Welcome to 2017
Happy New Year! As the 2016 holidays fade into the past, the New Year brings new opportunities and a chance for a fresh look at your finances. If you’re feeling like all your money went with the holidays, you’re not alone. A lot of us overspend at Christmas. We feel pressured to spend more than we can afford. While you can’t go back in time and take back the gifts you already gave, you can set yourself up to make better choices next year. Here’s how you can start 2017 off on the right foot.
Create a budget. I am a big fan of Dave Ramsey’s budgeting plan. He recommends kicking off the New Year with a written budget. Sit down with your spouse or accountability partner and give every dollar a name; spend your income on paper before the money leaves your hands. It’s easy to let your spending slip around the holidays but now is a perfect time to take control and create a plan.
Avoid running into another Christmas money pit by planning your 2017 holiday budget this month. How much do you want to spend on gifts next year? Divide that number by 12 and set aside that amount each month. You can even set up an automatic transfer to move the money into a separate account. That way, it’s out of sight and out of mind—but ready for you when Christmas rolls around!
Creating and living on a budget is the first ingredient to a successful 2017 with your finances. Your money isn’t going to win on its own—you must tell it what to do. As always, we are here to help any way we can and answer your questions.
No strategy assures success or protects against loss.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
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