January: a month of new beginnings, of resolutions, and tiny revolutions. We all want to make changes in January, it’s hard to resist a shiny, new blank slate. A great resolution that many people make each year is to get their finances in gear. The thing about goals is that they’re harder to keep if you don’t have a plan, but don’t worry we’ve got you covered.
Our January Money Mondays gave you a weekly chance to pick up simple tips and tricks to keep those New Years Resolutions.
January’s first tip gave you a great tidbit to get you started with a tangible goal:
Put aside at least $1,000 in emergency saving
Saving at least $1,000 in emergency savings should be a non-negotiable part of your overall money management plan. This holds true regardless of any existing debt you’re trying to pay down. Why? Because should an unforeseen financial crisis hit your front door, without a savings safety net, you’ll only fall deeper into debt; preparedness means everything when it comes to financial success.
For our next Money Monday gift we gave you a way to get yourself in gear to save that $1,000:
Run your household like a business and manage your finances like a bank!
The lack of money is not our problem, it’s the mismanagement of life holding us back from maximizing our earning potential.
By our third Money Monday you were probably feeling burnt out on you new money saving rules but we gave you a quick tip to help ease your money spending worries:
Frugality isn’t about cutting your spending on everything
That approach wouldn’t last two days. Frugality, quite simply, is about choosing the things you love enough to spend extravagantly on—and then cutting costs mercilessly on the things you don’t love.
Our next tip helped you truly look to your future, instead of dwelling on your past mistakes:
No Woulda, Shoulda, Coulda’s
This damaging emotion is destructive to the positive mindset needed to make investment decisions.
Live with your eye to the future and leave your regrets in 2017!
Our final January Money Monday gave you a great tip to help you save for the big, important stuff and the fun stuff too!
Make Bite-Size Money Goals
One study showed that the farther away a goal seems, and the less sure we are about when it will happen, the more likely we are to give up. So in addition to focusing on big goals (say, buying a home), aim to also set smaller, short-term goals along the way that will reap quicker results—like saving some money each week in order to take a trip in six months.
We hope our Money Monday tips kickstarted your year on a great note! See you again in February!