In the New Year as you implement resolutions to shed extra weight, and to exercise more it is also ideal that you spend time improving your family finances. Whether you are single, part of a family, or a senior citizen who is retired, using resolutions to keep spending under control is a great way to save and ensure that you have sufficient money in the future. Below we look at the top New Year resolutions you should be making to get your family finances under control in 2019, and the tips and tricks you can use to stick to them over the year.

Save more of your Salary and Pay off debts

Saving a larger portion of your salary will allow you pay off loans, credit card debt and mortgages faster and even help improve your credit rating. With a large portion of people resolving to save up to 50% of their salary in 2019, you can aim to do the same. Writing down your expenses per month whether it is groceries, utility bills and takeout, is the first part of this process as it gives you an idea where you are overspending. Creating a list of expenses will also help you cut out impulse spending on video games or a shawl and thereby increasing the amount you save. Retirees can put in place plans to save money that they get as part of their retirement income or start planning to get a reverse mortgage.

Identify Financial Goals for Your Family

When planning to keep a family finances under control should also ensure your children learn how to save for their future. So set goals for each family member if they are old enough to understand the concept. Teenagers for instance can be encouraged to set up their own goals and thereby be introduced to the concept of saving a portion of their weekly allowance. It is also ideal that children understand the value of earning from odd jobs such as baby sitting after school, and then plan how to save a portion of it. Additionally create financial goals for the whole family to achieve over the year, for example make a budget for a vacation and encourage all to save towards it.

Consult with an Expert or go Online to Get Ideas

Broadening your financial knowledge when it comes to savings and managing money will help you save more. One way of increasing your knowledge is by consulting an expert within your family or a financial adviser. Consulting a financial adviser or reading articles online will give you access to information quickly which you can use to improve your New Year resolutions during the year.

Create A Budget and Save For Emergencies

Creating a budget for family is a complex process as you need to take several views into account, but it is vital if you want to save enough for the future. So after you have created a spreadsheet to track expenses ensure that your spouse or partner and older children help in creating the budget. Putting money into an emergency fund which is accessible by your family should also be part of the budgeting process.

Finally ensure that your New Year resolutions pertaining to finances are flexible and they can be changed over the duration of twelve months. Financial resolutions should also be changed in case you move to a higher paying job during the year.