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Five ways to get a grip on your January finances

It’s January and the piggy bank is empty. What to do? We consulted Sheila Walkington, Co-Founder of Money Coaches Canada for a few tips to get you and your family finances back on track!

Don’t beat yourself up! 
The December bills may be piling in now, but no need to get down on yourself. Tally them up and make a plan to pay them off as soon as you. Be a bit more careful on your spending in January (and maybe Feb too) to make up for all the holiday fun in December.

Start dreaming about what you want for 2017
When you are clear about your priorities and what is important to you and your family it’s easier to say no to some things, so you can yes to the important things. Think less fast food, more family holidays or better meal planning all week so you can plan a fun family outing on the weekend.

Get the kids involved
You’d be surprised at how easily kids will adapt to planning and budgeting for things they really want. If we make pizza at home tonight, we can put the money we save in our travel fund or towards a new trampoline! Teaching your children how to make valuable trade-offs now will provide lifelong skills you will both reap rewards from down the road.

 

 

Set up a system!
Best laid plans fall by the wayside if there is no structure or accountability to back them up. Set up savings accounts called Travel, Gifts, Family Fun and start to fill them each pay day (or more often) so you can see the money for your goals grow each month.

Don’t underestimate your Why
(or Be clear on what you want and why)
It’s easy to dip into those savings accounts or fall behind on the plan – unless you are really clear on your goals and why they are important to you.  Keep reminding yourself why you set these goal so you are motivated to stay on track to reach them.

 


Money Coaches Canada is the nation’s leading provider of advice-only financial planning and money coaching. Sheila Walkington is the Co-Founder and CFO of of MCC. She is also and Co-Author of UNSTUCK: How to Get Ahead Financially and Start Living the Life You Want and Your Money Map: How to Plan and Organize Your Money to Create Your Ideal Life

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