Better Ways to Manage Money Into The New Year: Pine Advisors

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Let’s start the new year off on the right foot, and plan ahead. Often we make resolutions to lose weight, save money, get organized and many other things, however the excitement doesn’t last long, and the thought often fades. We want to take a little time to plan ahead so that we can stay on track with our money managing goals this year.

Better Ways to Manage Money Into The New Year: Pine Advisors

1. Create a Budget– This can be as simple as sitting down and noting all of your bills and expenses every month. Often we don’t even realize how much money we have going out, and what we are spending it on every month. Knowing what you are spending your money on can help you to better manage your money.
2. Set Goals– Start by setting goals. It will be a whole lot easier to manage your money when you have set goals, and know exactly what you want into the new year. Having a game plan can be very beneficial.
3. Eliminate Unnecessary Spending– Cutting out unnecessary spending can really help you to achieve financial freedom faster. If you can cut back on this extra spending by not eating out, or skipping the coffee shop and making coffee at home, these little things can really add up.
4. Pay Off Debt– Start by paying down the smallest debt. Continue to pay on all of your other debts, but put extra on the smaller debt each month until it is paid in full. This can be very satisfying. Once you have paid one debt off completely, move onto the next debt and continue this method until all debts are paid in full.
5. Start a Savings Account– Have you thought about paying yourself? I mean, you are getting a paycheck every week (or every couple of weeks), correct? How much are you paying YOURSELF? If you had to think about that very hard, why don’t you pay yourself? Start by setting a $ amount, and then pay yourself that amount (or more) with every pay check. This is a great way to start a savings account, and it feels good to pay yourself for your hard earned work, and not just all of your debts.

Once you have a better understanding of where you are spending your money and a plan of what you want to do with your money, you will be able to better manage your funds. It’s one thing to pay off debt and cut out unnecessary spending, but if you don’t have a plan of what you want to do with your finances, you will just continue the same money cycle over and over. Start the new year with a plan, and the rest will fall into place.

Do you have a tip for managing money into the new year?

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