New year, new budget! Here’s your January guide for money including things to budget for, some budgeting challenges to partake in, what produce is in season, what’s on sale this month, and more!
Don’t forget to budget for:
- New planners/ calendars
- Increased utility costs (Baby it’s cold outside!)
- Taxes (software or professional fees/ taxes owed)
- Fitness memberships/ New hobbies
- Annual car registrations/ bills
- Next Christmas (It’s just 12 months away! Be ready!)
1. Automate savings goals
If you’ve made financial goals for the new year, set up systems to make sure you meet them! Planning to max out your RothIRA ($6000)? Set up monthly automatic deposits for $500. If you need to save for Christmas, set an auto-draft from your checking into a dedicated savings account as a sinking fund.
Learn more about sinking funds here:
2. Review subscriptions/ memberships
The new year is a perfect time to review existing subscriptions and memberships and really consider if you are using them and if they are worth the money. Memberships and subscriptions are often phantom leeches to our budgets, and cancelling a few can free up a lot of extra money.
3. Postpone goal-based purchases
With a new year comes new goals, but a common way people often feel like they’ve made strides with new goals is to buy items, memberships or other things.
Buying a gym membership, workout wardrobe, weights, etc. won’t suddenly make you a gym rat and get you to those pounds you want to lose (at least not by themselves)
Buying things does not equal accomplishing goals
Consider putting off these improvement purchases until February (when fitness equipment will go on sale anyway!) and use it as a way to bolster your efforts.
What’s on sale this month?
Everything goes on sale eventually and if you shop smart, you can save big. Please don’t allow this list to encourage you to buy things you don’t want or need, but instead educate you and allow you to plan better!
- Christmas Decor
- Gym memberships
- Carpet and rugs
- Calendars and planners
What produce is in season this month?
Save on groceries by shopping seasonally. Here’s what’s in-season and therefore likely on sale and super fresh in stores!
- Bok Choy
- Brussel Sprouts
- Butternut Squash
- Collard Greens
- Sweet Potatoes
- Winter squash
Want to save even more money?
I can highly recommend…
- Ratuken (Get money back on online purchases!)
- Gabi (Scours the net for the best deal on car insurance)
- Personal Capital (Free net worth tracking, see all your accounts together)
- CIT Bank (High yield and fee-free banking)
- Be a Rover sitter (Get $10 free )
- Use your skills to work online with Fiverr
- Drive for Ubereats
- Find online and in person jobs in your area with Appjobs