We all have New Year’s resolutions each year.  Why not make 2016 a great one by deciding once and for all to get your finances in order.  There are several ways that you can make a big step to improving your finances for this coming year that are not that difficult to do. 

  • One of the first things you should do in order to get a hold of your finances is to write down everything you spend for at least a month.  This way you will be able to clearly see where your money is going and where it is not.  You may find that you are a bit surprised by exactly how much money you waste on a daily basis buying things that you can definitely do without. 
  • Another easy step to taking a hold of your financial situation this coming year is to start paying off your credit cards.  It is a good idea to start with the smallest amounts owed on credit and pay that amount off first, then move to the larger amounts owed and whittle them down as well.  Once you pay off your credit cards do your best to do without them if you possibly can.  Living on a cash only basis is a great way to take charge of your finances.  If you don’t have it, you don’t spend it…it can be as simple as that!
  • This is a bit old school, but clipping coupons is a great way to help ease financial strains that you may have gotten yourself into.  There are several ways to coupon and many times you can get products completely free of charge if you get good enough at couponing.   Make a stockpile of things that you use on a regular basis such as toilet paper and toothpaste and other items you can get very cheap or free.
  • If you can, it is a good idea to save up an emergency fund for things that may go wrong now and again such as car repairs and the like.  A good amount to strive to save up is around $1,000.  This will be a big help when you find yourself in need. 

This should be a good start to getting you thinking about your finances and how to take control of them before they take control of you.  This time of year it can be hard to think about finances due to the holidays and all that they include but it is well worth it if you do so that you can start out the New Year in the right direction.   

Courtesy of Montgomery AL Real Estate Experts Sandra Nickel Hat Team!