After paying your bills and household necessities, he says use your disposable income wisely. Set monthly allowances for entertainment costs, like shopping and dining out. Taylor says the new year is a great time to start saving for your future.
"If you do that several years in a row, you don't notice it as much, but at the end of 4 or 5 years, you've got quite a significant contribution going into your retirement plan," states Garrett Taylor, CFP Client Advisor at Arvest Bank.
Taylor says the new year is also a great time to review your existing insurance policies and shop around for less expensive options.