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How I Plan to Improve my Finances in the New Year


Can we all agree that 2022 has not be a good year, financially? I feel like my money dwindles away so much quicker than it use to.  Prices on everything are so out of hand. I almost feel as if I’m being taken advantage of. Gas is through the roof, groceries are becoming almost impossible to afford and there seems to be less and less discretionary income for my family to enjoy the things we love to do.

I’ve made a commitment to myself to really make an effort on concentrating on what I spend my money on in the new year.  I’m close to my retirement age and I want to be able to have the finances to live comfortably. I also want to be able to enjoy domestic travel now, and going out to eat once in a while, without going broke.

With the new year coming up many people of course set new year's resolutions, though few keep them. I want to break that barrier and be successful this year. Ive decided to create weekly budgets for everything I do by “paying myself” a weekly budget salary, that will be allocated to home, entertainment and health. 

I know that staying on budget can be difficult at times, and it’s hard to know exactly where all of my money is going all of the time, but I feel with some real effort, I can make a difference in my budget.

One way that Ive found to help keep me on track with my goal is by using a financial calculator. I’ve discovered a site that offers a ton of different financial calculators (loans, savings, retirement, budgeting, education, mortgages, etc.) and a few health calculators as well. It’s such a useful site and had even given me smart tips and ideas I wouldn’t have thought of on my own. 

While my husband and I have a decent handle on our finances, I’ve found that using The Budget Planner calculator is a great tool for us. It is free to use and works for my financial situation. It has  breakdowns on what percentages should be allocated to different areas that money is spent.  It even allows me to make adjustments to fit my lifestyle.

I’m pretty well aware of how much we spend on house and utility costs, but need to get a better handle on food, clothing, transportation, health care, donations and other unexpected expenses like car repairs and home emergencies. This is where this calculator really makes a huge difference for me. It’s based on my personal financial situation, and helps me to create monthly and annual financial budgets. It’s an eye opener and will help me to make smarter and more budget savvy decisions so that I can save more money each month. 

Our son is house hunting, and I noticed that there are also great calculators that will be useful for him, like mortgage calculator and loan amortization, which is important in breaking down how your monthly mortgage payments are allocated and can help to save him money in the long run, if and when he gets a home.  I worked in banking when I was younger, in indirect lending.  One of my jobs was amortization of loans, so I understand the concept behind it.  To make a long story, if you can afford to pay a small amount extra on your principle of you loan, you will save money in the future, and your loan will be paid sooner.

I hope you all can have a more financially stable and lucrative 2023, and I hope you can find ways to help you save money so that you can enjoy and relax in the new year.