New Year, New Budget
January 9, 2025
Happy New Year and welcome to what we know can be a great 2025!
Many people set resolutions to improve their physical, mental, or social well-being. It is just as important to make sure your finances have or are working towards a clean bill of health. Even if you sleep easy at night without worrying over your checking account, it is important to make sure your long term goals are achievable by staying on top of your current expenses. They must remain in line so that you may reach the lifestyle you envision farther down the road.
Some simple steps to help include1:
Know What You Owe
Whether thinking about taxes, loan or mortgage payments, monthly bills, or discretionary spending, keeping track of the actual dollars and cents spent could be much more helpful than relying on general ideas or perceptions of your normal expenses.
Automate Savings
Chances are you have at least a few bills that are automatically taken out of your checking account. Why not do the same for savings? Scheduled, automatic transfers to a savings or investment account can build a nest egg without the need for constant action on your part.
Cancel Unused Subscriptions
Similar to automated savings, it can also pay to keep an eye out for automatic payments you no longer want or need. Review bank and credit card statements and cancel recurring automatic payments that are no longer utilized.
Shop With Intention
Building for the future can be a two-way street. While your retirement could include more freedom in doing or spending what you want, you can get there faster by using more restraint on spending in the present.
You can give your budget planning a boost by consulting a financial professional. Contact us at to learn more about how your everyday spending and saving can make a big difference down the road.
https://www.academybank.com/article/20-financial-and-budgeting-new-years-resolutions-for-2025