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Why You Need A Personal Mid-Year Budget Review and 5 Steps to Take Now

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<p>The Mid-Year Financial Checkup: Do You Need One for Your Budget?</p>::Pexels

 

The Mid-Year Financial Checkup: Do You Need One for Your Budget?

Congratulations, you’ve made it to the halfway mark of 2023. From multiple claims of UFO sightings to the OceanGate tragedy being the biggest news story of the year so far, 2023 was certainly off to a wild and unpredictable start. Home prices are still through the roof, knock on hardwood, and the average cost of a new car is edging towards $50,000. We were told by the experts to expect lower interest rates and lower prices in 2023, but here we are.

Not much has changes in the overall economy, so now is the time to ensure that our budget goals are still on track considering the current financial climate. The earlier you catch areas in your budget that are primed for improvement, the better. We are now looking towards back-to-school season, Thanksgiving, and Christmas. It is likely that your carefully devised budget plan that got you through the first half of the year will not be feasible going forward. Here are 5 budget and debt reduction actions you should take to finish the year strong.

 

1. Celebrate Your Budget Wins

Start with these funny debt free quotes. Whether you started out with a new year’s resolution or circumstances forced you into a slightly unfavorable penny-pinching situation, it is imperative that you identify, and bask in the glory of your progress. Going out less? It’s a win! Stop opening those “60% Off Everything” emails from your favorite online store? Certainly a win. If you’re having trouble identifying a tangible financial win, take this opportunity to pat yourself on the back for taking the first step in seeking out a better approach in managing your finances. After all, it is not about being perfect, it’s about being better than you were yesterday.

 

 

 

2. Identify New Challenges

There are some elements in life that are just beyond our control. Monitoring your budget variations over time is as important as the execution. Recognizing and categorizing new challenges early on can prevent budget overruns and headaches from backtracking to figure out why your goals aren’t being met. For example; a new upcoming toll road will be part of your daily commute starting in a few months. Are you close to the end of the lease on your residence? There is a high chance that your landlord will raise the rent under the premise that they’re experiencing the challenges of inflation as well. Snow tires? The list goes on. Costs such as daycare, insurance, gas, and general inflationary increases are challenges that should be monitored and accounted for when implementing a preemptive approach in managing your budget.

 

3. Reallocate Funds As Necessary

One of the most important elements of budget management is reallocating or moving your funds around to stay within your budget lines. Let’s somewhat apply the theory that for every action there is an equal and opposite reaction. If one of your budget categories are seeing frequent overruns, see where that value can be recovered in another category. If you are unable to stay within budget, there is a high chance that one or two items on your list may be the culprit. Use a printable debt free chart or a budget management excel spreadsheet to give a clear visual of how your spending is being allocated. Color code the items that are close to, or beyond the budget limit. Another option is to use our free printable debt free charts. Cutting back or completely giving up on the items you love will certainly be a challenge, but no one said this would be easy.

 

 

 

4. Reassess Your Budget Goals

Are your budget and debt reduction goals still realistic? Maybe the frugal budget plan you implemented is leaving you with a bit more spending power than expected at the end of the month. Now is the time to pivot and adjust accordingly. If you aren’t meeting your saving or spending goals, don’t be hard on yourself if you can prove that you did the best you could with your current financial resources. Sometimes the numbers just don’t work. However, this is not an excuse to ignore opportunities for improvement. The greatest stories of financial freedom often start with a period of sacrifice, so stay focused as there is light at the end of the tunnel.

If the budget you created is providing great results, and your hard work is paying off in the form of additional funds being available for use, the last thing you should do is reallocate your leftover capital to more spending. Yes, it can be tempting, but keep your eyes on the prize – financial freedom. Think long-term, separate the needs from the wants, and find ways to let your money work for you.

Webull offers transparent and commission-free trading coupled with a wide variety of trading tools for beginners and experienced trader alike. They also offer fractional shares which allows budget-friendly traders to own fractions or small pieces of their favorite high prices companies. Another option is investing in dividend paying stocks. One of the few consumer benefits to higher interest rates is financial institutions offering higher yields on savings, checking, and certificate of deposits (CD). If you’re not comfortable with investing in the rollercoaster of a stock market, today you can safely find more banks offering 4%+ interest rates on savings accounts, and higher than usual rates on checking accounts.

 

<p>budget review debt reduction</p>::Pexels

 

5. Renew Your Commitment To Yourself And Loved Ones

This may be a permanent lifestyle change, or a plan to get out debt. Maybe you’re saving for a big purchase, or to start a business. Whatever the case, take this time to reflect and remind yourself why its important that you weather the storm and continue on your journey to financial freedom. Write down your plan if you need to, and place it in area where its highly visible. Sometimes we can be our biggest critic, so get your biggest cheerleader friends involved to keep your grounded and motivated. Here are 4 daily habits to keep you motivated and put a dent in your debt.

It’s one thing to try and budget when you’re on your own, but it’s a more complicated challenge when you’re the head of household or the one managing the finances for the family. Communication is key here. Gather everyone around to discuss the family’s financial goals, and how you plan to achieve them as a team. Do not make it a lecture. Avoid the “back in my days” stories, and never present it in a way that will have your family feeling as if they’re being punished. Use this time to educate the young ones on the value of money and the importance of budgeting so they will have the tools necessary to succeed in the future.

 

 

 

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How to Create a Bi-Weekly Budget

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<p>There are a number of budgeting methods out there. Thankfully, you can always cater your budget to what your current needs are. For the most part, people find it easiest to set up their budget around when they get paid. Because many people get paid bi-weekly, the bi-weekly budget set up is the most common. Here's how to set one up.</p>::Pexels

There are a number of budgeting methods out there. Thankfully, you can always cater your budget to what your current needs are. For the most part, people find it easiest to set up their budget around when they get paid. Because many people get paid bi-weekly, the bi-weekly budget set up is the most common. Here’s how to set one up.

Different Budgeting Methods

When it comes down to it, there are five different types of budgeting methods to choose from. Depending on where you are in your personal financial journey, each has its perks.

  1. Line item budget: This type of budget is what people generally think of when they imagine a budgeting system. Think excel sheet with different expenses on each line. A line-item budget can be detailed and is generally good for beginners to get an idea of their expenses and incoming cash.
  2. Proportional budget: Proportional budgeting has you divide your budget into three main categories: needs, wants, and savings. Then you assign a percentage to each category. Typically, your needs and savings should be the highest percentages while you keep the “wants” relatively low.
  3. “Pay yourself first” budget: You’ve probably heard personal finance blogger after personal finance blogger telling you to pay yourself first. This budgeting method is built around that idea. You decide that you are going to save a certain percentage of each paycheck, let’s say 25%. Then you build the rest of your budget around what is leftover.
  4. Envelope budget: The envelope system is pretty old school. To do this, you have a set amount of money designated for each budget category and you put that cash into envelopes. In the digital age, you can do this by setting up different “envelopes” via online banking. The goal of this method is to make the cash in each envelope last throughout the entire month.
  5. Zero-sum budget: The zero-sum budget is what we will be looking at for our bi-weekly budget setup. At the end of each month, you will have spent all of the incoming money you have. Now, that doesn’t mean you will be spending frivolously. You will still have a line for savings and potentially even your investing contributions.

The Bi-Weekly Budget

So, how do you set up a bi-weekly budget?

Depending on your own personal needs, a bi-weekly budget may not work for you. You may benefit from a weekly or monthly setup more than bi-weekly, especially if you get paid more (or less) often. For us, we have our main income come in every two weeks and we set up a zero-based budget to make the most of those paychecks. Here’s how we set it up…

  1. First, print out a calendar or buy a planner. We use a planner for ours. This makes things more visual.
  2. Start plugging in your expenses to the calendar. Think about what expenses you have each month and how they are divided up throughout the month.
  3. Take varying expenses into account as well. If you have regular recurring expenses that aren’t on a monthly basis, make sure you take note of them and plan for them accordingly. The best way to do this is to set money aside into a sinking fund for these.
  4. Save! You should always have a line item for savings. Whether you are building an emergency fund or sinking funds, save some money out of each check and put it in your budget.
  5. Track your spending. Once you have what you think is a good budget in place, begin to track your spending to be sure your budget is accurate and will work for you.

Choose What Works For You

The last item in setting up a bi-weekly budget is possibly the most important. You have to choose a budgeting method that will work for you. Track your spending and get familiar with your finances. Doing this will ensure you are being realistic in your expectations. Similarly, if you are paid on a weekly or monthly basis, a bi-weekly system may not be the best option for you. Take all of your personal needs, financial goals, and expenses into account to find the best budgeting method for you.

Readers, what budgeting method do you use?

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Get Organized and Start Planning With This Free Budget Planner

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<p>Obtaining control of your finances is no simple feat, especially if you feel you've lost control of them in the first place. With the new year right around the corner, many people will be planning to better their lives in some way. Some will participate in money challenges, others may vow to pay off debt. This year, vow to become financially organized by using a budget planner. (Download this free budget planner to get started now.)</p>::Pexels
Obtaining control of your finances is no simple feat, especially if you feel you’ve lost control of them in the first place. With the new year right around the corner, many people will be planning to better their lives in some way. Some will participate in money challenges, others may vow to pay off debt. This year, vow to become financially organized by using a budget planner. (Download this free budget planner to get started now.)

Why Budgeting is Important

Budgeting is the core of everyone’s personal finances and if it isn’t at the core of yours, it’s time to make that change. Having a budget helps you control your expenses as well as plan for emergencies. Budgeting is also an important part of getting out of debt (and staying there). Budgeting will also make it easier to forecast your finances or prepare for the future. You can even out the highs and lows of your cash flow throughout the month to make your finances easier.

You’re probably thinking, “Budgeting sounds great, sign me up!” Well, budgeting can be difficult. Usually, you’ll need tools to help, including a budget planner.

How to Use a Budget Planner

Budget planners make it easier for people to visualize their budgets. Oftentimes, seeing the numbers on paper (or on a computer screen) makes people realize how much money they are spending or, better yet, how much money they could be saving.

To use a budget planner, you’ll first want to note how much money you are making (your net income). Knowing how much cash you are bringing home every month will be important when utilizing the rest of your budget planner.

After you find your net income, track your expenses. Keep all of your receipts, track your online banking statements and any other bank document you can to see where you are spending money. Once you’ve tracked your expenses for about a week, take a look at where you are spending the most and where you are spending the least.

Then you’ll make a plan. Say you want to save money for a new home and you want to save $500 a month. You may have to scale back on dining out and going to the movies but you’ll be able to do it by using your budget planner.

Once you have a plan, take any action needed to adjust your spending habits to better fit your needs. As your needs and wants change, you should revisit your budget and make adjustments.

Want to start budgeting now? Download this free budget planner. You may also find the Non-Monthly Budget Planner helpful. 

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5 Simple and Free Budgeting Tools You Should Be Using

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<p>When it comes to handling your personal finances, budgeting can be extremely difficult. In fact, some people spend money learning how to budget or better handle their finance. What you may not know is that there are some great free budgeting tools out there that can help everyone.</p>::Pexels
When it comes to handling your personal finances, budgeting can be extremely difficult. In fact, some people spend money learning how to budget or better handle their finance. What you may not know is that there are some great free budgeting tools out there that can help everyone.

Free Budgeting Tools

When you’re looking for budgeting tools, remember that not everyone thinks the same. So, your budget may need to be a bit different than your mother’s was. These five budgeting tools are free and really easy to use:

Spreadsheet

Spreadsheets are one of the easiest ways to set and keep track of your budget. By entering your monthly income and expenses into a spreadsheet you can see where you have the opportunity to cut some expenses. Of course, to have a budgeting spreadsheet you’ll need to have Microsoft Excel or a similar application. However, if you don’t have access to the program, you can access Excel for free through Google. You can also access Excel and a computer at your local library (though you’ll want to be careful about logging any personal information on those computers).

Check out this FREE expense tracker spreadsheet.

Envelopes

As far as free budgeting tools goes, this is one of the most hands-on. To budget with envelopes, you will have to write down a budget and have a set amount of cash for each of your expenses. For example, if you spend $400 per month on groceries you would put $400 cash in an envelope marked groceries. This will insure that you don’t go over your budget and, for many people, makes them realize how much they are spending.

Pay in Cash

If you’re not into separating your money into envelopes but still want to budget and become more aware of your spending, think about paying in cash. After you’ve put money in savings, pay everything else throughout the month in cash. Many people who pay in cash tend to better stick to their budget and turn away from unnecessary purchases. Paying in cash is a great budgeting approach for many people.

You can also participate in fun money challenges like the Biweekly 26 Week Money Challenge with your change if you pay in cash regularly.

Balancing Your Checkbook

Not many people carry around checkbooks anymore but if you’re having trouble with budgeting it can be a great tool (and it is free). Balancing your checkbook requires you to stop and write down everything that you spend. It will let you take a look and realize if you are within your budget or not. Like many of the free budgeting tools mentioned above, it helps you gain awareness of your finances.

There’s an App For That

Last but not least, technology has made it easier for you to budget as well. When it comes to finance, there are a plethora of apps out there designed to help you better yourself. One of the best among them is Mint. If you’ve not heard of it, Mint is a finance app created to help people budget, monitor their credit, pay off debt and save. You can monitor your accounts, your spending and even your savings all through one single app. It is definitely one of the best free budgeting tools out there.

 

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Bills Are Going Up And We Want To Move

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<p>Our bills are going up. Really, all of them seem to have crept up and up over the last year or so. In December, the biggest hit was our rent going up to nearly $1,800 per month (yikes). So, we're putting our heads together and trying to figure out a way to move later this year because we have to renew again.</p>::Pexels

Our bills are going up. Really, all of them seem to have crept up and up over the last year or so. In December, the biggest hit was our rent going up to nearly $1,800 per month (yikes). So, we’re putting our heads together and trying to figure out a way to move later this year because we have to renew again.

However, I know that picking up and moving isn’t the right option for most people. So, here is what we sat down and talked about to come to this decision.

How Much Are Bills Going Up?

When we moved here in 2020, our rent was $1,400. So, in just two years, our rent has gone up $400. On top of that, our car insurance went up when we bought a new car, along with our car payment. Utility prices are also creeping up there, especially when it comes to natural gas and electricity in my area.

Not to mention, we have a little one whose needs are constantly changing. We are always buying new clothes, she is eating more, drinking more, and just doing more things. To nourish her life completely, we need to find a way to decrease some of our expenses. For our family, that will likely mean relocating (yet again).

Our biggest deciding factors here are: the cost of living, moving before Dahlia is in school, and still being close enough to family.

Deciding To Move

After a lot of discussions, my husband and I think it will be in our best interest to try and move by the end of the year. We are likely going to have to relocate to find something cheaper to rent, though. So, here’s our plan currently.

  1. Start saving money for the move. We’ll need between $5,000 and $8,000 to move, especially if we are going across state lines again. This will cover movers, the moving truck, deposits, and getting things set up at the new place.
  2. Begin scouting areas we think we might like and visit. We’ve made the mistake of moving somewhere before we ever saw it (Atlanta). So, to avoid those same troubles, we are likely going to take some trips around to cheaper places to see how we like it. Our sights are on Eastern Tennessee for now.
  3. Slow down our debt payoff so that we can focus on saving and prepping for the move.
  4. Put all of our windfalls towards this goal of moving.
  5. Start downsizing things and cleaning out closets so it’s easier at the end of the year.

Moving is one of my least favorite things, but if it decreases our cost of living and improves our quality of life, I’m here for it. Both of us think that will be the case with this move.

Readers, when was the last time you made a big move? Do you have any advice?

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Tips to Help You Find Financial Focus

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<p>There is no secret that becoming debt free requires a fair amount of focus and determination. Sometimes it can seem like the entire universe is against you getting back on track or paying off your loan, credit card, whatever it may be. Here is how I'm able to re-center and find my financial focus after a setback.</p>::Pexels

There is no secret that becoming debt free requires a fair amount of focus and determination. Sometimes it can seem like the entire universe is against you getting back on track or paying off your loan, credit card, whatever it may be. Here is how I’m able to re-center and find my financial focus after a setback.

Recent Setbacks

If you’ve been following our family for the past couple of years, you know I am no stranger to setbacks. After living in a motel for six months, getting into our apartment, racking up some debt, and losing one of our incomes for six months, you think I’d be ready for just about anything, right?

In the midst of wedding planning and my regular busy schedule, I got intensely ill in January and it really set me back. First, I was ill with the flu and then I was in the hospital for possible appendicitis (yikes). Then, when I returned to work I got a notification that the state would be garnishing my wages for my 2017 back taxes. I’d been attempting to work out a payment plan but didn’t owe much so they’ll be taking $460 a month until about May or June.

When this happened I spiraled a little bit. Forget the wedding, forget our savings plan, forget all of it. However, before I completely overreacted, I decided to take a step back and reset my financial focus.

Finding Financial Focus

Obviously, this isn’t the first time this has happened. Sometimes, it is hard to focus on the big picture when everything seems like it is going wrong. Because I have the tendency to overreact, I need a go-to list of things to do to recenter my personal financial focus.

  1. Set small, obtainable, short-term goals. If you put your mind in the now and set more immediate goals you won’t be able to be bogged down by the “what ifs” of six months from now.
  2. Write it down. After you’ve set these smaller goals, write them down. We do this with everything. Whether it is our debt payoff plan, weekly budget, or savings goal. Writing it down helps us set our mind to the task at hand. Then we walk by it daily and are reminded of what we’re working towards.
  3. Search for inspiration. I cannot say enough about following fellow debt-free folks! If you follow the hashtag #debtfree or #debtfreecommunity on social media, you will find loads of inspiration. People will share their stories with you, favorite inspirational quotes, and motivational tips to help you continue on your journey.
  4. Spend time doing things that make you happy but also make you feel responsible. I like to try and avoid spending money when I feel I need better financial focus. To do this, we have a list of things we enjoy doing that cost little-to-no money. For instance, we have favorite walking trails where we take the dog or scrape for free coupons and grab a coffee together.

Lastly, if you’re really struggling to manage your finances, consider speaking with a professional. There is no shame in reaching out for help if you need it. Some financial advisors will even offer up their services for free (or cheap) if you qualify.

Readers, how do you realigh your focus when it comes to your finances?

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Getting the Best of Your Student Life

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Student life has a lot to enjoy! But it can also be a big adjustment – if you’ve not lived away from your family before, especially if you’re the first one to go to study at university, then you have a lot to get used to. Getting the best out of student life can take some effort, but today we’re here to help with some tips to give you a head start!

Making a Home

If you don’t have somewhere that feels like a home to come back to, it’s easy to become exhausted and burnt out very quickly, which stops you enjoying everything university has to offer.

Make your first student housing a home, whether you’re in the historical halls of Oxford or Cambridge or the cutting-edge Sheffield Hallam accommodation, means you have somewhere you feel totally comfortable to rest and recharge, somewhere you can get away from the shock of the new that assails you at every turn.

Bring a couple of precious things from home, whether they’re soft toys, posters or action figures – a couple of mementoes won’t compromise your attempts to reinvent yourself for this new stage in your life.

Spread Your Wings

University is a great opportunity to try new things – you’re unburdened by your past reputation, and have a free hand to have a go at anything you’ve always wanted to but haven’t had the chance. The drama society doesn’t know you used to stutter, the football team weren’t around for the own goal that cut short your career as a midfielder at school.

Most importantly, the early weeks of term give you the opportunity to experiment without having to commit – you can go to some early meetings, training sessions, workshops, or whatever way the society regularly meets to see if you like the people and the activity. Most will offer taster sessions for first years (‘freshers’ in the parlance of most universities) so you can sample what’s on offer without making your whole university life about it.

Managing Your Time

The most important thing to master is time management: you have a new social life to embrace clubs and societies offering you the chance to pursue hobbies to new heights, and of course academic work to complete. Even if your qualification isn’t the most important reason for you to be at university, not giving it due attention could result in an early end to your university experiences.

Try to set yourself a timetable that means you’re working a regular amount in each day at the required reading and essay work that your course demands – as though it’s a job with set hours. As long as you put the work in, that means no stressful, punishing all night study sessions as deadlines approach. You’ll be rested enough to enjoy your free time with friends and societies too!

If It Says “Guaranteed Payday Loan No Third Party” Run Away!

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Guaranteed Payday Loan No Third Party

If you’ve been struggling with debt, your credit has likely taken a hit as well. For me, having a low credit score and a high level of debt caused me to panic. How was I going to survive? The scary thing is – predatory lenders know when you’re feeling overwhelmed. That’s when the “Guaranteed Payday Loan No Third Party” envelopes begin coming in the mail.

How to Spot Predatory Lenders

Predatory lenders are everywhere. These lenders are referred to as being predatory because they tend to target people with bad credit, a lot of debt, and low incomes. Most of the time, they don’t truly care whether you can pay the loan or credit card off. Not to mention, most types of predatory lending also comes with a high-interest rate.

Consolidation loans and other quick-money loans can be tempting, especially if you are struggling financially. However, taking on new debt with a high-interest rate will only add to your financial stress in the long-run. You can typically identify predatory lenders by the wording used in their offer. They will use the words “guaranteed approval,” “payday loan,” “bad credit, no credit,” or “money now.”

Avoid Offers Like “Guaranteed Payday Loan No Third Party”

I’ve had a number of these “Guaranteed Payday Loan No Third Party” offers come through my email and land in my mailbox. At times, it can be hard to turn down the extra cash. Many of the lenders even market the offers as a “consolidation loan.” Having read/seen the mistakes myself and others have made, I know better than to fall victim to one of these lending traps. Here’s why…

  1. They simply continue the cycle of debt and feed into it. Payday loans, guaranteed approval loans, and most bad credit loans are feeding into the cycle of debt. Generally, the interest is so high on these loans they are practically impossible to pay off.
  2. No loans are guaranteed. If anyone guarantees you approval for anything, especially if your credit is bad, it should be a huge red flag. You’ll likely end up paying three times the amount of the loan.
  3. Almost all of the “guaranteed” loans come with a high-interest rate. We are talking 22% interest and higher. If you’re already struggling, this will be nearly impossible to keep up with.
  4. You may have to provide collateral to be approved. Some guaranteed approval loans require you to put up your house or car as collateral on the loan. Don’t do it! You don’t want to
  5. These lenders don’t honestly care about your ability to pay off your loan. As mentioned above, many of these companies are feeding into the cycle of debt. If they are guaranteeing you money without knowing anything about your finances, they don’t care about your ability to pay it off or your financial freedom.

Even in the tightest financial situation, you should avoid these predatory loans at all costs. Consider getting a loan from a friend or transferring some of your debt to a credit card with a lower interest rate. Whatever you do, try to avoid anything that guarantees approval.

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3 Advantages of Being Debt-Free

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<p>If you have ever lived paycheck to paycheck you know it is no cakewalk. Oftentimes, people are living this way because they don't have all of their debts paid off or their cost of living is simply too high. Relieving that stress is only one of the many advantages of being debt-free. Here are some more to inspire your journey.</p>::Pexels

If you have ever lived paycheck to paycheck you know it is no cakewalk. Oftentimes, people are living this way because they don’t have all of their debts paid off or their cost of living is simply too high. Relieving that stress is only one of the many advantages of being debt-free. Here are some more to inspire your journey.

3 Advantages of Being Debt-Free

Anyone who has decided to embark on their own debt freedom journey probably knows most of the benefits of living a debt-free life. However, here are three perks you may have not considered yet…

  1. You get an instant pay raise. When all of your debts are paid, you’ll have more free income to spend, save, invest, and live your life with. Think about it. Every monthly payment you are making now towards an account will now be yours to spend as you wish. For us, that would mean more than $1,000 in extra cash month to month.
  2. You’re able to have more fun. Instead of borrowing money to go on vacation or biting your nails over the cost, you can stash away money more easily for fun things. You may feel like you are pinching pennies to make these things happen but you are able to freely take vacations and go out to have fun without worrying about where the money is being borrowed from.
  3. The potential to gain wealth is greater. Being debt-free will open more doors for you than you could imagine. You can create a plan to generate wealth for yourself and your family. You might even be able to become a millionaire because you’ll have the freed-up money to start saving and investing. If you are able to build up your net worth this way you are more likely to be able to leave behind a legacy for your family.

Debt Freedom Does Have Some Disadvantages

Believe it or not, not everything that comes with debt freedom is beneficial. There are a couple of disadvantages to being debt-free too.

  • It can have a negative impact on your credit score. You would think paying off all of your debts would have a positive impact on your credit score but it can sometimes have the opposite effect. If you work to pay everything off and avoid debt altogether, your score may go down because you have no way of proving you will pay for things on time. This can make it hard to get a mortgage or loan of any type.
  • You may feel out of touch with the rest of the world. Debt freedom also puts many people out of touch with the things going on in the financial world. For instance, if you are focused on paying things off and stashing money away you may miss a big investment opportunity. It can also make you feel withdrawn from family and friends. While everyone is out on Friday night, you may make the conscious decision to stay in and save money.

That being said, the advantages of being debt-free outweigh the cons every time when it comes to improving your finances. So, don’t let these two things stop you from pursuing your debt-free lifestyle.

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The ‘Feel Good’ of a New Year

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<p>Most of us were ready to kick 2020 to the curb at midnight on December 31st. While 2022 definitely was not our best year, it certainly wasn't our worse. We have so much to still be thankful for in this world and now we have even more to look forward to in the new year.</p>::Pexels

Most of us were ready to kick 2020 to the curb at midnight on December 31st. While 2022 definitely was not our best year, it certainly wasn’t our worse. We have so much to still be thankful for in this world and now we have even more to look forward to in the new year.

The new year brings hope to many people. It is a fresh start, endless opportunities, and all of that, right? But what about when the “feel good” of the holiday season wears off and you’re stuck here, in March, with none of the same optimism you had before? What then?

This year, I’m looking for ways to renew that “feel good” of the new year every day.

Why Tomorrow Always Seems Better

As a chronic planner, tomorrow always seems like a better opportunity or day to get things done. Why? Because then I can plan, or really daydream, about everything I’ll get done and how perfect it will be. News flash – nearly nothing works out that way.

In high school, we read The Great Gatsby in class and examined a very similar theme: the idea of something is always better than reality. This is true of many things (in Gatsby, it was The American Dream). My teacher at the time made a connection that has forever stuck with me though. It is like when you wake up on Thursday and all day Thursday you are looking forward to the weekend. It has been a long week, you’re ready to let loose. Once the weekend arrives though, we rarely do all the things and plans we set out to do.

Tomorrow is always where we seem to place the best of what is to come.

Today is the Day in the New Year

This year, I’m attempting to extend the “feel good” of the new year to each day by treating each day as a new opportunity. I’m not a morning person so I can’t say my feet will hit the floor with joy each day, but they will hit the floor with purpose.

Many of us, myself included, could adopt this mindset when it comes to our finances as well. Think about it: if you wake up and decide “today, I will pay $100 towards my debt,” and you do it, you will be that much further along. Instead, much of the time, we put things off until the payment date or until we can pay in full.

Get what you can get done today done and remember tomorrow is yet another opportunity to do even more. This is what will help me (and hopefully you) extend the “feel good” of the New Year beyond the first week.

Readers, we hope you have had a safe and healthy holiday season! What resolutions are you making this year?

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