Want to make sure your financial resolutions stick with you through 2018? Here are some practical tips and tricks to help you achieve a successful financial New Year:
1.) Track all of your spending for one month. At the end of 30 days, look at your list. Cut out what you can and become conscious of your spending habits.
2.) Save even if you think the amount is too small. Start with $5 or $10 a week. Once you get in the habit, it adds up.
3). If you have children, tape a large chart on the refrigerator. Allow them to color in the amounts your family saves weekly. It teaches them about how savings can accumulate. Then, reward yourselves with a pizza party when you hit your goal.
4.) When giving a gift or deciding what to do with the money you’ve saved, choose experiences and memories over material goods.
5). Enlist your friends and family to get into good financial habits with you. You can organize a dinner party at home, or take a group walk with a picnic instead of doing something more expensive.
6.) Consider buying used furniture or appliances. The Richmond Times-Dispatch runs “cool cheap stuff” ads on Sundays. Or check social media sites. Look around before you pay full price.
7.) Stay away from rent-to-own stores. The rates sound promising, but if you put the same amount of money in the bank every month, you could save the money you need to buy it yourself and pay far less in interest payments.
8). Resolve to pay down debt. Most people like the “snowball method” which pays off the smallest debt first. Once you get started, knocking down the larger debt can be easier and come with a feeling of satisfaction.
9). Repair your credit in the New Year. Check out myfico.com for help.