Any time is a good time to review your expenses, but around the start of a new year is especially a good time to do a review. If something significant happens during the year, such as a significant change in income or expenses, reviewing your expenditures at that time is certainly a great time to do it. If your finances are fairly normal and stable throughout the year, an annual review at the start of the year is a good practice.
Whether you use an app, an online banking service, or old school pencil and paper, reviewing our spending is a wise practice. Take a look at your spending — is there anything on monthly or annual autopay that you no longer use or rarely use and can easily live without? Perhaps streaming services you pay for, but rarely use? Look for ways to reduce a total of about $60 each month. If you can do that, you’ll save about $1,000 for the year (not $720, because you would have to earn around $1,000 gross pay to take home approximately $720)! Save $10 a month on just six things and “the big picture” is you will save a grand over the course of a year.
For more strategies and a free, confidential, non-judgmental budgeting/financial counseling appointment with a caring financial professional, contact CCOA at 479-521-8877 or schedule an appointment online. Appointments are available in person, by phone or online.
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