How To Start A New Budget For The New Year
December 21, 2020 | Daniel Dewitt
The most common New Year’s Resolutions are “I am going to start going to the gym” or “I will start a new budget”; one will positively affect you physically while the other affects you financially. While we can’t force you to go to the gym, we can show you how to start a New Year’s budget and actually reach one of your resolutions.
Look At The Previous Year
Before you start formulating your New Year’s budget, it is important to first take a hard look at the year that just went by. Begin by asking yourself if the year went according to plan or did you spend more than you budgeted for. If so, determine which routine expenses went over budget and by how much, and which expenses were unexpected.
Secondly, take a holistic look at the year as a whole and gauge how you handled your money. What were the mistakes you made and the smart decisions you took? And can those be improved or replicated going forward?
The information you gather from this will go a long way in preparing a budget next year. If you aren’t honest in evaluating this year then you might end up repeating the same mistakes. Remember, “garbage in, garbage out”.
Plan For The Next Year
Once you have had a good look at your current financials you can start to plan for the New Year. Although we cannot predict the future, past data can be a good guide to budget for the unexpected. Start with this year’s budget and adjust it for inflation or increase in income.
Secondly, take a look at the expenses that caught you off guard and include them in your new budget. For example, if you had to pay for recurring home repairs then you should budget for that in the new year as well.
Furthermore, what is it that you would like to change about your expenses? Are there expenses you need to reduce? And, more importantly, is there anything you would like to add? For example, if you always wanted to travel but never had the money for it, maybe you can find the wiggle room in the upcoming year.
Create Your Emergency Fund
One of the biggest mistakes people make is not having an emergency fund. If the COVID-19 pandemic has taught us anything, it is that financial distress can be sudden and painful. The only way to cruise through such emergencies is by having an emergency fund. Make sure you budget a part of your income to go to this fund.
Typically you should have around 3 to 6 months of expenses saved in your emergency fund. If you do not have a sufficient emergency fund, start setting aside money now. One tip is that you should budget the amount you want to set aside first and then budget for other expenses.
Get Fast Payday Loans
If you do not have an ample emergency fund then financial emergencies can put you in a bind, leading you to look for urgent cash. If this is the case then you can always go for the option of getting a payday loan.
Payday Loans are short-term loans that help bridge the gap between pay periods. This loan is short-term because you normally have to pay it back by your next paycheck – which is usually in two weeks. can be used for medical emergencies, urgent travel, or home and car repairs. They guarantee quick payment without the need for any collateral. Payday loans are generally short term in nature you need to pay them back when you get your next paycheck.
Benefits Of Fast Payday Loans
Easy Access And Fast Payment
Payday loans are easy to acquire and guarantee cash payment the very same day you apply and are approved. With Fast Payday Loans in Florida, the whole process is very easy and takes about half an hour. In fact, the entire thing starts right online through our quick form. The maximum amount that you can get is $1,000. This amount is designed to help out with emergencies – not to help get you out of debt.
Bad Credit Isn’t A Problem
If you have been behind on your credit card payments, don’t worry. Here at Fast Payday Loans in Florida, you can still apply for a payday loan even if you have bad or no credit history at all. This really makes this loan different from traditional bank loans. Also, all types of incomes are acceptable for payday loans.
No Need For Collateral
Another benefit of a payday loan is that it is unsecured, meaning that there is no requirement for any collateral. This is what sets this loan apart from secured loans, like title loans, that require you to put up your vehicle’s title as collateral.
How To Acquire A Florida Payday Loan
In order to get a payday loan in Florida, it is so simple and quick. In fact, the entire process begins right online with our online form. Once that form is submitted, you will follow these steps:
- Wait for a loan representative at the nearest Florida payday loans to call you. Here they will tell you about the required items and answer any of your preliminary questions.
- Once off the phone, you will have to bring in your state ID, your latest pay stub, and a blank check from an active checking account in your name.
- The representative will check your documents and let you know the loan amount you are eligible for. They will also determine if you are approved.
- Once you find out if you’ve been approved, you will get the amount you qualify for right in cash.
When it comes to keeping your budget resolutions in the new year, this list can be a big help. Make budgeting easier with our help.