If you splurged a little too much during the holidays, don’t panic, there are ways to cut back in the new year that will help get you back on track.
Set goals
Write down your financial goals and put your list somewhere you can see it every day, such as the refrigerator or close to the door you walk in and out of.
Budget
Create a budget, it’s not scary, it’s about making sure your money is being spent where you want to spend it.
Negotiate prices
Did you know that you can negotiate the price of big-ticket items as well as day-to-day expenses? For example, many stores will price match.
Cutback on excess spending
It’s ok to splurge during the holidays, but now you need to cutback. Rather than dinner and a movie spend date nights at home with a home cooked meal and a show on Netflix. Rather than grabbing a coffee on the way to work make one at home and take it with you in a flask.
Cut monthly bills
Do you need cable? Is that gym membership worth it? Now’s the time to look at monthly costs and slash what you can.
Change your grocery routine
Buy bulk instead of running to the store weekly for staples like toilet paper, canned food, hygiene products, etc. It’ll save you a lot of money in the long run.
Lower your credit card payments
Can you transfer your debt to a lower credit card? Now’s the time to find out.
Shop the sales
Never pay full price. Only purchase items you need as opposed to those you would like!
Shop around for a better deal on your car insurance
When was the last time you shopped around for a better deal on your car insurance? You’re bound to find savings somewhere.
Track your spending
With our Money Manager financial management tool, through our mobile banking app and online banking, you can set up a budget and create savings goals.
If you have any questions about the above do not hesitate to contact our team in New Berlin, Springfield, Modesto, or Palmyra.