5 easy tips for saving money going into the New Year

The coming of the new year is the perfect opportunity to change old habits, whether it’s eating better or getting a better handle on your finances. 

Here are some practical tips to get on your way towards your financial goals in 2022. 

Establish a budget, and stick to it

A good way to start keeping track of your expenses and spending is to create a budget, according to Certified Financial Planner Justin Mailhes of Argent Advisors in Monroe. 

Consistently recording when the money comes in, and when and where it goes out, gives you the ability to more easily identify trouble spots.

“You have to know where your money’s going to even start cutting back,” Mailhes said. 

Getting a handle on your finances is a good way to start a Happy New Year.

Set up a weekly savings plan

Mailhes said people spend money on gifts for birthdays and holidays, so it’s effective to plan ahead for the occasion. 

“You know it’s coming every year, so try to start week one and saving some money so you’re not having to try to come up with a $1,000 to pay for gifts at one time,” he said. “You save for it all throughout the year. Put some money into your savings account.” 

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