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How to regain control over your finances in 2020

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How to regain control over your finances in 2020

Photo by Josh Appel on Unsplash

Oh, January! It can feel like both an eternity and a blink of an eye.

With the new year well on its way, many young adults are already dropping one of the most common resolutions, saving money. After only three weeks, many of us have realized that it proves harder to change one’s way when it comes to budget. Here are some tips to help you hang on to your goals and get you back on the right track.

Set up a realistic budget
The central aspect of sticking to your budget is making it realistic for you and your lifestyles. Make sure your budget has all of your recurrent and obligatory purchases. Those are usually referred to as “needs”. Next, review your spending patterns and use it to set up the budget you allocate to your “wants”. This category is the one where you can adjust your budget if you want to change your spending habits.

Keep track of your expenses
Gone are the days where you needed to wait until the end of the month to review your transactions. Nowadays, most Banks offer online platforms and smartphone apps. Those are a great way to keep a daily or weekly track on your expenses, to make sure you’re respecting your budget. There are also apps like Wally and Mint that sync up with your banking information to keep track of and organize your various expenses.

Tell Someone
Finally, many experts recommend letting someone know about your budget plan. Whether it’s a close friend, a spouse or a family member, letting someone in on your goals will automatically make you more accountable and will make you want to succeed more.

It’s not to0 late to set up a budget, and by following those three steps, you can succeed by the end of 2020!

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