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How to Get On Top of Your Finances

A young couple sitting on a couch looking at a budget and using a smart phone.

The beginning of a new year is the perfect time to take stock of your life, including taking a look at finances for the coming year. Budgeting and finances probably don’t, by themselves, sound like your idea of an appealing new year activity. But staying on top of your finances so you can go out into town (or even out of the Western New York area), spend wisely, and have fun without stressing about your bank account! Learn some simple but effective principles for getting and staying on top of your finances in today’s Luxury Apts WNY Blog post, and remember we offer online payments to make your life easier when you live in our apartment community.

Keep track of your income.

Knowing exactly how much money you have to work with each month automatically puts you in the proper mindset for spending wisely. It’s easy to know that tomorrow is payday and hope that your expenses and bills go through, but it’s also easy (and better for you) to check your bank account and know that you can spend confidently. Knowing where you’re at is just as important as knowing where you want to be!

Know where every dollar is going.

As you start to form your financial goals, you should start a plan for getting there. Develop that plan by giving every dollar in your bank account a name. Nowadays we have plenty of resources at our fingertips for keeping track of finances. Mint is a great budgeting app to see what’s normal for your current habits, to check your credit score and investments, and to practice easy budgeting. GottaBeMobile suggests this and 12 other best budgeting apps you can use.

Pay off your debts.

This is often easier said than done, but paying off your debts is an important step to staying fiscally responsible and to set yourself up for a better financial future. Make it a goal to pay these off as quickly as you can; use this handy debt snowball calculator to plan how to do it. The longer you’re in debt, the more you’ll have to pay in the long run, especially if you have debts that accrue interest. Plus, the freedom of being debt-free is one that will take a lot of stress off your shoulders. Prioritize that. You deserve it!

Create an emergency fund.

Start your saving habits by first starting an emergency fund. Hard times do come, unfortunately, but you don’t have to be caught completely off guard. Dave Ramsey suggests creating a fund of 3 to 6 months’ worth of emergency savings. This may take a while, but do what you can every month so you can reach this goal. You never know when it could come in handy.


Saving is important for your short- and long-term goals. Get in the habit of saving so you’re constantly working for something good — whether that’s a car or even a nice pair of shoes! Saving also teaches you to value each dollar. It’s easier to be responsible with your money in your day-to-day purchases when you know how hard you’ve worked for it!

What are your best budgeting tips? Let the rest of the apartment community know by leaving a comment. We hope these tips help!