How to keep your New Year’s budget resolutions

Many of us resolve to tighten our budgets after the holidays. Here are three tips to help you keep your financial resolutions in 2019:

• Make your resolutions specific. Resolutions like “spend less money” or “stick to a budget” are too vague and don’t explain how you’re going to change your financial habits. It’s better to establish more concrete goals, such as reducing your grocery bill by half or paying off one of your credit cards.

• Establish short-term and long-term goals. Maybe your long-term goals are to buy a house and save enough to retire at 65, but your short-term goals include saving for a family vacation and buying a new car. Both types of goals need to be factored into your overall financial plan. Short-term goals, however, are more likely to motivate you to stay on budget because they’re more easily achieved.

• Analyze last year’s holiday spending. If you overspent during the holidays, January is the ideal time to look back at your December expenses. Although you may not be ready to think about next holiday season, reviewing your finances now will help you plan for next year so you don’t make the same spending mistakes.

With the right planning and mindset, you’ll find it’s possible to stick to your New Year’s budget resolutions after all.