New Year’s resolutions – now we all know we use this opportunity at the start of the year to try and make better choices in our lives, such as start a new hobby or join a gym, but have you ever thought about tailoring them to improve your finances?
We have put together 5 ideas to really impact your finances and set you off on the best financial path for the year.
1. Evaluate the financial mistakes from last year
Are you are one of those secret amazon midnight spenders? Or do you just love that expensive coffee from the shop on the way to work. Look through bills and statements/ receipts and identify where your money is going. Knowing your bad habits, can break the cycle and give you the knowledge of where you can save your pennies.
2. Identify financial goals for the year ahead
Do you want to buy your own home or a new car? Or do you just want to build an emergency fund? Identifying goals and writing them down will give you the motivation to achieve them.
3. Monitor your credit report
Monitoring your credit report will allow you to get to know your financial health. Identifying any old dormant accounts and alerting you to any unauthorised spending. There are many free credit checking services such Check My File.
4. Set budgets
Do you often go to the supermarket without a list? Or do you want to renovate your home? Setting a budget for something as little as going to the supermarket, can really help you think about your spending. Setting budgets and only buying what you need can ensure you don’t overspend.
5. Commit to no spend days
Identifying days/weeks/weekends when you decide to not spend a penny can help keep your finances looking healthy. Try looking for free activities for the family from sites such as Pinterest or take a coffee in a travel mug instead of buying one or ‘shop your stash’. This involves you shopping your wardrobe/make up collection/ kitchen cupboards instead of purchasing new items/foods.
If you haven’t already, download our FREE monthly budget planner which will help you keep a track of your finances every month, but also allow you to easily create a budget which is affordable.
If you would like further advice around your finances, or help with budgeting, then why not get in touch with us, and one of our friendly advisors will be happy to help. You can call us on 0330 3322 614 (local rate) or email us at customerservices@forcesfamilyfinance.co.uk.
