While it’s never too late to set goals and seek for change for the better, most people take the beginning of the year as their opportunity to progress and exceed their own previous expectations. Although this year has already started, it’s still a great time to begin making 2018 your best year, especially from a financial standpoint. So if you’ve struggled in the past with having financial success or even financial stability, here are three ways you can make 2018 your best financial year yet.
Make And Stick To A Budget
Although it may sound boring and old-fashioned, making a budget is still the best way to ensure that you’re only spending an appropriate amount of money on the things that are most important. However, making a budget will do you very little good if you’re not willing or able to stick to it. For this reason, LaToya Irby, a contributor to The Balance, recommends that you learn to value the process of budgeting before you try to jump right into working within a budget. Once you’ve been able to plan a healthy budget and have committed to stick to it, it will make spending less money much easier for you.
Limit Your Credit Card Spending
If you’ve previously had a hard time spending less than you make, you may have had to result to using credit cards to sustain your lifestyle. And although this can be a hard habit to break, it’s something that can have a huge impact on your ability to better control your finances. Knowing this, Eric Ravenscraft, a contributor to LifeHacker.com, suggests that you only put things on your credit card that you actually currently have the money to afford. This will allow you to stop building more and more debt and finally allow you to start paying down any amount of credit card debt you’ve amassed.
Create A Sustainable Savings Plan
Once you’re able to work within a monthly budget and have stopped adding to your mountain of debt, it’s time to start thinking more about the future and focusing less on just surviving in the present. To do this, Time Herrera, a contributor to the New York Times, suggests that you find ways to save just a little extra money each month. To do this, you may want to try cutting back on some of the small daily or weekly purchases you make. Although it may feel like a drop in the bucket at first, even saving a small amount each week can add up to a lot of money in the long run.
If you’re looking for some simple, actionable ways to turn your finances around in 2018, consider using the tips mentioned above to help you do just that.