January Budget Checklist

Ohh, it’s here! It’s finally here! The first day of January, numero uno, day 1 of 31 and 365. We’ve come to the wonderfully satisfying restart, the day where a new day, a new week (remember last year?), a new month and a new year all hang out at the same time. They mingle until they combust into a million little sparks of motivation and manifest into resolutions we intend to see through to habits.

Right off the coattails of Christmas, this New Year jolly disposition is the icing on a perfectly decorated holiday season. It’s a hopeful vision for an equally exciting year ahead.

If you’re like me and have made goals for this year and started charting how to achieve them, you probably have goals set to enrich several categories of your life. If financial is one of them, that’s great! Let’s start the year off on the right foot by setting a realistic budget that fits your income!

Here are a couple things you might want to remember when setting this first month’s budget. Oh, and Happy New Year!

Emergency Fund/Sinking Funds

So…about this category. Did things thin out for you during this past holiday season? Did you find yourself in an emergency situation that claimed your available, earmarked EF (emergency fund) cash? Or did money from sinking funds find their way to Christmas necessities? It happens, I know!

If your EF or important sinking fund are lackluster coming off the holidays, make sure to build them back up by setting aside some income to fill the void. What a better time to be prepared for an exciting but unpredictable year ahead than to kick it off with cash on hand for emergencies or made available for something you’ve been saving for! Boring, I know, but worth it!

Utilities

Assuming you pay for heat and electric (among others), they both might run a little high this next month. It’s the price we pay for pretty lights and a warmed home. Just knowing these figures might be a little higher is better than being thrown off by a pricey bill!

Insurance

This category is broad. Does your auto insurance renew this month like mine does? Maybe you’ll be expecting to pay a bit more or less out of your check for medical/dental/vision/etc now that benefits have restarted for many people.

Renewals

Like insurance does every year, other subscriptions renew once a year. If they renew for you in January, don’t forget about them!

Gas

Students are heading back to campus soon. Make sure to plan for an extra trip and gas to get you there. Also plan for extra gas if you’re celebrating the holidays this month by visiting family or taking advantage of the prolonged Christmas break by taking a quick trip.

Winter Activities

Skiing (cross-country and downhill), snowboarding, skating, sledding, ice-fishing, snowshoeing, snowmobiling, tobogganing. Anything that requires rental or purchased equipment, admission passes, or gas to get there, include that here.

Debt

January is a great time to get focused on your financial goals. For many of us, paying off debt in the new year is at the top of our lists. If that’s you, beef up that debt budget line by allocating anything left over to it. That momentum is addicting, and soon enough you’ll have it all paid off! Good luck, you’ve got it!

What do you like to add to your January budget? Let me know in the comments!

I hope your new year is filled with joy and blessings! Good luck as you set and reach new goals!

Cheers!