How to budget your money in 2017

If you’ve over done it slightly this Christmas, then you might be considering adding learning how to budget to your New Year’s resolutions. Learning to budget your money is important as it allows you to create a spending plan for your money, it ensures that you will always have enough money for the things you need and the things that are important to you. Following a budget or spending plan will also keep you out of debt or help you work your way out of debt if you are currently in debt. All very worthwhile, and luckily there are plenty of tips, apps and gadgets out there to help you budget your money.

Check out these budgeting tips for the New Year to help your bank balance in 2017:

Set goals

You might think that first on our list should be the infamous New Year's resolutions we've become so accustomed to year after year. But since New Year's resolutions tend to flop by January 30 each year, goal setting is a much better option!

Setting goals is a habit for people who win with money, and it should become a habit for you too. Studies have shown that just by having a goal for something it brings you closer to that goal versus not having any goal at all.

Learn to negotiate

Did you know that you can negotiate in almost any kind of purchasing situation?

Though you might have previously thought negotiation was only for the bigger purchases such as home buying or car shopping, you can also negotiate at retail stores and online too. You can even negotiate to lower your bills!

Pick the right savings account

Picking the right savings account is essential in order to make sure you can save the most and earn the most while your money is being tucked aside for a rainy day.

Online savings accounts like the B app can help you manage your spending with useful features such as separating your money into savings pots to help you manage your budget.

Make smart choices

Go out for dinner and a movie or cook at home with Netflix? Buy a brand new car or buy a reliable used car? Simple alternatives can make a big difference when it comes to saving.

Track your spending

Tracking your expenses is the best way to get control of your money.

For a few reasons. First, if you want to stop living paycheck to paycheck, you have to know where your money is going and you have to give every penny a purpose. Tracking how much money is coming in versus how much is going out -- and where exactly it's all going -- is the key in making smart financial decisions that have a big impact on both your life now and your future.

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