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Getting Back on Track in 2013
January is as great a time as ever to get your finances in shape. If you're anything like me, December brings a lot of opportunities for us to dig into the bank account with fewer opportunities to replenish. Below we have a few ways to get back on track after the holidays are over. They're also great tips to use all year.
1. Get in the habit of checking your bank accounts regularly.
a. With online banking and auto-pay, it's easy to lose track of money coming in and going out of your account.
b. Make sure you understand any fees and minimum balance regulations that your bank account carries.
c. Checking your account also helps you to catch fraudulent charges early and helps to keep you from over drafting your accounts.
2. Create a budget.
a. Sit down and make a list of all the bills you pay each month and how much income comes in and use that to make a realistic budget- then stick to it.
b. Set priorities on purchases and expenses- weed out unnecessary expenses, especially if you are paying off debt.
3. Start or increase a savings account.
a. Try to keep at least 3 to 6 months income in a savings account for emergencies. You never know what could happen and having a cushion could make all the difference.
4. Adjust your expectations.
a. Don't put yourself in debt (or further in debt) trying to keep up with your neighbors and friends. A happy home is one filled with love, not material things.
b. Don't feel like you have to model your life around what your parents had when they were your age. Just because you are 30 doesn't mean you should own a home.
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