January is a great time to focus on your financial wellness. With the holiday season behind us, many people have taken on new debt or spent more money than they had planned. This month is the perfect opportunity to take control of your finances and set yourself up for success in the year ahead.
Here are some tips for improving your financial wellness in January:
Create a budget:
The first step to improving your financial situation is understanding exactly where your money is going. Take some time to track your spending for a few weeks and then use that information to create a budget. This will help you see where to cut back on unnecessary expenses and allocate your money more effectively. One way to start doing this is by using RentPlus’ budgeting tool, MoneyPlus, to help you track your spending and categorize your purchases to achieve your financial goals.
Pay off debt:
If you have credit card debt or other forms of debt, plan to pay it off as soon as possible. The longer you take to pay off your debt, the more it will cost you in interest charges. Consider consolidating your debts or transferring them to a credit card with a lower interest rate to save money on interest.
Save more money:
Make a goal to save a certain percentage of your income each month. Even if you can only save a small amount at first, it’s essential to start building a habit of saving. You always need to figure out when to tap into your savings for an unexpected expense or emergency.
Invest in your future:
If you have extra monthly money after paying off your debts and saving, consider investing it in your future. This could be through retirement accounts, stocks, or other investments that can help you build wealth over the long term.
Taking control of your finances and planning for the future can improve your financial wellness in January and throughout the rest of the year. Remember to be patient and consistent, and don’t be afraid to seek help if you need it. Many resources are available to help you on your financial journeys, such as financial advisors, budgeting apps, and online courses. Take advantage of these resources with RentPlus today and make January the start of a financially healthy year.
Questions on getting started or using the tools available to you with RentPlus? Reach out to our team today!