A new year is a great time to check over your finances and determine your short and long-term goals. While many people want to spend less and save more, following through is the hardest part. Here are 5 simple ways to be better with your money this year.
Track spending on non-essentials
Your essential expenses rarely vary month-to-month, such as rent, mortgage repayments, groceries and car maintenance. However, non-essential purchases can have a significant impact on your saving goals. Think takeaway food, tickets and coffees. By tracking spending, you can figure out the best ways to save money. You might find that you’re spending several hundred a month eating out and might forego a meal out or choose a less-expensive restaurant.
Use the 24-hour rule for purchases
With online shopping so prevalent now, it is very easy to find yourself browsing your favourite stores. A great way to avoid impulse purchases and wasteful spending it to implement the 24-hour rule – wait 24 hours before purchasing an item. Take the time to decide if you genuinely want or need the item. Chances are you will decide that you don’t need it. If you still really want it after the 24 hours, you know that it will be a worthwhile purchase. For more expensive items, consider a one-month rule.
Get a money buddy
Money is a taboo topic for most people. However, talking about money can help you reach your goals and feel a little less alone. Trying to achieve financial goals can seem never-ending, and people may become disheartened. Find a friend, family member or co-worker who has the same financial goals as you, and pair up to motivate and keep each other accountable.
Enlist the help of professionals
Guidance can be essential to financial success and saving more. At The Farm Protectors, our strategic advisers will help you reach your goals, improve your health and ensure you have adequate protection against any future contingencies.
We’re here to help you reach your goals, now and into the future. Take strides this year to bridge the gap between where you are now and where you want to be.