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With the end of 2018 swiftly approaching, it’s time to refocus and think about our goals for 2019. This is a good time to change up habits, especially with the holidays on the horizon. When we’re mindful with our money, our lives will be so much better.
I hope these tips are helpful and improve your life!
1. Have An Emergency Fund: If you haven’t started an emergency fund, now is your time to start building one. You should aim for $1,000-$2,000 to cover any unexpected situations. Ideally you want to eventually save up enough to cover three months of living expenses (in case of job loss). Curious how to start your emergency fund? I’ve got you covered with this post.
2. Pay Off Debt: Interest is a pain. Pay off debt as soon as possible even if it means sacrificing some other areas (a new phone, new car, etc.).
3. Create A Budget: While this might seem like a no brainer, it’s more work to create a budget and stick to it than it seems. Create an initial budget. Lay out your fixed expenses (i.e. housing, insurance, subscriptions, etc.). Go through your previous three statements and figure out averages for each variable area (i.e. groceries, clothing, transportation, etc.). Track your spending throughout the month. Modify each month as needed. Move any excess funds into savings. It’s time-consuming but you can weed out unnecessary expenses and save more money!
4. Get Help With Your Taxes: You don’t want to get a letter from the Department of Taxation that says you owe $5,000 the day before you leave for your honeymoon. Just saying.
5. You Can Always Make More Time But You Can’t Make More Time: Sometimes working overtime is worth it (to pay a bill or pay off debt) but working yourself to the bone when it isn’t 100% necessary will impact your quality of life. We can’t get back time with our loved ones!
