
Hello again, frugal readers! A new year is here, and it’s the perfect opportunity to lay down some financial goals. Check out these ideas to kickstart your financial planning for the year ahead.
Pay off your credit card debt. If you have credit card debt, you're likely paying a lot of interest on your balance each month. Try to make extra payments in 2025, even if it's just a little bit. Try to make it a goal to never pay the minimum. If your credit score is above 700, consider applying for a 0% interest credit card. You can do a balance transfer and avoid paying interest for anywhere from 12-18 months. Chase usually has really good offers and only charges a 3% balance transfer fee, which isn't bad. You'll have to do the math but it's typically smart to pay the fee and transfer the balance so you're not paying high interest every month, which eats away at your payment. It can be very rewarding to watch your balance go down dollar for dollar when you make a payment, which can happen when you have a 0% interest rate. Remember that the goal of transferring the balance is to pay off the debt, not rack up more! If you're struggling with using credit cards, now is the perfect time to just cut them up. Make 2025 be the year you tackle your credit card debt!
Save up an emergency fund of at least $1000. If you haven't set up an emergency fund yet, now's a great time to get started on that financial goal. Having an emergency fund can save you from relying on credit cards or loans when unexpected things happen, like your car battery dying or your washing machine breaking down. Remember when this frugal teacher faced a similar situation last summer? Trust me, my emergency fund was a lifesaver when I needed to buy a new washer after mine gave out. These kinds of emergencies pop up, so it's super important to have that safety net! Start small and try to just save up $100, then $500, or whatever you are comfortable with - I promise you won’t regret it!
Try doing grocery pickup, if you haven't already. Making a grocery order on an app on your phone is so incredibly easy, especially week after week since most apps remember your regularly purchased items. My favorite feature of doing a grocery pickup order is that it forces me to stay within my grocery budget. You can see the total as you add items to your cart so there's no impulse buys or going over your budget because you're in total control! I strongly encourage you to give it a try if you've been putting it off. I recently tried a pickup order at Sam's Club over the holidays, and it was easy, too! The app made it effortless, and I was able to stay within my budget. I will point out that making a grocery pickup order is much easier if you have a meal plan for the week. Having a plan and knowing what your family will be eating all week not only makes your life easier, but it also helps you budget your grocery expenses and make your weekly grocery pickup order. I hope you give it a try!
Getting your financial goals straight for 2025, like tackling credit card debt, creating an emergency fund, and using grocery pickup services, can really help you save cash and stick to your budget. These actions will ease your financial worries and give you better control over your money all year long.
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