Even with the best intentions, it’s easy to realize at the end of the year that you made some financial mistakes over the past 12 months. Fortunately, every new year brings a chance to start again. Don’t face another year of wishing you were making more financial progress than you are. Instead, embrace these financial resolutions for the new year, so you end up in the position you want to be in in the future.

Build a Budget
Building a budget is one of the most impactful things you can do to manage your finances, but it is also a step that a lot of people skip because it sounds too time-consuming. In reality, there are plenty of free financial programs out there that will guide you through the process of building your budget quickly and efficiently. Once you put the time in upfront, your budget will run itself. Keep in mind that the point of a budget isn’t to restrict you financially. Instead, the goal is to give you more control over how you spend your money by making you aware of where you’re spending and how you could better allocate your funds.

Set Your Priorities
To get the most from your money, create a list of short-, medium-, and long-term financial goals. Next, allocate your resources in ways that bring you closer to those goals. For example, imagine that your short-term goal is to travel to a wedding next month and your long-term goal is to buy a new house in the next five years. You can adjust your entertainment budget to get ready for the wedding. After that, you can look into a high-yield savings account for putting aside money for a down payment.

Focus on Debt
While it is common to have some debt, it’s important to remember that the longer you hold onto that debt, the more it costs you. If you’re struggling with debt, look for ways to cut back so you can devote more to paying it off. Alternatively, consider a side hustle for extra income for payments. Focus on paying off accounts with the highest interest first, and resist the temptation to add new debt after you pay off balances.

Are you one of those holiday shoppers who is convinced that you do your best work under pressure? Perhaps you always feel as if the holidays just creep up on you! No matter what, facing the task of last-minute holiday shopping can be stressful—and expensive. However, with a little time and a little planning, you could end up scoring better deals than everyone who finished crossing names off their list back in November. Make your last-minute shopping missions successful and affordable with this advice.

Do Your Research

Even though you’re shopping late in the game, resist the urge to run into a store and grab the first thing you can find. If you have some gifts that you want to get, spend a little time researching pricing in different stores. During the end of the shopping season, stores usually offer their deepest discounts and may have additional incentives, like increased loyalty points or free gift cards with purchase. Spending some time finding the stores with the best deals for the items you want can save you a significant amount of money while allowing you to get exactly what you want for your family and friends.

Take Advantage of Points

The holidays are the perfect time to reap the rewards of loyalty points and other purchasing incentives you’ve built up over the year. Tap into your credit card points or cash back, cash in on loyalty point coupons from your favorite stores, and make use of your cash back from any rebate site memberships you have. These incentives will help you boost your purchasing power without having to dig further into your bank account.

Get Creative

The best holiday gifts come from the heart, so think of using your talents rather than your cash to give holiday gifts that really count. For instance, mixing up a few big batches of your favorite portable foods and presenting them in some nice baskets or decorative bags is a cost-effective way to check off everyone on your list in a small window of time with gifts that feel personal and thoughtful. Tap into your talents instead of your wallet for gifts that your friends and family won’t soon forget.

Holiday shopping always seems like fun at the time, but when the bills start rolling in, things get a lot less festive in a hurry. The good news is that you can still enjoy giving the perfect gifts to your friends and family without the post-holiday financial hangover with a little planning. If you’re ready to break the cycle of holiday feast-then-famine spending, these tips for budget-friendly shopping will help.

Talk About Expectations

It’s easy for kids to get caught up in the season and present you with an impossibly long wish list. This is why talking with them ahead of time about what to expect from gift giving is helpful. Giving kids realistic expectations will take the pressure off of you to deliver a holiday that is out of your price range. It will also help your kids understand more about what giving is about. If you have a large extended family, talk to the adult family members about setting some boundaries. Choose a price limit for gifts that you all adhere to or consider drawing names so that each person only has one gift to buy. Budgeting for the holidays is stressful for most people, so chances are good that your family will appreciate the conversation.

Go for Thoughtful Gifts

You’ve heard the old saying that it is the thought that counts when it comes to gifts. Most people really do appreciate you thinking about them more than they do you buying something expensive. Take the time to think of small, thoughtful gifts that show how well you know the recipient and how much you care about the things that are important to them. These kinds of gifts help you reduce your budget while increasing the impact of your giving. If it is challenging to think of personally significant presents for everyone on your list, homemade gifts are another budget-friendly option to give something that is meaningful rather than costly.

Make a Plan

A surefire way to overspend on your holiday shopping is to start buying things without a plan in mind. Decide what you want to get and how much you’re going to spend in advance. This will help you avoid overspending on unnecessary items. Making a plan is also useful because it lets you shop around for the best prices and keep an eye on sales. The best prices aren’t always found during Black Friday or Cyber Monday events, so be sure to spend a little time monitoring sales to score the perfect deal.

If you’re trying to save a few bucks during the pandemic, you might have thought about starting your own garden in order to reduce your grocery bill. Gardening can be the perfect pandemic activity. It’s relaxing, gets you out of the house for a little while, and if you’ve been furloughed, you’ll have plenty of time to pull weeds. And yes, growing your own food can definitely save you money on groceries—if it’s done the right way. Use the following strategies to ensure your garden doesn’t inadvertently turn into a money pit.

Make your own compost
The soil of your garden is integral to its success. Plants need nutrient-rich soil to develop properly. Unfortunately, if you live in an area where the soil is naturally poor, you could spend a fortune on soil amendments. You can overcome this obstacle by starting your own compost pile.

You’ll notice that some commercially available compost bins are quite expensive. They’re also not necessary. If you happen to have some concrete blocks, you can stack them to create your own compost container. Or, just use a freestanding pile in a corner of your yard. It’s ideal to have your pile consist of 80% carbon (dry, brown stuff like leaves, sawdust, and grass clippings) and 20% nitrogen (green plants, and food scraps like eggshells).

Start from seed
When you first start checking out your options, you’ll notice that you can buy either seeds or young seedlings. Buying pepper, tomato, or other seedlings will cost more than buying a few packets of seeds. Do note, however, that some seed packets cost more than others. Organic varieties are always more expensive. You can reduce your seed expenses by opting for non-organic varieties. Note also that some seeds are for hybrid varieties. If you plan to save the seed from the mature plants to sow next year, you’ll need to choose non-hybrids.

As you can see, gardening can be as expensive or as cheap as you make it. By taking a few shortcuts, you can reduce your start-up costs and still make your garden productive. In a few months, you’ll be harvesting fresh food and trimming your grocery bill.

If you’re like many people, you may have considered getting a side hustle or working a second job—or you’re already doing it. Freelancing in addition to your day job can definitely help you make money, but there are only so many hours in the day. Fortunately, there are other ways to bolster your income. Depending on your current living situation, you might consider renting out a spare room. However, you should only do so after careful consideration. Answer the following questions before deciding.

Is it allowed?
The first question you’ll need to answer is whether you’re allowed to rent out your spare room. If you live in an apartment, you’ll need to check your rental agreement carefully. Even if you think it’s allowed, it’s best to consult your property manager as well, just in case.

If you live in your own home, you’re definitely allowed to rent out a spare room—as long as your homeowners’ association (HOA) allows it. HOAs can place lawful use restrictions on private houses. If you live within an HOA neighborhood, check the Declaration of Covenants, Conditions, and Restrictions (CC & R).

What are the local requirements?
In addition to checking your rental agreement or CC & R, you’ll need to check your local municipal regulations. Pay careful attention to the housing laws to determine if your rental room will meet the requirements. For instance, some cities require rentals to have direct outdoor access or to have a window large enough to be used as an exit in case of fire.

Will the income bump up my tax bracket?
Yes, the income you earn from renting out even just one room in your home is indeed taxable. First, consider how much you might charge your new roommate per month. Then, multiply that figure by 12 to estimate your increase in yearly taxable income. Use that figure to consider whether the income would significantly raise your taxes, and then decide if it’s worth it.

Will I be able to live with a tenant?
There are a lot of disadvantages to being a landlord, such as the possibility that the tenant will be loud, damage the property, refuse to pay the rent on time, or even refuse to leave the property when the rental agreement expires or is violated. When the tenant lives in your home with you, these problems are magnified. The best way to deal with these potential problems is to reduce the risk of them happening. You’ll need to carefully screen potential tenants and interview them extensively to ensure compatibility.

There are definitely many obstacles to renting out a room. Yet, if you can do so successfully, you’ll be able to raise your monthly income without having to take on a second or third job.

Has your financial situation been impacted by the COVID-19 pandemic? If so, you are definitely not alone. Whether you have experienced a change in your job or living situation, it is easy to feel overwhelmed and unsure of what to do to improve your finances. Luckily, there are simple steps you can take to gain better control of your financial situation and make a plan for the future.

1. Know what you need to spend.
It is important to know exactly what you’re spending now so you can figure out what to cut back, save, and plan for your future. Make a list of all of your regular expenses, then determine which expenses are essential. Seeing how much you spend each month as well as how much of that is non-essential can help you feel more comfortable moving forward. This will help ensure that you know which bills must be paid each month to avoid future financial problems. It can also help you see which expenses you can cut down on or cut out completely.

2. Find ways to save.
Now that you’ve listed out your monthly expenses and determined which ones are essential, you can start finding ways to cut back and save money. An easy way to cut back is spending less on ordering takeout or delivery. Instead, make a plan when you go grocery shopping so you can buy foods you’ll be able to use to make meals for yourself and your family. You can also turn to the internet to help you learn how to repair household problems on your own instead of having to spend money on a professional. The internet can also help you develop new hobbies that can help you save money—such as learning how to sew so you can fix up your clothing instead of buying new pieces.

3. Make a financial plan for the future.
When you know what you need to spend each month and start finding ways to cut back on your current expenses, you’re not just helping your current self—you’re also helping your future self. If possible, open a new savings account where you can deposit extra income as it becomes available to you. Even if you’re only saving a little here and there, this can help you create a safety net that can get you into a better spot in the future. You should also keep track of your financial goals, whether they are getting out of debt, building your savings, or making a large purchase such as a car or house in the future. Making a plan that includes goals can help you stay motivated.