“Online or offline, sync your budget with a calendar to avoid paying late fees and so you can move around payments to ensure all bills are paid in full and on time.”
— Me'Shae Brooks-Rolling
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Sometimes it’s tough to know where to begin when getting your financial life in order.
Take heart.
We’ve done the research for you. And experts say taking control of your finances is liberating. Yes, liberating! Check out our top 10 easy resolutions to help you organize and start saving — today! |
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Resolution #1: Liberate yourself with a personal budget.
“A personal budget is an absolute necessity for getting a sense of control,” said noted author Me’Shae Brooks-Rolling. “It should include money coming in and going out, a due date and whether that expense is fixed or variable.”
Resolution #2: Use a calendar to ensure timely bill payments.
“Online or offline, sync your budget with a calendar to avoid paying late fees and so you can move around payments to ensure all bills are paid in full and on time," Brooks-Rolling said.
Resolution #3: Make small changes that can add up.
Urban-savvy Brooks-Rolling recommends you 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
Resolution #4: Time your large purchases for the year with a plan.
Dying for a new couch? Lusting over 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.
Resolution #5: Create a system to capture spending.
In her book, noted author Debbie Stanley recommends using a zippered wallet to save every receipt. She also recommends logging those purchases into a ledger, a budget sheet or budget software weekly.
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: Use the right amount every time.
Using the correct amount of laundry detergent and dishwashing soap, for example, adds up to big savings over time. Check labels for dosing recommendations. Also use select-a-size paper towels to reduce waste for better value.
Resolution #8: Keep running lists and avoid impulse shopping.
Get three magnetic-backed pads of paper for your fridge. Mark one "grocery," one "home improvement" and one "retail." Use these pads to list items you actually need. Stick to them when shopping.
Resolution #9: Maximize employer pre-tax savings deductions.
Studies show millions of eligible employees still are not taking advantage of 401(k) plans and employer matching funds (virtually throwing away money). This is easy:
- Meet with your human resources department today.
- Fill out the form.
- Maximize that match.
Resolution #10: Resolve to push your own buttons.
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 spending to lift your spirits.
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