Start the New Year with Tips from Financial Experts
Making smart financial decisions in the new year doesn’t have to be complicated. If you’re like many Americans, all you have to do is narrow your habits to a few key areas – or maybe just one important area – and focus on growth where it makes the biggest difference in your life.
1. Stop Scrolling for Unnecessary Purchases in Bed
Do you scroll eye candy on your phone or tablet at 3 a.m.? One Ramsey Solutions report noted that a full two-thirds of impulse purchases happen when people are scrolling their smartphones in bed. It’s a small habit that can lead to unfavorable results, considering that more than half of people in this country already have debt on their credit cards.
Start the new year with your phone turned off and safely on the table next to you, not in your hand. This little habit is also better for your sleep, since studies have shown that the glare of blue light from screens can be detrimental to people’s ability to get a good night’s rest. No phone in bed is a win-win for both your budget and your well-being!
2. Avoid Loading Financial Info onto Shopping Apps
Perhaps your new year’s resolutions should include removing one or two shopping apps from your phone.
This is yet another area where companies are making it way too easy for us to buy things we don’t need. The good news is you have control over whether shopping apps are occupying outsized space and attention on your screens. If you find them helpful and only use them sparingly – great! Just be aware if you take after the countless consumers buying things they don’t need because of the easy access to goods they have on their phones or tablets.
3. Don’t Become a Target of Financial Fraud
Are you already doing ok financially? You know the saying: more money, more problems. Having a little extra dough is the best kind of problem to have. If that’s where you are headed in the new year, know that it does introduce risks that didn’t formally exist. For one thing, it may make you a target of scammers trying to get that money from you, whether through fraud or by conning you out of it. If you think you’re too smart to be conned, keep in mind that there were 2.6 million reported cons in 2023, costing consumers some $10 billion.
Protect yourself by reading up on fairly easy ways to avoid becoming a target of fraud yourself, as well as common tactics that scammers use to steal people’s money. Making even one small adjustment to your money habits could save you grief and dollars.
4. Don’t Spend Too Much Household Income on Rent
One way renters get stuck in cycles of debt is by renting beyond their means. That doesn’t mean you should pack up the moment you lose a job or if paychecks are smaller this month. But it is something to keep an eye on. The conventional wisdom is that households should only be spending thirty percent or less of their total income on rent. Therefore, if a married couple is bringing in $4,000 a month, their rent should be no more than $1,200.
It’s a helpful rule of thumb that could lead some folks to relocate – either to a better-priced apartment or to a new town where their dollars get them more floor space. Mortgages have been high lately, making homes unaffordable for more people. Some housing experts predict a renters market in 2025, in part due to restricted home availability, but also thanks to a broader availability of units for rent. These factors vary greatly depending on where you live, and that difference may be an incentive for families looking for cheaper housing in the new year.
5. Shop Using Prepaid Debit Card from CCEA Currency Exchange
Finally, using a prepaid debit card can be a stepping stone toward smarter shopping for folks struggling with credit card debt or overspending in general. You can pick up a prepaid debit card and load cash onto it at a local Currency Exchange at any time. While you’re there, be sure to ask about the many other convenient auto-related and financial services you can take care of under one roof.
Start your year on solid financial footing and stop by your nearest Community Currency Exchange (CCEA) today!

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