5 New Year's Resolutions to Help You Save Money

5 New Year's Resolutions to Help You Save Money

Jan 04, 2017

Are you thinking of different New Year's resolutions to help you save in 2017? We have you covered. Incorporate our 5 resolutions below to help you keep your money in the bank in the new year.

Budgeting Tips from the Experts

1. Track Your Spending

You can’t save money if you don’t know where you’re spending it! From big purchases like furniture to small purchases like dinner with friends, write down every item you purchase for at least one month. Once you have compiled a list, you can analyze where you are spending too much money. This can help you create a realistic budget based on your lifestyle.

2. Stick to Cash Only

While using a debit or credit card may be more convenient, using cash can help you spend less money. Set a budget for yourself by only carrying around as much money as you would like to spend for that day. When you have run out of cash, you can no longer spend any additional money.

3. Become Debt Free

While this goal is dependent on your current financial situation, paying off as much debt as possible will help you for years to come. Many types of debt, especially credit card debt, have high interest rates. If you make the minimum payment on debts with high interest rates, you will spend many years trying to pay it off and waste your money on interest.

4. Create an Emergency Fund

Accidents are inevitable. While you hope that nothing will happen to you throughout the year, it doesn’t hurt to be proactive by saving in case of an emergency. For example, if your car breaks down and you have an emergency fund, you will not need to drain your bank account. This will help make a stressful situation a little bit easier.

5. Meet with a Professional

Sometimes, the best way to help you save money is to refinance your home loan. For more information about which loan option is right for your current financial situation, it is advised to speak to a professional. Here at Home Point Financial, we care about our customers and want to help you manage and lower your monthly mortgage payment this year. Please contact us today so we can help you have a happy and healthy new year!