The end of the year is a great time for looking back on the goals and milestones we’ve reached over the past 12 months – as well as the times where things didn’t quite go according to plan, or things felt just out of reach.
Thankfully, learning from both our successes and frustrations means that we can put positive steps in place to make the best out of a whole new year – and when it comes to making the most of your saving plan, healthy habits and wise choices can make your money stretch even further.
This January, we’re exploring 5 simple steps that we can use to save even more in the New Year:
Review your goals
If arriving at the end of a whole year teaches us anything, it’s probably that we can expect even more change in the future!
Each year, be sure to review your savings goals as well as your debt, budgeting, and investment plans and make sure that not only they are in touch with your needs, but also that they are putting you on the path to getting your wants.
Be sure to re-evaluate your income, expenses, commitments, and any other items that might impact your financial situation. By having a clear view of your financial matters, you’ll understand exactly where you stand and what you need to do to meet your future goals.
Use the right tools
Reviewing your finances is an important thing to do – but you’ll also want to make sure that you are using the right tools to manage your cash flow, review your budget, and plan ahead; otherwise you might find it hard to put your plans into place.
Consider using spreadsheets, a personalised budget, or even a spending plan to help you get a clearer picture of how you spend your money. If you’re ready to get started, why not download our handy budget planner, or even try our 52-week savings challenge?
Create a financial calendar
Different months, seasons, habits, and people can mean that we might spend more or less, on occasion..
Having an overview of your year with this in mind can help you budget for expenses as they might happen – for example, you might want to set specific goals to pay for more electricity in winter, more water in summer, buy new school uniforms for your children or even enjoy a fun holiday.
Review your debit orders and insurance premiums
Each year, we can usually expect the cost of our debit orders, insurance premiums, or other financial commitments to increase. If you find that these can be a burden on your budget or financial plans, you do have the power to explore whether you can find a better deal with another service provider.
Consider taking a look at what your premiums or agreements provide you with, reducing your coverage, or simply ask for a better deal – you might find that you can get a better deal, and spend even less money each month.
Involve your family in budgeting discussions
If you have a spouse or a family, make sure that you involve them in budgeting discussions when planning your financial future. Each new year’s challenges and successes involve them, and you might find that your family members can help lighten the load around the house – or they might even have interesting budgeting ideas that you haven’t considered.
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