Many people look for ways to slim down when the new year rolls around. They flood the gyms and fill up the parking lots, all in an effort to shed those holiday pounds.
Shedding that extra weight is a good thing to do, but you might want to take those resolutions a step further. The new year is the perfect time to slim down your spending, and here are some timely tips to get you started.
Embrace the up-cycle
If you want to lose weight, your plans might include an exercise cycle, but you can also give your finances a workout by embracing the up-cycle. Buying used products instead of new ones, repurposing where you can, and learning to make simple repairs can all help you save more and spend less in the coming year.
Tighten up your budget
Hopefully, you already have a spending plan; if not, now is the time to make one. If you have a budget, why not tighten it up and fine-tune your figures as you go?
Conduct an energy analysis
Energy costs can take a huge bite out of that carefully planned budget, so why not see where you stand? Whether you hire a professional to conduct an energy audit or use free online tools, this investment could pay big dividends all year long.
Put your money to work
You work hard for your money; it is about time your money does the same. If you have cash sitting around in a savings account, make this the year you explore higher interest options like money market funds and laddered certificates of deposit.
Automate your savings
One of the best ways to supercharge your savings is to automate the process. This can include things like splitting your direct deposit between savings and checking, signing up for the company 401(k), and making regular investments into a well-diversified mutual fund.
Invest in your home
The money you spend to improve your home could help you save, especially if you prioritize energy savings. Adding insulation, replacing leaky windows, and sealing up cracks can all help you save cash in the new year and beyond.
Invest in yourself
If you want to earn more and spend less, investing in yourself is a good place to start. Depending on who you are and what you do, this could include taking college classes, attending seminars, or signing up for networking events.
Enjoy more home-cooked meals
Eating out can be expensive, and the dishes are often disappointing. If you want to eat healthier and make your wallet healthier, enjoy more home-cooked meals.
Plant a backyard or kitchen garden
Growing your own food is a great way to save on groceries, all while feeding your family healthy and delicious meals. If you do not have space for a backyard garden, consider small space solutions that let you grow food right in the kitchen.
The new year is the perfect time for new beginnings, so why not give your wallet a fresh new start? The nine tips above can help you spend less and save more, making you financially healthier in 12 months.
The blog post above was shared from BALANCE. For more information and similar resources, click here .
