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* Increased food costs. Inflation has hit like a ton of bricks and experts are advising to expect to spent up to 5 percent more on food this year than last. Don’t be hard on yourself and make your grocery budget reflect reality!
- 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 or help you make gains/ lose weight (at least not by themselves). (By the way, you are a miracle just the way you are!)
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.
Life Challenge! *new!*
Here’s one quick challenge that will help you feel more together and make your life go more smoothly. You deserve it!
Let’s face it – it’s probably time to clean out your freezer or fridge. You can use up or dispose of old stuff and make a pledge to quit buying the stuff that keeps going bad in there. You got this and it will absolutely make your life feel a little more together!
How to clean out and inventory your freezer + a free printable!
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
- Winter clothing
- Gym memberships
- Carpet and rugs
- Calendars and planners
- Pillows and blankets at home decor stores
Need to STOP shopping?
After a high spending season, it can be hard to slow down. Check out this article on how to help yourself prioritize what’s important and meet your money goals in the new year.
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
Recipe of the month! *New!*
It’s still soup season and you can make this in the crock pot, the instant pot or on the stove. It’s one of my favs and is perfect for cold, dreary weather!
Get the recipe for my Chicken Tortilla Soup here!
Want to know how to save more money? Check out these articles:
How to salvage old and overripe fruit
How to Make Millionaire Bacon at home
How to cut down on household bills
And get ready for next month with the February Budget Guide!