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Common January Budget Categories to Kick Off Financial Wellness Month
Happy New Year! Did you know that January is Financial Wellness Month? As we are coming out of the holiday season and everyone is trying to kickstart New Years Resolutions and get back into a routine, it’s also a good time to establish (or get back into) a financial routine. One way to do that is to make a written January Budget.
Here are some common budget items to consider this month.
1. Gym Memberships
Did you make a New Year’s fitness resolution and purchase a gym membership? Or maybe you purchased one last year but forgot that it deducts from your account every January. If so, make sure you include that in your budget.
2. Higher Heating Costs
I am happy to say that it has been a pretty mild December here in Western New York, but I nearly choked when I got our recent electricity bill. It was the highest it has ever been.
Yes, the cost of everything is going up but it still hurts. I also looked back on December and it was super low.
Did we use less electricity in December? I didn’t look at the numbers closely but I doubt it.
It’s just how we are billed. Some months are estimate months and some months are reading (accurate months). The higher January bill is making up for the estimated December. (They should do a better job at estimating.)
Either way, it’s colder outside and we will be using more heat. So the January to March months are always higher compared to the rest of the year.
3. Christmas Debt
We just came out of the biggest spending month and for a lot of people that additional spending was on credit cards. Now the credit card bills will start rolling in. It’s time to tackle those debts with the debt snowball.
4. Christmas Savings
Want to avoid Christmas debt next January? Then start saving for next Christmas!
If you do have Christmas debt then focus on paying that off as quickly as possible then start your Christmas sinking fund (before next November).
If you don’t have Christmas debt then start your Christmas fund now.
We know Christmas comes each year so start planning now and it won’t be a financial hit next season.
Start tracking your Christmas savings now with the Festive Lights Christmas Planner! Get 50% off your planner with code JAN50.
5. Home Organization
Have you binged watched Get Organized with The Home Edit on Netflix yet? If you haven’t then what are you waiting for?
I am obsessed!
I have a long list of places in this house that need an overhaul.
One of the main things to The Home Edit system is containing all the things – even things within drawers and shelves. That’s going to take some investment in some organizational to do this. Before you go crazy buying all the bins, remove items that you no longer need and get a good understanding on what the space needs and what will fit.
I am slowly growing my collection of clear bins. The Home Edit has their own branded bins at Wal Mart. I have also found that products from iDesign are comparable too.
Here are some other organization items that I have found helpful as well:
Clear Zipper Pouches – these are great for small pieces for things like games, puzzles, crayons, markers (basically anything that your kids love to scatter around the house).
Large Storage Bags – I like these for storing extra blankets in the closet and clothes the kids grew out of that are waiting to be passed down to siblings. They are a lot easier to handle than large plastic bins and fit better on the shelves.
Plastic Organizer Container Box – My oldest daughter has quite the collection of craft items. Beads everywhere! The Perler Beads didn’t have a sturdy place where they were they could be contained so I found these small boxes that have removable dividers. They also work well for Barbie shoes!
Getting Started with your January Budget
Tracking your income and spending each month in all categories is a key component to financial wellness. No month will look exactly the same. Now that you know of some categories that are common for January, start making your budget to set yourself up for financial success for the new year ahead!
Related Articles to Help You With Your January Budget
Make a Budget: 5 Simple Steps to Get Started
How to Set Short Term Financial Goals
Dave Ramsey’s Baby Steps to Financial Peace
