Career & Money, Culture, Inspirational, Life, Living

Smart Financial Habits to Start in 2017

The beginning of every year is the time that people dedicate to new year resolutions. Setting goals to lose weight or eat healthier is a great way to start your new year. Joining a new gym or shopping at Whole Foods for your groceries is something to be proud of adding to your list. However, will it agree with your bank account? Make 2017 the year that you start making smart financial decisions. Not spending money every week at Starbucks and trying to save money isn’t as easy as it looks. This year, make your resolution to get in the habit of making smart financial decisions. Here are a few tips to get you started on your journey to save hundreds.

Save For A Rainy Day

Take out a little bit of every paycheck you get and set it aside. Whether you choose a piggy bank in your room or a savings account, just save it for a rainy day. A good suggestion is 10-15% of every paycheck. The hard part will be not to spend it. Keep notes on your piggy bank about not spending it or put it in a savings account you can’t take money out of easily. Just find a way to let that money keep collecting. If you do it for a full year, you’ll have a fun chunk of change at your disposal.

Spending Money

Every week, allot yourself $20 for spending money. Spend this on anything you’d like, coffee, lunch, or spend it on whatever your heart desires, but when your spending money is gone, don’t dig into your checking account. Keep that locked up so you don’t spend it on unnecessary things. Only allowing yourself a very specific amount of spending money will help you make smart financial decisions about how to spend your money.

Think Before You Spend

Do you need that sweater you saw while window shopping yesterday? The truth is, probably not. But on a whim, more times than not, you’ll go ahead and purchase it anyways. Before you spend your money on that cute sweater that you have four just like, think about it for a day. Go home, mull it over, and decide if you’ll wear it. Ask yourself if you need this sweater. If you wake up the next day, and the answer is yes, then buy it but if not, save that money for something more important.

Financially Responsible

Pay your bills and spend money on the important things first. Get in the habit of paying your outstanding bills before you spend your money on anything that isn’t important. Once you’ve paid for everything you need each month to live on, then you’ll know the amount of spending money left  for the things you want.

Stop The Credit Card Use

You’ve probably got one or two credit cards lying around. Chances are, you use it for lunch or chic home decor furnishings. Next time you’re shopping, don’t use your dwindling credit limit to buy anything. Start using that card for the things you need or for emergencies. Pay it off and save it instead of running it through every time you shop. Credit cards give you a false sense of how much money you have and how long it will take you to pay it off. If you don’t have the money, don’t buy it!

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