New year, new budget? Of course! Starting the new year with a clear understanding of your financial goals will make it easier for you to stick to it all year long.
Written by Nicolette Fee in partnership with BALANCE
New year, new budget? Of course! Starting the new year with a clear understanding of your financial goals will make it easier for you to stick to it all year long.
Financial goal setting may not be as exciting as the rest of your resolutions, but it helps you to save for and achieve exciting and fun things, as well as those items that may not be as exhilarating but are still pretty important – like retirement or sending your kids to college!
Here are 8 simple budgeting tips to help you make 2021 a financial success:
- Make it a family affair
If you share your finances with someone, talk about your goals, compromise where necessary and work together. Let your kids know your goals (especially if you’re planning for something that will benefit them – a vacation, a house with a bigger yard, etc.) and remind them of these goals before you go shopping together. - Be good to yourself
Make sure you leave a little room in your budget for the occasional treat. Too much sacrifice can be overwhelming and frustrating. - Stay motivated
Keep a picture of your goal in your wallet, on your computer, or in your car—wherever you need it to stay inspired. - Direct deposit
Have the money for your goals automatically directed into savings each pay period to avoid excuses or misc. expenses that could derail from what you plan to save. - Be flexible
Expect the occasional setback and be willing to make changes when necessary.
Seek help
Know there are experts who can help you decide how and where to invest, how to create a money management plan, and more. The UHM Foundation proudly partners with BALANCE to offer financial resources. BALANCE is hosting its 3rd Annual Webinar for the Win Contest. BALANCE will give away a $1,000 grand prize to one lucky attendee of our free webinars. The contest runs from January 28 through April 22, 2021. Contestants need to register, attend, and of course, stay for the whole thing. Easy as 1-2-3! The webinars are live, online sessions that offer attendees the opportunity to learn from and interact with an expert on popular financial topics. Check back for additional information.
- Build a support system
If you’re changing spending habits, let people close to you know so they can help. They’ll understand meeting for coffee instead of dinner or going for a walk in the park instead of a stroll through the mall. - Review your budget
As time goes by, your financial life will change. Debts get paid off, new expenses arise…keep track of your budget throughout the process and make adjustments as you need to.
For more budgeting tips and tricks, check out the UHM Foundation’s BALANCE page!
