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Effective Ways to Budget for the New Year

 Financial Fresh Start: 6 Effective Ways to Budget for the New Year

Though gas prices are slowly dropping and groceries seem to be holding steady, there’s no telling what the next year is going to look like. 

With the economy being so fickle and constantly fluctuating, most of us could use as many tips for saving money in the next year as possible.

And we’ve put together some great ones.

Whether you want to set a goal of starting a gold IRA by the end of the year or you just need to learn how to budget better, here we present you with some golden advice to work into those New Year’s resolutions.

1. Evaluate

Before you begin planning your budget, collect your pay stubs and any other income you’ve earned, such as your monetized YouTube videos, and see what you can expect to work with in the following year. 

Once you have an idea of your projected income, consider how much cash you want to set aside for your savings, how much you’ll be using for bills, and how much you have leftover fun stuff.

2. Determine Expenses

While this part might seem a bit dull, it remains integral to your financial health. Grab a pen and paper, or even create a spreadsheet if you prefer, and jot down all of your expenses for each month. 

And I mean all of them while remaining realistic. Did you remember to include your Netflix or other TV streaming subscriptions? Good. Now, you need to figure out roughly how much you’ll spend at the grocery store each month, keeping shrink-flation in mind. 

This will give you a clearer picture of how much money you’re spending every month and whether that’s realistic for you. Don’t forget, if you’re considering a DSCR loan for 2024, knowing your monthly expenses is crucial.

3. Trim the Fat

Now that you have a clear and realistic picture of all your monthly expenses, it’s time to figure out where you can save some cash. Maybe you’ve enrolled in too many streaming services; maybe you’ll decide to stick to one at a time. 

If you need help, consider looking into apps like Truebill. This service offers a user-friendly image of your expenses, making it easy for you to see where you can make some changes and save money.

4. Obtainable Goals

Budget Obtainable Goals

If you aim to lower your debts or grow your savings, it’s smart to set goals you can reach. Maybe you decide to save a certain amount of money or choose one bill to pay off before the others. 

This way, you can create a budget that doesn’t feel overwhelming. And remember, even small changes, like finding ways to cut your grocery bill, can make a big difference in your savings account.

5. Savings

When you’ve done the math on your earnings and what you spend, work out precisely how much money you can squirrel away into savings. It could only be $20 each week to start with, but this amount will accumulate faster than you might think. 

Think of it as “day trading,” but instead of stocks, you’re investing in your future self. Small, regular savings can lead to big results over time.

6. Avoid Late Charges

Missing the due date on your bills usually results in extra charges. These unexpected expenses can pile up over the course of a year, eating into your hard-earned money that could have been used for important purchases. 

If your budget allows, consider setting up automatic payments for your bills directly from your bank account. This way, you’ll remember a payment and avoid those pesky late fees. Plus, paying your bills on time can also improve your credit score, which is a nice bonus. 


So there you have it: six effective strategies to help you budget and save money for 2024. Start today, stick to the plan, and you’ll surely notice a healthier bank balance and less financial stress in your life.

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