New Year, New Budget.

Here are some tips on how to turn over a new leaf and set a budget you'll stick to this year.
Ring in the New Year with a plan for getting into financial shape. This year, live by a budget that will allow you to pay down debt and save for that special something.
1. Count your net or take home income.
2. Prioritize your expenses. Food and housing lead the pack, next budget for utilities and transportation costs, finally outstanding debt.
3. Make accurate assessments of how much you spend, and how much you can reasonably bring that amount down. The best thing is to track for a month or two..
4. Create a line in your budget for savings. Treat your savings account as you would a bill to be paid. Pay it before you have fun.
5. Have a goal. For example, vacation, a down payment on a house, savings for retirement.
6. Review your budget on a regular basis. A budget should be a work in progress, not written in stone.
7. Think ahead and factor in annual or bi-monthly expenses like insurance or property taxes. Divide the total amount due by twelve and set it aside monthly (short term savings)
8. Don't forget to budget for fun and entertainment.
9. Add a line for gift giving. Birthdays, anniversaries and holidays can make a mess of your budget, but not if you plan for them. ( more short term savings )
10. Get the big picture by adding up your expenses. If you are spending more than you are bringing in then it's time to revisit the numbers. Always save.  Try to work up to a six-month 'rainy day' balance.

Have a great New Year with many financial successes.

More tips and tricks to come