I can not believe we are already so late into the first month of the New Year. My New Year’s resolution was organization and so far I haven’t even tackled one thing! I have however, been doing a much better job at saving and organizing my financial items. I did a few posts on blogger organization you can check them out if you are looking for a few tips. It is so easy to say “I want to” or “I will” when it comes to saving money. We always say we are going to do this or that until that blouse you love goes on sale. So you really need to sit down and work out a plan!
Four Tips for Financial Resolutions:
- Organize and take inventory. If you keep a catalog of important financial information, revisit this information to make sure you’re up-to-date with all expenses. If necessary, add new expenses (or savings!) to the list for the coming year. For example, if a cable or phone bill has increased, consider contacting your service provider to see if you can negotiate a lower rate. This organization can also help in preparing to file taxes!
- Budget. If you set a 2013 budget, see if you stuck to it and note what was difficult and easy to achieve. Use this information to carefully set your 2014 budget month-by-month. By setting a monthly budget alongside financial goals, the numbers can be easier to digest when planning smaller increments.
- Get the most from your credit card. Open your wallet, and take a good look at the cards you use. Your credit card should help you to make smart spending decisions and support your financial goals. If you’re unhappy with your credit card or not finding that your primary card delivers strong value, consider applying for one that better meets your needs.
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- Plus, Discover’s $0 Fraud Liability Guarantee means cardmembers are never responsible for fraudulent charges on their accounts.
- Cardmembers can sign up to earn 5% Cashback Bonus in shopping categories that change throughout the year, such as restaurants and movies, gas, home improvement, and holiday shopping. After reaching the spending limit for the category, cardmembers automatically earn 1% Cashback Bonus on all their other purchases – not points!
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4. Know where your money goes. For many consumers, it can be time-consuming to categorize spending patterns, such as how much is spent on groceries, clothing, entertainment, etc. Knowing how much money is going towards these categories and more can help you reset your budget and reduce spending over time.
These are great tips and some that I do adhere to. I have a 2014 budget. My budget is for the entire year and has all my monthly payments. I can see if I splurge in March how it will affect me in September. What I don’t do that I think is important is categorizing my budget to really see where I’m over spending. Just taking a quick glance at last years budget I can tell that I can save a lot of money on food if I stop eating out for lunch or picking up a quick bite to eat for dinner instead of making it at home. Discover also offers a great online tool called the Spend Analyzer[AS1] , which helps you see exactly where your money goes. These are big areas I can save if I just take the steps to recognize them.
What are some financial savings tips you might have?
I am a paid brand Blogger for Discover Products Inc. My views are my own and do not necessarily reflect the views of Discover Products Inc. and its affiliates. You may read more of my disclosure here.