How did you end 2018? Were you feeling comfortable financially, or were you worried about credit card debt and/or overspending from the holidays?
If you’re hoping to end 2019 in a much better financial position, it all starts right now- in the first month of 2019. Now is the best time to set your goals, create a budget, and prioritize your financial health so you can keep the ball rolling this year.
Here are some ways you can get control of your finances in 2019:
Stop Avoiding your Debts
Do you avoid looking at your bank account? Prefer not to see your credit card statements? This type of behavior not doing you an favors, you’ll need to do better if you want to improve your financial health this year.
The first step is to take a good, hard look at all your accounts, including any debt you owe. If you are in a squeeze and need to pay back a loan in short order, services from online companies such as 24Cash are available. Ideally, though, you’ll be working on building up your savings so you can tackle anything life throws at you.
Create a Budget
A budget doesn’t need to mean you’re on a strict financial diet. It simply means that you’re taking control and not spending more than you have coming in each month. Look at where your money has gone for the past few months, and then consider where you can cut down without feeling like you’ll no longer be able to enjoy the things you love.
Often, we get used to living a certain way simply for convenience- it can be easier to grab takeout or order in, but this isn’t going to help either your wallet or your waistline.
Consider using an apps such as Mint which can show exactly where your money is going each month, making it easy for you to make even small changes.
It’s a good idea to start saving while you’re paying off your debt. Saving is easy once you get in the habit, and you’ll find that you’ll be even more motivated to save as you watch those numbers add up. There are some great savings accounts out there- with higher than the usual interest rates.
You can also begin investing easily with services like Acorns, which will invest your spare change. Once you have a few thousand saved for a rainy day, you can focus on larger goals.