A Personal Finance Guide

New Year’s Financial Fitness

New Year’s resolutions come in all types and levels of ambition. Some people pledge to cut out an indulgent part of their diet, while others promise to lose weight, exercise more, or both. Unfortunately, self-help resolutions are the most notoriously unfulfilled. Typically, the hurry of most Americans’ daily routines prevents them from keeping their January promises.

The key to keeping resolutions is in making small changes that don’t majorly disrupt your normal routine, but lead to steady improvements over time. One resolution that would be healthy for all consumers to consider is to focus on financial fitness. Smart spending, saving, and investing at the beginning of the year can lay the foundation for healthy financial habits and make personal money management far less stressful in the coming months. In this article, we’ll offer some small suggestions for putting yourself on the way to a fit financial future.

Adjust Your Budget

The budget is the backbone of any healthy money management system. Using your budget, you can take back control of your finances. Your budget tells you how much is earned, how much is spent, and which expenses take priority. Many people find the thought of crafting a budget daunting, but approaching the situation with a plan and a bit of patience can be invaluable to future financial organization.

The New Year is a great opportunity to lessen the perceived hassle of budgeting-start with your very first paycheck and begin to organize from there. Be sure to make note of how many expenses are necessary, such as utility bills and mortgage payments, and which can be discarded if necessary, such as shopping trips, magazine subscriptions, or extended cable television services.

Track Your Spending

Beginning with your first purchases of 2010, start tracking how much you spend each day by saving your receipts, as well as keeping a manual record using a check or deposit book, which are generally available at your local traditional banking branch. Remind yourself to record the amount of each expense at the time of purchase-waiting until you leave the store or arrive home allows plenty of time for distraction. By developing this habit, you’ll always have an accurate record of what you spent, when you spent it, and where you could improve.

Start an Emergency Fund

Some of the most stressful of financial situations could be cushioned or prevented by contributing regularly to an emergency fund. This fund can be anything from a high-yield savings account to an old-fashioned cookie jar, as long as you make consistent contributions-no matter how small. The key is to make contributions within your means. Too much and saving becomes inconvenient; too little and you might not have enough to rely on in a tight situation.

Investigating high-yield savings or online savings accounts is an excellent place to start. Look for a free account that compounds 1-2% interest on a monthly basis. Many will allow for automated withdrawals from your existing checking account. Account for the withdrawal each month when organizing your budget and let the automated system do the rest. Remember to be certain that any organization you choose is insured by the Federal Deposit Insurance Corporation (FDIC).

Interested in learning more ways to make your new year as financially fit as possible? We can help. Check ‘n Go is a leading provider of payday loans and financial services. We’re happy to provide hundreds of personal finance tips and suggestions in the planning section of Checkngo.com to help you take control of your finances.

Interested in learning more ways to make your new year as financially fit as possible? We can help. Check ‘n Go is a leading provider of payday loans and financial services. We’re happy to provide hundreds of personal finance tips and suggestions in the planning section of Checkngo.com to help you take control of your finances. Christy Belden works in interactive marketing for Leapfrog Interactive. Visit Leapfrog Interactive for more information.