If the holidays or miscellaneous end-of-year spending are weighing on your wallet, never fear. Here are 3 end-of-year budget tips to help you stay focused, develop good spending habits and keep you feeling financially fit in the New Year.
- Be sensible. If you’ve been keeping an eye on your spending all year, don’t blow it all now just because you feel like you have to spend a lot on the holidays. Spend only what you reasonably can, rather than charging your purchases to a card. The last thing you want to come your way in January are a bunch of new bills to pay off in the New Year.
- Look ahead. Think about the activities you and your family participate in throughout every season of the year. Keeping those events and their related expenses in mind can help you hold back on your urge to splurge now. For instance, if you’ve got a fun getaway planned for Spring Break, think about what the $50 in your wallet right now will mean to you then. Consider what you’d rather spend it on – an indulgent Christmas gift for a friend or a nice dinner out in the spring. The choice is yours, of course. Just be aware that what you do now may affect what you do later.
- Don’t spend it before you have it. Expecting a payment check to come through? Many things can happen that are out of your control that may delay the arrival of checks or other payments you are due. The key is to be patient and wait until you’re sure you have money in hand (or in your bank account). Remember, financial security is always better place to be — even if you have to miss out on a few events, activities or spending sprees to get there.
One more thing to remember: you’re not alone. If you need financial assistance, seek out a trusted advisor who can help you navigate toward a healthy financial life that can serve as a long-term strategy for you and your family.
What end-of-year budget tips do you already follow? Let us know by commenting below or by clicking on “Tell Your Story”.