The new year is upon us, and this is the time when we all make resolutions for a fresh start. If working out your finances is on the list of resolutions, then you may want to put that on the top of your list above joining a gym and actually working out!
A great place to start with your finances is to keep track of every purchase by monitoring your bank account daily, and saving receipts. This way, you easily categorize your spending and visually be able to see where you can reduce areas of spending.
After 4 weeks’ worth of saving, you will then have an idea of what your monthly budget looks like, will be able to see if you are living within your means, or need to make adjustments in order to do so.
Another good way to save can be to start a savings account, if you don’t have one already, or to contribute more once you have a monthly budget to help you foresee what your variable and non-variable expenses include. It’s ok to start off with a small amount and continue to build an emergency cushion as you go along. It’s is a great way to help you not rely on credit. For many more ideas on ways to save money and building savings long-term, visit Clearpoint Credit Counseling Solutions’ money saving tips. Here’s to a Happy new year and happy saving money in 2013!