11 things you can do in January to get your money on track in 2017

If things can january get is on your radar, this short guide cuts through the noise. Here is what is worth knowing, and how to put it to work today.

Key Takeaways

• Advertisement New Year’s resolutions often turn out just like New Year’s Eve , a total flop.
• Or they just kind of fizzle away after a couple of months.
• But if you’re serious about getting a handle on your money in 2017, you can make it happen!  Start 2017 with a new outlook on money If...

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New Year’s resolutions frequently turn out just like New Year’s Eve , a total flop. Or they just kind of fizzle away after a couple of months.

But if you’re serious about getting a handle on your money in 2017, you can make it happen! 

Start 2017 with a new outlook on money

If you made financial goals last year that you never reached, or just had a bad money year in general, don’t dwell on it! 

We all have bad years (or decades!), so get it over it and start shaping your future.

The best way to start is by changing your mindset. Use the month of January to reevaluate your lifestyle, your priorities and your goals , you need to create a new outlook on your money if you want to make real change in your life.

Financial change is all about discipline , implementing sustainable habits that allow you to take control of your money and maintain control over time. And in order to be successful, you don’t want to feel deprived , which is how most people feel when they all of a sudden decide to ‘budget’ or stop spending money on the first day of the new year. 

When you start making changes to improve your financial life, it doesn’t take long to see results , but creating a financially successful lifestyle, that’s more of a marathon than a sprint. 

The idea is to make real, impactful change in your life. And while reaching financial freedom may not happen overnight, each step you take will motivate you even more to keep going , and each change will help you shape a better future for yourself.

And this is so key to keep in mind: saving money isn’t about taking things away , it’s about adding freedom to your life. This freedom is what will allow you to do the things you want to do, when you want to do them , without having to rely on anyone but yourself.

So if you really want to get a handle on your money in 2017, here are some ways to get started and get yourself on track by the end of January!

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11 ways to jumpstart your money resolutions for 2017

1. Get your budget in order

How frequently do you reach the end of the month and realize you spent the money you had planned to save? If that sounds familiar, there’s one simple solution: budgeting.

Regardless of how much money you make, budgeting is the only way to get control of your financial life. And it doesn’t mean you have to deprive yourself or never have fun, it’s just about understanding your money and what’s key to you , both now and in the future.

Once you start paying attention and actually keep track of where your money is going, you can make sure that your spending and saving habits are aligned with your goals. And by putting together a plan now, small changes will seem a lot smaller than if you tried making them all at once in January.

Here’s a step-by-step guide on how to create and maintain a budget in 5 steps.

Once you get your budget sorted out, start making any necessary changes now. That will help you start to develop better habits and you’ll be able to recognize which spending categories need to be tweaked etc.

2. Check your credit reports & start repairing your credit

The only way to improve your financial life is to know what’s going with it, so you can take steps to get back on track. So if you haven’t checked your credit reports in a while, you should go ahead and do that now. Here’s why:

1. Mistakes

There could be errors on your report that you don’t know about , maybe you paid off a bill but your report shows that you didn’t.

You want to find any mistakes as soon as possible , so you can get them fixed and minimize the damage.

2. Old bills you never knew about or forgot about

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Maybe you had a bill from a doctor or a retail store , and you moved, so you never got the bill. Even it’s for a small amount, an old unpaid bill could be damaging your credit without you even realizing it.

If a bill is sent to collections, it stays on your credit report for 7 years , even after you pay it off. It causes less damage to you over time, but it doesn’t go away for 7 years.

So even after you get things together, your credit could still suffer. So the sooner you start paying attention, the sooner you can get your credit on the right track

At AnnualCreditReport.com, you can get a free copy of each of your credit reports once each year. In just a couple minutes, you can see everything that’s going on with your credit. But you can only do this once a year, because doing so more than once per year will ding your credit and cause your score to drop.

You can also monitor your credit for free with a service called Credit Karma, which pulls in your information and gives you a good idea of what’s going on with all your finances and anything that impacts your credit.

This is a good way to keep tabs on everything without pulling your official credit reports.

Here’s a step-by-step guide on how to start improving your credit score.

3. Make an extra payment toward a debt

Do you have any credit card debt or student loans hanging over your head? Those debt obligations can be big obstacles keeping you from reaching your financial goals , and they can cause a lot of added stress to your life! 

While you may not be able to pay off the entire balance, every little bit lets you. Skip a few splurges this month and use that money to pay extra toward your credit card bill or student loan debt. Put the extra money toward whichever debt has the highest interest rate , as that’s the debt that will end up costing you more money over time (the longer it sits there accruing interest, the more you’ll owe).

Paying an extra $100 (or as much as you can) toward debt, instead of wasting it on something you don’t need, will not only reduce your bills come January, but it will also allow you to see some progress before the new year!

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As you get closer to the light at the end of the tunnel, budgeting and saving become a whole lot easier!

4. Make a debt payoff plan

On that note, if you’re facing big credit card debt, you need to make a plan to get it paid off as quickly as you can. The longer that debt sits there, the more it will cost you over time and keep you from reaching your goals. 

Making a plan now can help you prioritize your debt in 2017 and also make it easier for you to stay on track. Get started by taking these steps:

Creating a plan:

• Depending on how much you owe, give yourself a timeline of 3 years or less ,  any longer can make it really difficult to stay on track.  
• Reevaluate your budget so you can put as much money toward your credit card debt as you can ,  while still setting aside money for savings.  
• One general rule of thumb is for every $2 you put toward debt, put $1 into savings ,  until your high-interest debt is completely paid off.

Which card to pay off first

• If you have more than one credit card carrying a balance, start with the card that has the highest interest rate.  
• That one is costing you the most money.  
• Put as much money as you can toward that card each month, while still paying the minimums on the other cards ,  and saving, too.  
• When that card reaches a zero balance, then move on to the card with the next highest interest rate, and so on.

Key note: any time you pay off a card in full, don’t close the account , that will hurt your credit score. Just let it sit at a balance of $0.

Find extra money to put toward debt

Paying off debt, while saving and paying your other bills, can be tough ,  so finding ways to both reduce your expenses and increase your monthly income can be a huge help.

Start with these 23 simple ways to cut costs and save more each month.

Here’s everything to know about debt and how to start paying it off.

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5. Cancel a subscription

If you want to get your money in order , both for the short term and the long term ,  take a look at all of your monthly subscriptions and figure out which ones you don’t really need. Cut at least one. Then next month, cut another one. After a few months, you’ll start to see the difference in your accounts, allowing you to save more and develop better budgeting habits over time. Little expenses can quickly add up, and once you start cutting some out, you’ll free up a lot of extra cash each month that can go toward debt or straight into savings!

Here are a few examples of subscriptions you may be able to live without:

• Gym membership: If you go to the gym every day, you may want to keep your membership. Go to the manager and ask about special offers to decrease what you’re paying. You can also shop around for better prices at other gyms , then take a better cost offer to your current gym and ask for a decrease in your membership fee. Also check out these 8 ways to save on a gym membership.
• Cable: Directv Now is a excellent new alternative that offers a wide variety for only $35 a month. Check it out here.
• Magazine subscription
• Other: Are there any monthly/annual subscriptions (like Netflix or Amazon Prime) that you can cut and share with a friend or someone in your family?

Read more: How to increase your income by reducing expenses

6. Lower a recurring monthly bill

A lot of people don’t realize they can lower their existing monthly bills just by doing a little negotiating. Plus, you may be paying for things every month that you don’t even use or need. You may not notice subscriptions and fees that only cost a few bucks, but when you start paying attention, you may realize that those little costs add up to a lot of money each month!

On top of that, you could be paying way too much for things like car insurance, home insurance or your monthly cell phone plan. By re-shopping your rates and looking for better deals and plans, you may be able to save hundreds of dollars each month.

Here’s a look at some bills you may be able to drastically reduce.

7. Increase your 401(k) contributions to save more in 2017

The first of the year is a excellent time to reassess your retirement accounts, no matter how old you are, to make sure you’re on track. By increasing contributions now, you can start the new year with more money going directly i

Final Thoughts

The bottom line: a little research on things can january get goes a long way. Compare your options, watch for seasonal offers, and never pay full price when a better deal is one click away.

Originally published at clark.com.