The PaycheckĀ Blog

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New Year Financial Resolutions: Spend and Save SMARTER!

saving tips smart spending Dec 27, 2023

We're kicking off the New Year with a focus on spending and saving. First up, let's tackle spending. As we approach the year's end, banks send out annual statements that categorize your expenses. It's not the most exciting thing to review, but it's a goldmine for identifying your most significant expenses. In my case, it was an eye-opener to discover that my credit card usage surpassed what I thought was my biggest expense—groceries.

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Applying Pareto's 80/20 rule to Expense Management, I challenge you to identify the top 20% of your expenses that contribute to 80% of your spending. Pick the most substantial spending category and make it a goal to reduce it by at least 30%. Share your findings in the comments below and let's support each other in this money-saving journey. Remember, awareness alone can make a significant impact on your bottom line.

Now, onto our second resolution—saving. Start the year by establishing an Emergency Savings account. Set non-negotiable milestones, like saving one month's worth of Must-Have expenses by the last Friday of March. Use your calendar to track progress and aim to save three months' worth by the end of June, and six months' worth by the end of the year.

To make saving more manageable, break down your goals into weekly contributions. Lower your expenses, sell unused items, or consider increasing your income. I've shared tips on increasing income in a dedicated video—check it out for more insights.

The New Year is an opportunity for reflection and growth. Setting financial goals and taking action is the first step in building lasting wealth. Join me in my next video, and don't forget to check out my free workshop at for more saving and budgeting strategies in under 30 minutes.

Here's to Saving and Spending Smarter in the New Year! 

I'm excited to share not one but two powerful New Year Financial Resolutions that can save you thousands throughout the year. I'm your host, Paula, and I'm here to help you break the paycheck-to-paycheck cycle and live debt-free.

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