As the New Year is finally here, many are taking on New Year’s resolutions. However, come a week after new years, followed by months of setting your goals aside, we end up in the same position as last year, with our goals being dusted away and forgotten The new year has always been known for starting a new chapter in our lives, therefore it’s a great time to write down a list of goals to commit to. Here are five ways to actually reach and commit to your financial goals.
Commit to the Envelope Method
Let’s go back to a time before online banking and smart technology. One of the most successful savings methods used was the envelope method. Today, this method can be applied on your smartphone or tablet, or the old fashioned way. The concept is to create different envelopes for your spending habits so that you don’t go over your spending budget. This is a successful method as you are able to see how much money you have (or don’t have) to spend. It works great with paper envelopes, or you can organize your bank account through various online envelopes. Creating this habit will allow you to stay committed to your goals.
Cook for 30 days straight
You hear me right. January is a great time to save money. First of all, who wants to go out in the middle of winter? Secondly, what better time to detox all the sugary baked sweets and holiday treats from the holiday than January? Begin by establishing a meal plan for 30 days straight, then head to the grocery store, and buy only the items you’ll need for your meals/ snacks. If you typically eat out, this will detox your mind and body and allow you to save money and make healthy meal choices. After 30 days, you won’t have the urge to go out to eat every day, as you’ve spent time learning how to cook and see how much money you’ve saved.
Make coffee at home
Cooking at home for 30 days straight, includes making coffee at home. The average cup of coffee costs about $2.70. This means an average of $18.90 per week or $907.20 per year. That’s enough to buy you a weekend getaway. Investing in a nice coffee pot and large, quality coffee mug will still save you money throughout the year just buy discontinuing those coffee runs.
Focus on quantity, not quality
The idea here is that less is more.The higher quality clothing, household products or items you buy, the the longer it will last, and the less amount of money you’ll spend fixing these items or spending money on replacements. This is a good thing to keep in mind when buying clothing or furniture especially. Once you purchase high quality products, you won’t have the need to buy more until you absolutely need it, hence, saving you money.