This is the year that you stop complaining about not having done much with your financial status. To help you out, here’s an 11-step guide that you can follow and by doing so have a much better financial state when 2016 comes.
#1 – Start with a Clean Slate
Let go of the money mistakes you’ve made in the past and resolve to never commit them again this year.
#2 – Reward Yourself for Goals Achieved
Treating yourself after achieving a goal keeps you more motivated. So, try setting one for each accomplishment. Start simple. For example, treat yourself to a movie when you’ve saved what’s necessary for a certain month.
#3 – Work Towards a Salary Increase
List down what you need to do in order to impress your boss – take an online course to improve a certain skill, come to work early, minimize cube hopping, etc.
#4 – Consider cutting some expenses
Are you too busy to watch TV? Maybe it’s time to let go of your cable subscription. Test it out for a month and see if you really do miss it.
#5 – Do a low-cost excursion
Try ditching the shopping or wining and dining at fancy restaurants for something more budget appropriate like heading to the museum on free admission night.
#6 – Reflect on progress
Halfway into the year, take a look at what you’ve accomplished so far. Compare this with where you were years ago. Doing this motivates you to continue doing better.
#7 – Form a money habit
Associate it with something you always do. For example, if you love drinking coffee in the morning, consider dropping $20 into a savings box you have at home. Repetition will make this into a habit.
#8 – Prepare for tax payment
During the summer months, take time to prepare your taxes so you don’t get frazzled when the day to pay finally comes.
#9 – Increase loan payments
First, check to see the progress of your finances. Can you afford to up your loan payments a bit? If it’s possible, then do it as it helps you reduce debt faster.
#10 – Use cash during the holidays
Try putting aside a little cash at the start of the year for the shopping you’ll do during the holiday season. This way, you won’t be tempted to swipe your credit card.
#11 – Ask financially smart people for advice
Whether it’s a relative or a friend, get to know what they do with their finances and see which you can apply to your own life. Hopefully you’ll feel a lot better about your finances with this guide and continue to make good progress in keeping your finances in a healthy state.