Healthy Finances: The New Year’s Resolution

The holiday season has just ended and the New Year has truly started! For many consumers, the month of January is ideal for making life changes. The season of new resolutions is in full swing. The possibilities for resolution are endless and distinctive to all of us: losing weight, stop smoking, reducing alcohol consumption, being happier, taking time for yourself and your family, working less etc.… However, consumers have a tendency to wants to take better care of their health and well-being. Did we forget something essential? What about our financial health? Financial problems are a major source of stress for consumers, often overlooked by other factors. This year, take care of yourself, take care of your finances.

Financial issues: neglected stress factor

Stress is an important health factor. Stress can dictate your life, your decisions and your consumption habits. We often forget that our financial worries or the poor management of our finances can affect our level of stress. Many conflicts, headaches and sleep issues are related to our financial problems. Whether you are in the deepest of your financial woes or still in the preventative stage, your financial health has an impact on your physical health and well-being more than you think.

How to take care of my finances?

The beginning of the year can be a meaningful and symbolic date to make resolutions what will impact lifestyle changes. One would say: Start the year off on the right foot. On the same note, the beginning of the year can also be a good time to change your financial habits. To avoid taking resolutions that do not last, one must be careful and not make too many sudden changes.

The key to success for a healthy wallet is planning: budgeting, budgeting and budgeting. Difficult to integrate, difficult to respect and difficult to establish, the budget is a tool which is easy to customize and can change your life.

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When making a budget, the important thing is to adapt it to your needs and objectives without exceeding your capacity and motivation. You have to set a realistic and simple goal that will encourage you to set another and then another and so on. Integrate it slowly but surely. Adapt it to your personality and your goals. Are you visual? Print your budget and place it on your refrigerator or a key place in the house. Keep a copy in your wallet near your debit and credit cards as a reminder when making payments. Want to save for a trip or set aside for your kids’ education? Take a picture or an object that will remind you of your goal and place it close to your budget as a motivator. Set a review date and see your improvements. , Assess what was harder to respect and did not work. Modify it and adapt it over time. Find what works for you. Budgeting is not only a reliable tool to help you save money, but can also help when you are less economically stable, and you accumulate debts. It will allow you to realize how much you can repay on your debt by month, by years, etc. The budget will guide you to the most important needs during the most difficult times and allow you to focus on your priorities.

Do you doubt your expenses?

When in doubt about my expenses, what to do? When in doubt, you can first take a month to calculate the influx and outflow of money. Tip: keep cash receipts when you make any expenses and at the end of the month, count them to make your budget or make a table with categories of needs and expenses. Each time you make an expense indicate it in the right category. You will have the total expenses for the month in each category, and you can fill a realistic budget later. Highs and lows are to be expected; unexpected events can happen, you must not forget the unexpected factors when calculating your expenses and incomes. A small monetary cushion has never hurt anyone! To succeed in a good budget and follow it, it is essential that it be realistic and achievable for you.

This year, take a resolution for your well-being and health: healthy finances for personal wellness, the resolution to follow! To help you with budgeting and managing your financial problems, do not hesitate to contact one of our insolvency professionals. They are qualified to take care of you.