Season of Savings: Set a goal to budget in the new year

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It’s our Season of Savings and who doesn’t want to set goals in the new year, like saving money?

While many of us are anxious to have our routines back on track, there is always room for improvement. The week between Christmas and the New Years is a great time to plan your financial makeover.

The first step is to reflect on the past year. Did you have any big expenses? Write out what was good for your bottom line and what was not.

Next, figure out where you have an opportunity for change. For instance, do you have debt that needs to be paid off?

Finally, set goals. These are to making sure your reasons to stick to those goals are strong ones.

“If your why isn’t strong enough,” said Ruth Soukup of Living Well Spending Less, “all of the pain and hardship that you have to go to achieve that goal — all of the getting up early or making sacrifices in your life — none of that will ever be worth it.”

Soukup said you should take those financial goals and weave them into your daily tasks.

If your goal is to keep paying down your credit card bill, instead of waiting for your monthly statement, keep your receipts and tally them daily. Then, you know exactly how much you are spending.

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