As another year ends and a new one begins, I always like to focus on balancing versus budgeting, especially throughout the month of December. During a month that can be expensive for many, balancing your finances now can help reduce a lot of stress later. By getting into a routine habit of balancing and not budgeting, you are setting future you up for success. In this mindset shift, I recommend balance across the board, from finances to life commitments. Read on for more!
1. Put aside a little bit of money each month
Ok, like I’ve said before, you don’t have to do this every month—it could be every other week or every time you get paid. The idea is to set aside a specific sum of money on a consistent schedule to achieve easy growth over time. You can work with your bank to set up an automatic transfer from your chequing account to your savings account, so it comes out at the same time every month—that way, you don’t even notice. This becomes super helpful during the holidays, as spending increases.
2. Get outside for some fresh air and quality time
While I love the holiday season, it can get to be a bit much as the month goes on. Between holiday parties, school commitments and kids getting sick, we are sometimes left feeling a bit tapped out mid-December. Stepping outside for some fresh air and enjoying time in nature can help us all to re-centre ourselves.
3. Stretch the $$ a little further
Jumping off tip #1, saving a little bit more than what you are comfortable with will go a long way in the long-term. Here’s an example for you: If you feel comfortable setting aside $100/month, then bump it up to $125. You’ll barely feel the $25 now, and future YOU will appreciate it. This gives you more spending power for a rainy day a year from now.
4. Book some time in with a friend or family member at one of your homes
I’ve touched on this a lot in this blog, but the holidays involve a lot of restaurant dates, after-work drinks and holiday-drinks. We all indulge, and while it’s really fun in the moment, the spending can add up super quickly when you’re going out 3+ times a week. Spend some quality time with a loved one in your own home and do a celebration on your own. I promise, a glass of wine, good-quality charcuterie board and sweet treat will be JUST as good at home (and more affordable). It’s a win win!
5. Protect yourself
Let’s talk about insurance. We don’t want to think about it, but considering life and critical illness insurance as potential elements in your daily affairs could be a wise move. It’s a step towards ensuring that you (and your loved ones) are set up for success in difficult times.
6. Push some celebrations to January
Instead of filling up your social calendar so much that you feel burnt out this holiday season, consider booking in friend visits in January when everyone is feeling renewed and ready to leave their home again. When you do this, you not only give yourself some breathing room, but you also have the opportunity to purchase amazing gifts at a reduced price during boxing week.
7. Review your bills and look at your money regularly
If you take anything away from this blog, it’s the tip to look at your money regularly and stay on top of your savings so you can see real progress. Then, pat yourself on the back! You’ve worked hard to save and it should never go unnoticed. You also don’t want fraudulent transactions to go unnoticed, either!
I hope that these suggestions will help make the rest of 2023 and all of 2024 a successful one for you, both personally and financially! As you can see, there are lots of things that can be done to cultivate abundance and balance in your life. For more tips on keeping your finances balanced, along with some financially fun resources, don’t forget to follow me on Instagram, Facebook and LinkedIn.
