In addition to parties and celebrations, many people take advantage of the end of the year to make new decisions, implement better habits and, in general, be better people. This can also be applied to the financial field, because if during these twelve months you did not have a good money management, you did not save as much as expected or ended up with many debts, it is necessary to make some decisions that will allow you to improve your finances.
In this sense, a financial detox is just what you need. Just as a food detox is designed to cleanse and purify the body, a detox in your finances will allow you to eliminate unnecessary expenses, increase your savings and breathe easy during the beginning of the new year. How to do it? Start by applying these five tips:
Make a financial balance of 2018
Take note of the main data: How much do you owe? How much have you saved? What is the amount you are saving monthly? This will give you a better idea of how your year was and what your weaknesses are.
Make a garage sale
Every year we accumulate things that we don’t use and that we put aside. Check everything and be honest with yourself as to what you are going to use and what not. Then, organize a garage sale, either personally or through social networks. Not only will you get more space, but you can generate extra money.
Seek to replace expenses that are not essential
There are expenses that we have such as having a coffee every day, paying for internet or television packages that you are not using or even gym memberships that you do not use. In this case, you can think about how to replace them. For example: Find a cheaper coffee, basic service packages, or go jogging and exercise, instead of going to the gym.
Eliminate habits that generate more expenses
Getting up late and having to take a taxi every day is a waste of money. The same happens with not wanting to cook or be lazy to do it and have lunch every day on the street. To have healthy finances it is necessary to eliminate toxic habits that do not allow you to move forward and affect your budget. Identify them and declare war on them.
Set a savings goal for 2019
Make the numbers and find an ideal savings goal. Normally, every month you can save between 10 and 20% of your salary. In this way, you will be able to have not only an emergency fund, but also the funds to go on a trip, purchase an electronic, etc. After setting the goal, open a savings account, this way you will see it more real.
Remember that the ideal savings account is the one that should pay you interest month by month, so before opening yours, compare the available alternatives.
Use these tips to make your year-end financial detox, and receive 2019 with new habits, ready to get the most out of it.