January Goals – Finances

Hello again! If you read my post from yesterday, then you will know that I made 12 resolutions for 2016- one for every month out of the year. For the month of January, I will be focusing on my finances and setting up a system that will let me save a TON during the whole year.

January Resolution

There are a few things that I am going to be focusing on this month to make sure that I am being financially responsible and reaching my saving goals.

1- Make sure I’m not wasting money on things I don’t really need. Do I need a Spotify monthly membership? Nope- there is $10 saved. Do I need that monthly nail polish box membership (Even though I usually skip it?) Nope- unsubscribe and save like $20 every few months. Do I need Netflix? Nope- but I am going to keep that for a few months longer (those $8 will be worked into my budget, don’t worry!)

2- Save ALL MY RECEIPTS and log EVERYTHING I SPEND. And be honest about it. Every. Little. Thing. Gets. Documented. That $1.19 I spent on a sweet tea at McDonalds gets logged. The $8 I spend on Netflix gets logged. The $9 I spent on lunch because I accidentally left my lunch at home also gets logged. Being honest about what I’m spending (and how much) will help me see what I can cut out and be more realistic about my spending.

3- Make a budget and STICK TO IT. I get a bit detailed when it comes to my budget, and I absolutely love it. Having lots of categories has really helped me save and prioritize my money over the years, and has come in handy when I needed to make big purchases (like moving expenses or a new car after my accident).

Here are all the categories that I have in my budget to keep track of my finances-
Church (tithing)
Cell Phone
Car Insurance
Car Maintenance
Domestic Necessities (like toilet paper, light bulbs…)
Big Purchases (like a new couch, things like that)
Emergency Savings
General Savings
Future House Down-Payment
Future Car (your car won’t last forever, this is set aside for that future purchase)
Fun Money (going to the movies, decorations for your house, hobbies, etc.)
Eating Out/Coffee
Gifts for Others
Medical Expenses (you never know when you might break a leg!)
Taxes (a bit overkill, but I like to have money set aside in case I owe anything in taxes at the end of the year)
Roth IRA (I’ll be glad I put this money aside when I’m older!)

I’m really excited to get my finances in order this  month! I have set amounts for all of my budget items for every month, and I’m actually really excited about how much I can potentially save (as long as I stick to it and nothing crazy happens!) Getting my finances in order at the start of the year will hopefully help me stay on track for the rest of the year. So let’s get started!

5 thoughts on “January Goals – Finances

  1. Sounds like a great plan to me! And I think I will have to steal your “Future Car” category. Question: What are you using for your expense tracking? If you haven’t found something you like for it yet, I been using the Dollarbird app over the past 6 months or so and I love it!

  2. Pingback: August Goals – Mental Health | My Name Is Not Katie

  3. Pingback: September Goals – Exploring | My Name Is Not Katie

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