Is one of your New Year’s resolutions to get on a better footing financially? Maybe to pay down debt or to save more. I used to focus on financial goals more than I do now but I think it’s time to change that. I want to be mindful of what we spend and how much we’re saving. Not only is the cost of everything rising and rising but the more money we can save each month, the closer we’ll be to reaching our retirement goal.
-Make a Plan
We’re going to get proactive with financial planning. We’re going to look at our budget every month and plan the next. The budget surplus will go into our savings account. I’m hoping that adjusting our focus each month to our progress will keep us motivated.
Related to our first point, we’re going to try to spend less. Without being budget-conscious we’ve allowed ourselves, well me mostly, to spend more than we ought to have. I’ve bought far too much Starbucks and haven’t shopped sales as much as I could have. This year I’m going back to my roots and will be thinking through every purchase. Do I really need it? It is something that I could make do without? Could I buy a used version of it? I also want to figure out how to order Aldi pick up instead of the more expensive grocery pick up that I normally use. I want to buy cheaper brands whenever possible. I want to cook more at home instead of ordering take out. …and cheaper at home meals instead of whatever I’m feeling like at the moment. Planning meals and snacks in advance will help us save a good deal each month.
None of these things are huge in themselves but I think that if we can have the discipline to follow through then we’ll be able to easily save hundreds each month.
It can be hard to stay excited about depriving yourself from fun frills, extra treats, entertainment, etc. Focusing on what we want to achieve instead of what we can’t have is essential to reaching our goals. I plan to read a lot of encouraging financial books and articles. The internet is full of people who have retired early, have paid off their loans, have found many ways to earn extra money, and many other ways to save money. I want to add financial books to my “to be read” pile and make it a point to read at least one financial article each week. Maybe I’ll share more about that here to keep us all motivated. 🙂
Did your family make any financial New Year’s Resolutions in 2024? If so please feel free to share them in comments.