How to Set a Budget For The New Year
Budget for the New Year
The New Year is coming up quickly and you might be wanting to start a budget as your New Year’s resolution! There are many others, like you, who want to set a budget for the New Year but don’t know where to get started. If you’re struggling to start your budget and you need some tips to help you get it started, look no further! These tips are sure to help you set a successful budget for the New Year – a budget you can stick to.
Look back at how much you made last year.
It’s important to look back and see how much you were and currently are making. This will help you set your budget for the New Year. If you’ve recently got a raise, take note of that when you’re making your budget to allow for differences in income.
Decide if you want part of your income to go to savings.
If you’re not quite ready to start putting money in savings because of your financial situation, that’s totally okay. If you are starting a savings or adding to your savings is a really important component to setting your budget for the New Year. Do you have any financial goals in mind? Maybe you want to take a cruise in the next three years! If so, decide how much you’ll need to get to that goal (example: $3000) and put away enough each month to reach that goal by the allotted time you gave yourself. Writing this all down is very helpful!
Print out a budget template.
There are tons of templates on Pinterest and Google that you can print out for your budget for the New Year. Printing these templates out might make you see a cost you missed. They could also be very helpful in keeping you organized, and if you’re a visual person, this is a great way to see your budget and really understand how it’s all being broken down!
Make yourself a promise OR enact a reward system.
Budgets can be extremely difficult to stick to, especially if you’ve never had one before. Make yourself an extremely serious promise about sticking to it! You could even set up a reward system so if you don’t go over your budget for 6 months, you get to pick out something special for yourself! This is a great incentive to keep your budget for the New Year intact.
Is setting a budget for the New Year your New Year’s resolution? What made you want to start a budget?
Robin (Masshole Mommy)
We keep a budget because my husband is an accountant. I don’t know if I have a choice in the matter lol.
Tough Cookie Mommy
It’s so important to set a budget for the New Year. This is especially true because most of us spend a lot of money during the holidays.
Budgeting now will make the year easier. You can save up for things making the tough times not seem so hard.
I definitely want to get better at budgeting this year, it would be nice to get some savings together.
I really want to do this. I have been going over things trying to find ways to save money and I believe writing it all down will definitely be a big help. These are some really great tips.
We were just talking about this last night in my small group. I wish I was good at this stuff but I have no self control when it comes to money. If I have $5 – I will give it away or spend it. LOL
Our pay and expenses haven’t changed dramatically this year compared to last. We do put a portion into savings, and I’ve vowed to not make any frivolous purchases this month, just to get myself back on track since the holiday shopping!
These are great tips. Budgeting is so difficult. You can spend all day trying to figure out what you need to do and when!
I’m trying to get my savings off to a good start this year. This advice will come in handy for me.
Mama to 5 BLessings
Yes we like to start off fresh also, we do not live beyond our means all year long so it makes it easier to be careful for the new year.
My husband and I do try and stick with a budget every year. He is getting close to retirement and so we really want to make sure we are secure. I think we are pretty good but you never know.
I’m fairly good at budgeting so I reward myself when I do better than I thought. Dessert is a good treat, right? 😀
Lois Alter Mark
These are such good tips. I need to be better about making and sticking to a budget in 2015.
Our Family World
I always set myself a budget, but sometimes things happen out of nowhere which really ruin it all; though these are some really great tips!
These are some awesome tips, I know I can do better saving in 2015; this will help me a lot, thank you!
We have a budget and I think it works really well so we do not have to change it this year.
We’ve had a budget for a long while, but now we actually have to STICK to it! Having some medical expenses come up, really put a damper in our progress of saving, but we’re back on track (I think). These are some great tips!
Chrystal @ YUM eating
The former accountant in me can’t seem to stay away from anything concerning numbers. Because my husband works at two different hospitals per diem, our income changes so we always have to readjust our budget.