New year budget: How to refresh your finances [Video]

A simple copy and paste of your 2024 budget isn’t enough to help you achieve your goals and maximize your finances for the new year, experts say.

“Things don’t stay the same. Prices keep going up,” said Jessica Morgan, founder of financial literacy site Canadianbudget.ca.

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“You want to go into (the) new year with a new plan,” she said. That means auditing and budgeting.

“First, you have to look back on the year that we’ve just concluded,” she said. “Take a look at your spending for insights.”

Tracking spending patterns in your current budget can provide insight into the coming year. But if you haven’t started tracking everyday spending yet, Morgan suggests going back to review your bank and credit card statements.

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