While we focus on our New Year’s resolutions, goals, and aims for the next year, we tend to forget our financial goals. Most of us will make fitness and personal goals for the next year, but we often forget to plan financially for the future.
Many of us make impulsive decisions and then as a result of this have to incur unnecessary expenses. With proper planning and concrete action though, one can surely create a good financial plan so that they have savings for sudden expenses.
Mentioned below are 4 smart and easy ways in which you can plan on sticking to your budget for 2018.
Take the No-Spend Days Challenge
A good way to keep a curb on overspending in your budget is to create and challenge yourself to spend less. Just like we have cheat days for fitness, set aside a day each month and observe it as a no-spend day. On this day, challenge yourself to not spend on things.
Now, we’re in no way implying that you stop spending on essentials, there are somethings for which spending is a necessity. Rather, the no-spend day challenge is actually a challenge that focuses on not spending on items that aren’t a necessity.
We all love to go out for dinner to the fanciest places in our towns, but sometimes the check we get at the end of the meal isn’t nearly as fun for our wallets. A good way to reduce spending on eating out is to eat in.
Research says that when we plan to cook meals at home, we can save up to 95% of what we would have been spending when eating the same meal at a restaurant. This is a staggering stat. So, as much as possible avoid eating out and eat home cooked food instead.
Avoid Impulse Buying
An Achilles heel for most us, impulsive spending can take a huge toll on your budget. This happens during the holidays when commercial businesses put up enticing sales. A good way to stop yourself from buying impulsively is to properly plan your shopping.
Make a note of what you have and what you need. Spend on what you need to buy urgently. The same applies to shopping at a grocery store. Before you go, write down all the items you need to buy for yourself and the house. This way you’ll focus only on the items you need, instead of buying things you might not need.
Workout at Home
In the modern world, people hardly ever get time to work out. Starting your exercise routine with the help of a personal trainer at your home or a nearby outdoor location is a great way to get fit. Plus, when you learn a routine with a personal trainer you’ll learn how to exercise without purchasing excessive amounts of fitness equipment. That way your budget will stay happy while you’re getting fit. After all, the main thing is staying active, not purchasing endless amounts of fitness equipment.