Creating a "spending plan" sounds much better than creating a "budget", wouldn't you agree? As you kick off the holiday season and start a fresh new year, we want you to keep in mind a few tips:
Allow for adequate planning time which means making your spending plan before the start of the month and list all your monthly expenses.
Don’t be afraid to change your spending plan. If your circumstances change. Review your past spending and make adjustments because no two months are exactly alike.
Reduce expenses as much as possible.
Pay your bills on time and avoid late fees.
Be aware of your bank balance and avoid over draft fees.
Avoid ATM fees. Be sure and use only those ATM machines where your bank will not charge you extra fees.
Avoid credit cards with annual fees.
Be willing to sacrifice on non-essentials. If your budget is tight, skimp on entertainment, eating out, vacation, etc. Do not skimp on savings, except as a last resort.
These are just a few simple tips to help get you on track (or keep you on track) for the new year!
