Adjust Your Budget in January While the Year is Still New

Whether you prepared a budget at the end of last year or if you have never made a budget, the end of January is a good time to consider your finances and spending. You may have been more optimistic at the end of the year about how much you could save or how little you would spend. Or, maybe the results of holiday spending have just become all too real for you in January. Whatever the case, at the end of January, the new year is still new but you may have already faced some hurdles in your request for financial freedom and you may be ready to adjust accordingly.

Subscriptions: Did you sign up for a gym membership, magazines, or internet streaming services? How much have you used them this month? If you never went to the gym or didn’t use other subscriptions, there may still be time to cancel some of them before you pay a year’s worth of fees and wonder where the money went later in the year.

Automatic savings: You can set up automatic transfers to a savings account at any time, of course. But if you haven’t done this yet and start early in the year, you will have time to see how the money accumulates. And if you find you need emergency funds later in the year, you’ll appreciate how much is there.

Whether you just have a general savings pool or you designate funds for certain purposes (such as a vacation or a holiday fund), it is good to commit to saving or to saving more than before at the start of the year.

Get help with goals: It is okay if you don’t know exactly what you want to save for or how to start trimming your budget. Fee-Only financial planners work in a holistic fashion—talking with you to learn about your lifestyle and the the kind of financial future you want to create.

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