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Well the New Year is finally here. The month of “resolutions” begins!

At the beginning of every year, I can’t help but notice social media and news outlets fill up with stories about making New Year’s resolutions and what people will do differently. Unfortunately, many set unachievable goals and only end up setting themselves up for failure and disappointment in a few short months.

The trick with any resolution or life change is SMALL steps. Once your mind sees that you can achieve that small step, you’ll be encouraged to make another small step towards your goal.

So what small steps can you do to take control of your finances in 2015? AmeriChoice has put together a 2015 financial challenge for all of the readers of our Cents to Save blog. Each month we’ll post a new step in the challenge. Try out our advice for the month and if you’ve learned something new about yourself and your money by the end of the month, come back for the next small step!

January’s Step: Start tracking your income and expenses.

Every time you make a purchase or your paycheck is deposited into your account, make a note! At the end of the month, look at every purchase.   You will probably see a trend in the way you spend your money.  Grabbing a sandwich at Subway everyday at lunch is sure to add up. You can either record your spending manually, or use one of these great smart phone applications to help you out!

At the end of the month ask yourself these questions…

• How much extraneous spending did I do?
• Am I saving as much money as I could be a month?
• Did any of my spending habits surprise me?
• What are some expenses I could cut out in order to save for future goals?

The first step to being in control of your money is understanding your current financial situation and spending habits. Once you understand the basic income/expense ratio of your household, you’ll be ready to make some changes! See you next month.