5 simple tips to save money before the new year

The arrival of the New Year is the perfect opportunity to change old habits, whether it’s eating better or managing your finances better.

Here are some practical tips for reaching your financial goals in 2022.

Set a budget and stick to it

A good way to start tracking your spending and spending is to create a budget, according to certified financial planner Justin Mailhes of Money Advisors in Monroe.

Systematically recording when money comes in, when and where it goes out gives you the ability to more easily identify hot spots.

“You have to know where your money is even going to start to fall,” Mailhes said.

Taking control of your finances is a great way to start a good year.

Set up a weekly savings plan

Mailhes said people spend money on birthday and holiday gifts, so planning ahead for the occasion is effective.

“You know it happens every year, so try to start the first week and save some money so you don’t have to try and find $ 1,000 to pay for freebies at the same time,” he said. . “You save for this all year round. Put money in your savings account. ”

Use mobile apps

Downloading mobile apps, such as Mint, Every Dollar, and Home Budget, is an easy way to track spending, according to Mailhes.

“Any kind of free app on a phone to help you track your spending to make sure you’re on budget is also important,” Mailhes said. “Mint can be linked to your bank account so that it automatically collects your transactions.”

Check your subscriptions

Mailhes said another trick is to constantly review subscriptions and memberships, as well as the cable and internet services you are paying for.

“(If) you don’t use them anymore, you can cancel them and you’ll get $ 10 a month,” Mailhes said. “If you still use them, great. If not, cancel them. Always watch your Internet or TV plans and make sure you are still using whatever you pay for. If not, call and see if they can lower your bill. if you reduce certain services. “

Shop auto and home insurance

Every year or every two years, get home and auto insurance quotes from different companies. Mailhes said you can often save a decent amount of money when shopping.

“Lots of places bundle insurance together and you can save a lot of money shopping for home and auto insurance,” he said. “Make sure that when you compare these types of things, you are comparing the exact same blankets and not two different types of blankets.”

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