“A personal budget is an absolute necessity for getting a sense of control,” said Me’Shae Brooks-Rolling, author of “How to Save Money & Organize Your Finances.” “It should include money coming in, going out, a due date and whether that expense is fixed or variable.” Grab a pencil and paper to create your own list of income and expenses.
Resolution #2: Use a calendar to ensure timely bill payments.
“Online or offline, sync your budget up with a calendar,” said Brooks-Rolling. “This will help you avoid paying late fees and also allow you to move around payments as needed to pay all bills in full and on time.” You can simplify with online bill pay and e-mail reminders, which many banks offer for free.
Resolution #3: Make small changes that can add up.
“At the grocery store a box of tea is about $5 for 100 tea bags or $.05 per cup,” said Brooks-Rolling. “If I have a tea out it’s approximately $3. Over the course of a year, the savings add up.” According to Brooks-Rolling, you can save money by:
- Bringing your beverages and lunches from home
- Clipping coupons
- Using your public library for videos and books
- Taking advantage of credit and shopper’s card points programs
Dying for a new couch? Lusting after a new washing machine? At the beginning of the year, sit down with your significant other and plan what you really need for the year — and what you can afford. Come up with a prioritized list. Decide which month would be best for each purchase.
Resolution #5: Create a system to capture spending.
Snag every last receipt and amount spent with a consistent system. Debbie Stanley, in her book, “Organize Your Personal Finances ... in No Time,” advises using a zippered wallet to save every receipt. She also recommends logging those purchases into a ledger, a budget sheet or budget software weekly — no matter how rushed you may feel.
Resolution #6: Take the pain out of bill paying with consistency.
Overwhelmed by a pile of bills? Reduce stress by choosing a weekly or biweekly bill-paying day. Stanley recommends writing this activity into your calendar.
Resolution #7: Designate one place for bills.
Get a basket or shoebox for bills only. Hang it on the back of a door or set it on top of the fridge. Put bills in it the minute they arrive.
Resolution #8: Keep running lists and avoid impulse shopping.
Get three magnetic-backed pads of list paper for your fridge. Mark one grocery, one home improvement and one retail. Use these pads to list items you actually need. For example, when you run out of jelly, immediately add jelly to the grocery list. Review your lists before you leave for the store. Stick to them.
Resolution #9: Resolve to push your own buttons.
Spending highs seldom outlast the bill. Nancy Lloyd, in her book, “Simple Money Solutions,” recommends you uncover what makes you overspend. Think about when, where and with whom you overspend and avoid those temptations. When you are feeling down, try exercise, lunch with a friend or volunteering instead of shopping to lift your spirits.
