New Year's Resolutions for Spending

1/3/2018 |

Category: Helpful Information

New Year's Resolutions for Spending

The New Year brings a clean slate of new possibilities for the next 365 days. We make resolutions, with the resolution to stick with them, but in reality, we tend to forget them by February. Some resolutions and changes you should stick with are the ones related to your spending habits. Finances don't reset to zero for the New Year, and the fresh start is a good time to crunch some numbers.

Here are three spending resolutions we recommend for 2018!

Start a Rainy Day Fund

Having extra money on hand is helpful, especially if you get caught in an emergency. Fridge breaks? Water heater on the fritz? Car needs new tires? Your fund can help you get by in these cases without doing damage to your overall spending and income. Try to set aside an affordable amount of money from each paycheck into this account so you're not caught short handed.

Create a Budget

You may review your monthly statements and check your accounts through online banking, but have you looked at the whole picture of your spending? It seems daunting, but if you want to make some changes in your spending, you need to start with your spending. Gather all of your expense information and chart out what you're spending money on, how much you’re spending, and how often you're spending.

Say "No"

Don't get us wrong – it's great to go on adventures and celebrate after a long work week out to dinner on a Friday night. But sometimes you may need to say "no" to others if you can't afford the event. Aside from your regular spending, it's okay to set aside some money for fun but don’t drain that fund in order to make every single concert or party. Plus, staying in and watching movies isn't all that bad every once in a while.

Premier Source offers savings accounts that can be used to start your rainy day fund and our online banking and mobile banking make it easy to keep track of your monthly spending. Stop by one our branches to learn more!

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