Happy New Year!
Around the world, there are many traditions to ring in the new year and to invite good luck in the next 365 days. From eating 12 grapes for each clock chime at midnight (Spain) to opening every door and window in your home (Ireland) to walking around your house with an empty suitcase (Central and Latin America), each tradition is hoping for good fortune in the following year.
If you have struggled in 2023 with your finances, I recommend that your New Year’s tradition be to make a plan to reduce your expenditures in 2024. If you haven’t been tracking every dollar you spend, you may be surprised by how much your monthly grocery expenditure increased in 2023. The budgeted amount for other expenses may have to be reduced to reach your financial goals.
Plan to concentrate on reducing one expense every month in 2024.
January – Reach out to your cable/internet provider to see if you can reduce your services to lower your monthly bill.
February – Review your insurance premiums and shop around to see if you can get a better rate.
March – Plan ahead for low-cost/free activities to entertain the kids during March break.
April – File your taxes early so you continue to receive any benefits you are entitled to.
May – Cancel one streaming service and sign up for a library card for free movies and books.
June – Plan to walk to work instead of driving or using public transportation.
Breaking the financial goals down to one per month will be less overwhelming and provide momentum for the next month when achieved.
From all of us at Taylor Leibow Inc., we wish you health and financial stability in 2024!
By Kathy Lenart – Insolvency Partner, Licensed Insolvency Trustee
CPA, CA, CIRP
Canadian Association of Insolvency and Restructuring Professionals (CAIRP)
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