‘Lose weight,’ ‘handle our money better;’ every year we say we’re going to do it, but something happens, no matter how well-intentioned our New Year’s resolutions.
So, you want to be a better budgeter. Perhaps not quite so ironic, but the first step to achieve this goal is to actually have a budget. Sounds simple, but it is a long-term goal that requires discipline and organization. Thousands of Americans resolve to improve their financial situations every year, and yet only three in five actually have a budget.
It’s a daunting task, right? Budgets are intimidating, especially if you live paycheck to paycheck like 8 out of every 10 Americans. Read on to find out how to keep this New Year's resolution This is the year you will become financially healthy.
Setting financial goals is essential to anyone who has funds coming and going out of their pocketbook. The goals you set are completely up to you and should be congruent with your finances. Meaning, it isn’t realistic to say you want to save $5,000 a month when you only make $3,000.
Long-term financial goals
- Save for retirement
- Pay off mortgage, student loans, and vehicle notes
- Live debt-free
Short-term financial goals
- Create and stick to a budget
- Live on less than you earn
- Pay all bills on time
Build Up Your Savings
Pennies in the piggy bank to roth IRAs, the key is to start small and work your way up. If you can only save $5.00 a week after you pay all of your bills, don’t worry about it. You’re on the road to success. Before long, you will see the benefits of having a budget are worth the effort.
There are a number of savings accounts available at Peoples Bank. See how they compare, and find the account that suits your needs financially and realistically. We also offer many options for small business owners! Come by one of our locations and have a cup of coffee and we’ll be glad to walk you through each feature.
Practice The Art Of Minimalism
A good way to make money to beef up your budget is to purge the things that you currently own that collect dust in the garage or hang lonely in the back of the closet. Start up an online Facebook group to swap and sell with people you know or have a garage sale. Do this regularly to get a seasonal boost to your bank account.
With the money you make by selling off possessions you no longer use, you can pay off credit card debt, pay down student loan payments, or stash it in a jar in your closet for a rainy day fund.
At Peoples Bank, we’re here to help you achieve the financial goals you set for yourself. Come see how we can help at one of our branches near you.