Five Ways to Start the Year off on the Right Financial Foot
- Take stock of your holiday spending
Review your recent spending and take stock of how much debt you’re carrying over from the holidays.
2. Make a debt-crushing plan
Make a plan to pay off your debt, maximizing one monthly payment at a time until it’s paid off. Be sure to continue making the minimum payments on all debts as you focus on knocking out one at a time.
3. Trim your budget
Most budgets have some fat to trim. Take a close look at your monthly spending and look for ways to cut back to build more breathing room in your budget.
4. Pay yourself first
Get into the habit of putting money into savings before you start spending your way through your paycheck. Building an emergency fund and long-term savings will give you the financial cushion you need to get through many things life throws your way.
5. Build your financial smarts
Expand your financial knowledge this year by tuning into a money-minded podcast, reading personal finance books or attending a course on money management.