Four Financial Resolutions You Can Start Any Time of Year
It’s hard to believe it’s already August. Where has 2021 gone? 2022 will be here before we know it, but there are still four whole months for us to live our lives right here, right now. It means that we all have four months to create and start new year’s resolutions that can improve our lives.
For many of us, financial resolutions often stay at the top of our lists. We want to make strides in the right direction, but oftentimes, don’t make the right resolutions to keep us on track. Below are four financial resolutions you can start any time of the year.
Review your finances
If you’re like me, then you probably dread opening your online bank account to see all the recent spending that has taken place. From bills to recreational activities, and unexpected spending, it’s no wonder why we’re often behind where we thought we should be.
By regularly reviewing your finances, you reclaim control over your spending. You can look back and identify opportunities and try something new in the future.
After you’ve reviewed your spending, you can now create a realistic budget. This budget should include everything from monthly bills to personal spending and daily incidentals. You’ll be shocked when you add up all your monthly spending, but this step is essential to creating financial freedom.
Set and track financial goals
One of the most powerful benefits of creating a budget is leveraging it when creating financial goals. Once you know how much money you have to work with, you can identify what you can do with it. Whether you’re trying to save for a new house, buy a new car, or pay off your debt, setting and tracking your financial goals is a great resolution you can start today.
Start (and grow) your emergency fund
Before you make any major financial commitments, make sure you have an emergency fund you can tap into if needed. We all have rainy days. Whether it’s a medical emergency or an unexpected job loss, having an emergency fund allows us to carry on while we find a long-term solution.