The Channel 46

How to create a budget and stick to it in the new year

Determine your income and expenses: The first step to creating a budget is to understand your financial situation. This means figuring out how much money you have coming in and going out each month

Set financial goals: Once you know your income and expenses, it's time to set some financial goals for the year. This could be saving for a down payment on a house, paying off debt, or simply building up your savings

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Track your spending: In order to stick to your budget, you need to keep track of what you're spending your money on. This means recording every purchase you make and comparing it to your budget to see if you're staying on track

Cut unnecessary expenses: If you're finding that you're overspending in certain areas, it may be time to cut back on some non-essential expenses. Look for areas where you can save money, such as by cutting down on dining out or cancelling subscriptions you don't use

Make a plan for unexpected expenses: Life is full of surprises, and it's important to be prepared for unexpected expenses. Set aside some money in your budget for things like car repairs or medical bills so that you're not caught off guard

Review and adjust your budget regularly: Your budget is a living document, so it's important to review it regularly and make adjustments as needed. This will help you stay on track and make sure you're meeting your financial goals