hear from you!

Share on FacebookShare on Google+Tweet about this on TwitterPin on PinterestShare on LinkedIn

Leave a Reply

Your email address will not be published.

Call Us Now to Get Started

(866) 890-7337

What People Have to Say

I just wanted to thank your entire staff at The Law Offices of Leslie H. Tayne, for helping me get out of debt. If it wasn’t for your firm, I would have never been able to resolve my $13k worth of debt in less than 3 years. Your staff did a great job, I was finally able to buy myself a brand new car without using a cosigner. I can’t tell you again how happy I am. I would recommend your services to anyone.

L.C. Client 2007-2009

I sleep like a baby at night now because of the work that you and your office have done. Rest assured that I will refer anyone I know to your office with conditions that are similarly circumstanced.

R.S. Client 2012-2014

You have been very helpful at first directing me in the right direction when I had no clue how to go about handling everything, I really appreciated all your advice and help and hope we can work something out. Thanks again for all your help and kind words, and patience.

D.M. Client 2009-2012