It’s almost the end of summer and for most it’s the beginning of a new year. Forget New Year’s! For all those who have kids in school August and September are the real beginning of the new year. As a mother of 2, my year begins now and ends summer time! And it’s time for New Year’s resolutions! This is a great time to look over your budget and make some plans for how things will be different this year. Make yourself a nice cup of coffee or tea and sit down with your partner (if you have one) and:
- Review your Budget- (assuming you have one!- and if you don’t make one now. Or yesterday.) As the school year begins,it is a perfect time to review how much money you can spend. As kids grow older, their needs change and summer is a good time to map out what you think you may need for this year. Anyone going to need braces? Teenage girl wanting lots of new clothes? Bike for your 5-year old? Now is a good time to review where your money is going and what you need to save up and budget for.
- Set up Systems. The best way to save is to set up systems. How? Set up automatic deposits into your savings accounts. Even if you only have $5 a month to spare, make sure that it is regularly deposited into a savings accounts. We have very busy lives and it hard to remember to save every month (especially when dealing with small amounts- it doesn’t seem worth it!) But when you have the money regularly going into an account it really adds up. And if you set up automatic payments and withdrawals you won’t even miss the money!
- Set a goal. Decide where you want to be financially next summer. Think about what your financial bliss is. Then take steps and step up systems to make that happen.