Kick off the new year with a fresh approach to your finances. This article provides practical tips to review your financial habits, set achievable goals, and create a realistic plan for building financial confidence.
The start of a new year is the perfect time to take control of your finances and set yourself up for success. Whether you’re recovering from holiday spending or simply looking to make smarter financial decisions, a fresh approach can help you achieve your goals.
What spending category did you spend the most on? How often did you invest money? Did you have to tap into your emergency savings? How much money per week did you spend on eating out or recreational activities? Break larger goals into smaller milestones to stay motivated. For instance, saving $10,000 could mean setting aside $833 monthly or $192 weekly. SMART goals provide structure, helping you stay focused and on track throughout the year.starts by assessing your income and expenses to understand where your money is going. I often recommend using the simple 50/30/20 rule:-- 30 per cent for discretionary spending; andmake this relatively simple.
While you’re doing this, also make sure that you continue to make your minimum monthly payments on your lower-interest debt., it may be best to look into a debt consolidation loan. This is a special type of personal loan that you can apply for designed to cover the total balance of your debt, thus consolidating everything into a single loan with a lower interest rate.
If you find yourself getting off track or losing your motivation, come back to the notes you wrote, remind yourself of your goals, and remember the ‘why’ behind your desire to improve your financial life.The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop.
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