Ladies and gentlemen, it's "new year, new me" season. 🥳
We're gonna throw on our workout gear and hit the gym more than twice this year! 💪 We might even finally declutter the garage that's one trash bag away from alerting the Hoarders production team. 🚮 Don't get your hopes up. 🤪
If saving money is on your 2024 to-do list, there are ways to get there without budgeting. Did we just hear a sigh of relief?! 😅
Here’s Five Fast Facts on how to meet your financial goals without budgeting:
- 💸 Set It and Forget It - Make savings simple by setting up a monthly automatic transfer to your savings account. Pick an amount you can reasonably stick to and watch the money add up! With an automatic transfer, the money goes right from your paychecks to your piggy bank before you can spend it on something you probably don't need.
- 🤞 Promises, Promises - Interest rates are through the roof. Make a promise to avoid taking on new debt this year. If you're buying a home or making another big, necessary purchase, that's one thing. However, if you pledge to pay with debit instead, you'll save a ton of money in interest over time. Of course, there may be times where you absolutely have to use a credit card, but if you can't pay off the balance each month, it might be time to hang it up.
- 🥅 Go For the Goal - One of the best things you can do when setting financial goals is to be realistic. We often pull out a random savings target to aim for without considering whether or not we can really reach it. If the goal is too lofty, we'll probably give up. However, if you lower the bar a bit and make goals that make sense for your financial situation, you're more likely to see them through.
- 💅 The Company You Keep - If you have bougie friends, they probably spend, spend, spend. That's not a problem if you have the funds to keep up, but when you hang with big spenders, you'll likely spend, too. And you might spend beyond your means. This year, suggest more frugal activities or hang with more frugal pals who like to party at home or have a movie night in.
- 🛒 Kickin' It Old School - Our world is full of conveniences. It's easier than ever to hire someone to do just about everything for us. From grocery delivery to Uber rides into town, a lot of things that we thought were a luxury growing up are now just a part of daily life. You can save big by doing your own food shopping or taking public transportation. Try living like we did in the old days and watch the savings roll in!
🔥Bottom line: More power to you if budgeting is your thang. You're probably also a freak in the sheets…the Microsoft Excel sheets, that is! Inflation has hit everyone hard these last few years, but do you know your own personal inflation rate? We show you how to calculate it here.
What's your biggest financial goal for the new year?
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