How to create an effective New Year’s budget

The biggest issue with not sticking to budgets and cutting down is the lack of money. As humans, we LOVE money, we need it in every shape and form. Read below to get the most out of budgeting and getting out of debt.

• Make sure you’re set as far as food goes. Set aside a certain amount for the basic necessities such as food and gas. These are your top priorities.
• Get rid of any unnecessary debt. Have multiple high balance credit cards? Consolidate them. And pay them down as much as you can. That mojito you had planned with your friends over the weekend is now cancelled because you could really use that extra $10 towards your Target credit card. Every. Dollar. Counts
• Once you get rid of any unnecessary debt – SAVE, SAVE, SAVE. Don’t have anything to save for? Make an emergency fund. Open up a new bank and connect your main bank to it. Transfer any extra dollars or cents over. Mentally tell yourself that that extra money doesn’t exist so you won’t end up retracting those extra funds at the end of the month. It will add up and you will be glad you set the littlest amounts aside.
• Big bills like your mortgage, cars, etc. Any extra dollars towards these bills goes a long way and it allows you to pay them off early cutting any interest or principle.

• Grow your money – there are so many apps out there that allow you to deposit $5 and invest in practically anything! Set it and forget it! Check back in 6 months and your $5 is now $15! The extra money could be put back to potentially double your investment, adding it towards your bigger bills, or your new savings bank.

Make 2018 count! Every little bit of it.