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Don’t Break the Bank: How to Avoid Common Budgeting Mistakes and Stay on Track in 2024

For many of us, the most "wonderful time of the year" usually ends up being the most expensive.

Keith Huber, OneDigital Retirement Plan Adviser, recently joined the Maryland State Library Agency's LBPD Guest Hour podcast to discuss ways to get back on your feet financially after the holidays so you can face the new year with confidence.

Setting unrealistic goals is one of the biggest pitfalls with a new-year budget. Keith stresses the importance of not trying to change all at once but getting marginally better each month. Budgeting in moderation has been a key to success for many. Not only does revisiting a budget and goals each month help keep it top of mind, but it also allows for ongoing opportunities to reevaluate what is and is not working. Setting a personal challenge—to find $500 additional dollars a month to put away in savings, for example—can make a major difference in an emergency.

The hardest part of maintaining a budget and planning ahead? Knowing where to start.

I think people would be very suprised how simple it can be to just write it down. Be transparent with yourself. I'm thinking very deeply about what I'm spending because I have to write it down and actually tally it up.
- Keith Huber, Retirement Plan Adviser, OneDigital Retirement + Wealth

Keith uses the Microsoft-based product Excel to track his own personal spending but points out that many services exist to help collect and categorize information, including tools provided by credit card companies.

The LBPD (Blind and Print Disabled) Guest Hour podcast was created as part of the Maryland State Library Agency's mission to provide comprehensive library services to the eligible blind and print-disabled residents of the State of Maryland.

Looking for more information on how to create a financial plan that works for you? Read How Financial Planning Can Help Overcome Stress for additional tips.


Investment advice is offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.