05-01-2017 03:33 PM - edited 05-01-2017 03:42 PM
Well it’s that time of the year again - New Year's resolutions! Sure, some of us want to get super-fit, organise every cupboard in our homes from top to bottom, get more sleep (yes please!) and make time for healthy hobbies, but have you thought about a New Year's Budget resolution to improve your finances in 2017?
Having a budget for your expenses is a great place to start, and with New Year's resolutions being an opportunity to improve on the good habits, these six tips could take your budgeting from good to great!
- Learn how much you really spend:
For one week, keep tabs on every dollar you spend — cash, debit, credit or otherwise. If you spend it, record it. Having a record of your spending will help you pinpoint your impulse purchases.
- Start an emergency fund:
Figure out how much you can spare from your budget to save every month. It doesn't have to be a lot of money, but it does have to be done regularly.
- Own your splurges:
We all have our weaknesses — a daily coffee (or three) at your favourite cafe, a new outfit now and then, the latest gadget, and takeaway dinners. Instead of leaving them out of your budget, own them. It's safe to say that you're not going to stop spending money on those things so plan for them rather than blowing your budget.
- Set at least one long-term goal:
By the end of 2017, what do you want to have accomplished? Maybe you want to be debt-free or to save $5,000 towards your next holiday – whatever it is, set a realistic goal and steps to how you will reach it. Breaking down big goals into small, incremental milestones will help you stay on track.
- Pack a lunch one day a week:
We've all heard that we can save bundles of money by packing a lunch every day, but that's a lot of work if you're not used to it. Instead of skipping it this year, start small. Bring a lunch from home on Mondays — maybe leftovers from a weekend meal. If the savings motivates you to opt for the brown-bag more frequently, that's a bonus.
- Write a list before you go shopping:
Without a list you typically end up making impulse buys and unplanned purchases. Creating a list before you go to the supermarket is especially important. Not only will it help stick to your meal plan (yay for health resolutions) but it can also help you avoid buying food that you might waste.
We’d love to her your goals and savings tips for 2017!
on 06-01-2017 11:10 AM
We've got some big birthday milestones this year so there'll be no saving, just plenty of spending and holidays
Tip: Check out all the tools and calculators available to you on the Bankwest website.
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