We are just a little over a month away from the new year when we all decide to make our new years resolutions for getting healthy, losing weight, and getting our finances in order. We all promise ourselves to go to the gym everyday, stop using our credit cards, and start a savings account. But why wait until January? Here’s some great tips to get an early start on your financial freedom.
Spend Less Than You Make. Sounds simple, but most of us are guilty of trying to live above our means, and though it can be fun for awhile – it will always catch up with you. Especially during special occasions, especially the holiday season, we have a tendency to charge what we can’t afford. Guess what? 2 years from now your kids won’t remember what you bought – and more than likely you’ll still be paying it off. Go with less is more – instead of 5 games, buy 1 or 2 and take time to sit down and play it with them. They will remember the time you spent with them more than they will the money.
Budget. Setting a budget for everything will keep you from overspending – and will also give you some cringe worthy insight on where you’ve been blowing your money. Once we started a budget we realized we were spending hundreds a month on eating out at lunch, or picking up coffee or drinks on the go instead of bringing it from home. Sticking to your budget will help you spend less than you make and overall help you keep your debt to income ratio in check.
Pay Yourself First. This is something hard to do for most, but always pay yourself first. Before any bills are paid but savings back for your emergency fund. If you lose your job, or have unexpected expenses come up this will be your saving grace. If you wait to put money into savings until after you pay your bills you will never ever save money – because there is never any left over!
Set Goals. Be sure to set goals so that you can feel a sense of accomplishment for all your hard work. Are you trying to become debt free? Save for a home? a new car? your retirement, or kids college? Set goals for 6 months, a year, 5 years. Make a plan, and watch as your hard work pays off.
Keep an Eye out for Deals that Will Save You Time and Money. Sometimes transferring balances from multiple credit cards to one card with a lower interest rate is smarter than continuing to pay the high APR on multiple cards (not to mention just paying the minimum payment on multiple cards will take you years to pay them off). Capital One 360 is decking the halls with deals you can bank on, including new account bonuses, referral bonuses and closing cost credits.
Be sure to take advantage of Capital One 360’s deals on banking, brokerage and mortgage products. I love that I can earn an extra $100 just by opening a Capital One 360 Checking account – and another $100 for opening a savings. That’s an extra $200 into my emergency fund that I got for free. I mean, what’s better than free??!
Capital One 360 products are designed to save you time and money. They have an online mobile app, customer service 24/7, their savings & checking accounts are fee-free and earn interest, and they offer soo much more! Be sure to check them out!
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.