Posted by Abbi Scrutchfield on December 20, 2024
New Year, New Budget
As 2024 comes to a close, many are preparing for their New Year’s resolutions. A great place to start is by reviewing and refining your budget. For many, budgeting can feel overwhelming and anxiety-inducing. Hopefully, some of the tips below can help you get started on the right track.
A key element of effective budgeting is knowing what’s coming in and what’s going out. To make the process less daunting, break it down month by month. A week before each new month begins, take a moment to review expected expenses, so you can enter the month with a clear plan.
Whether you prefer a budgeting app like Credit Karma (for more options, check out our blog post from December of 2023!) or a more traditional, hands-on approach, the right tools can make all the difference. Some people find it helpful to physically write down their budget, which can make it easier to visualize and stick to. I’ve linked a printable budget template that you can use to track your spending. Budget Planning Template
One of the toughest aspects of budgeting is learning not to be too hard on yourself. Life happens—unexpected expenses will arise, and some months you may choose to prioritize experiences and fun over strict budgeting. Remember, your budget isn’t a rigid contract. It’s a tool to guide your financial goals, and it’s okay if you don’t always meet them. Be kind to yourself as you adjust to your new financial routine.
Setting specific, measurable goals can keep you motivated and on track. Instead of a vague goal like “I want to pay off some debt this year,” make it concrete, such as “I want to pay off $2,500 of my debt by December 31.” Specific goals are easier to track and more satisfying to achieve.
For additional tips and personalized advice on managing your budget, feel free to reach out to your planner or do some research on your own.
To get started, I’ve included some helpful links: Credit Karma Budget for Beginners
Disclaimer: This post is for informational purposes only and is not to be considered investment, tax, or financial advice. Cornerstone does not and cannot guarantee the accuracy or applicability of any information presented in this post regarding your individual circumstances. Please review your personal situation with your tax and/or financial advisor.
