budget for the New Year

How to Set a Budget For The New Year

How to set a budget
How to set a budget

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?

Mom of two beautiful active girls, traveller, fitness junkie, social media consultant, and keeper of the sanity.