5 Tips to rejuvenate your 2024 budget

_{By Bromwich+Smith Staff | 605 words | Reading Time: 3 minutes and 33 seconds  | Date: 2024/01/17}

It takes thought and planning to ensure financial stability in 2024. Bromwich+Smith has you covered with 5 simple steps to rejuvenate your 2024 budget.  

1. Learn From The Past 

Have you ever had a budget before? If so, think back to what worked well and what didn’t go as smoothly. Understanding these things will provide important insights on what steps you need to make to have a successful plan this year. Perhaps you forgot about expenses that don't happen every month. Those bills that are paid once a year, or once a quarter need to be accounted for, if its split up in every months budget or if you need to create your budget for more than one month out. Is there a budgeting app that you like, or do you prefer writing things down on paper? Keep what is working for you, you do not need to start from scratch to create a budget! 

2. Understand The Whole Picture 

You need to have a clear picture of your full financial story before you can make progress. This includes knowing who you owe money, when your payments are due, and the terms and conditions of each debt. For example, if you pay off a loan will you incur additional fees? Now look beyond your situation, and look closer at the market. Do you have a mortgage that is coming due this year? Perhaps you rent, talk to your landlord early to understand if there will be any rental increases this year. Stay aware of interest rate increases and the likelihood increases to gas and grocery prices. While these are things you can not control, they will have a direct impact on your money story this year, and it’s important to be ready. 

3. Be Clear 

Decide on your priorities and goals, which are unique to you and your situation. Rank these priorities by importance for 2024. You may see debt repayment as a top priority this year, or perhaps your main goal is to save for post-secondary education or a family vacation. Allocating resources efficiently becomes much easier if you know what is most important.  

4. Make it easy 

We live in a world of smart phones and apps where it is easy to automate payments. Use these tools to avoid missed payments and added fees. Take advantage of these simple steps to make your life easier! If may take some time upfront to set reminders on important notices, or add bills to your online banking, but it will save you stress and added fees. Look to apps that help you track spending, or others that help you save money. There are programs that promote cash back rewards for simple tasks like uploading receipts or completing surveys. There are apps to track flyers and store promotions, and even to tell you where in your city currently has the lowest gas price.  

5. Talk It Out 

We know that it can be hard to talk about finances, but chances are you know someone who is in or has been in the same situation as you are. If we keep our financial story to ourselves, we are not giving others the chance to help us. Speak with a close friend or family member, they may have some great tips! If you are looking for help with debt, make sure to check government programs like the Financial Consumer Agency of Canada or the Office of the Superintendent of Bankruptcy. If you are looking for support on where to start with investments, or saving for retirement, check the Canadian Investment Regulatory Organization who regulates financial advisors.  

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Whatever your situation, there are options and programs to help you get to the next level. Be flexible with your expectations and allow for adjustments as needed. Your situation, as well as economic conditions can change so it’s important to be resilient and adapt to these challenges.  

Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at  1-855-884-9243, Live Chat  or you can request a call back at contact us page. We want to see you flourish!