Conor Killmurray

DSOs can provide up and coming dental practices with the support behind the scenes they need, and their popularity only continues to grow.

Delaware Valley Management Holdings, Inc., a leading Dental Service Organizations (DSO) in the greater Philadelphia market, supporting 20 dental practices, was 

 by The Beekman Group. The private equity firm that first invested in its establishment.

Louis A. D’Angelo, DMD, partnered with The Beekman Group in May of 2014 to first form the DSO to support the dental group founded by Dr. D’Angelo 

. Delaware Valley Management went on to support the 20 practices under Simply Beautiful Smiles in the New Jersey and Pennsylvania area for non-clinical dental office support and administrative services. The Beekman Group sold Delaware Valley Management to Sun Capital Partners Inc., another private investment firm specializing in buyouts and investments in what it deems as “market-leading” companies.

“The Beekman Group has been a true partner over the last five years. Their experience in building leading dental service organizations and hands-on involvement proved invaluable to our team as we executed on a disciplined acquisition growth plan, expanding from 10 to 20 practices and more than doubling our revenue and cash flow, while maintaining our commitment to support our dentists and staff to provide consistent quality care to our patients. I know Beekman will continue to be successful partnering with owners and entrepreneurs in the lower middle market to grow and professionalize their businesses” Dr. D’Angelo commented on the sale as Delaware Valley Managements CEO and Chief Dental Officer.

DSOs are all across the country and in 2017 

7.4% of US dentists were affliated with DSOs

. The popularity of the orgnizations is in part due to the large amount of debt recent dental graduates incur after school. Without the proper business acumen, doing the books and marketing can lead to time away from patients and ultimaley effect their practice’s bottom line. DSOs can help practices focus on their patients, doing the necessary work to keep the practice growing that wasn’t focused on dental school.

However, there are some dentisits that would rather handle every aspect of their practice on their own and distrust the corporate nature of DSOs. In a previous report from 

 Dr. Dave Preble, senior vice president of the American Dental Association practice institute, voiced concners on DSOs saying, “at no time do we want a world where the making of money, in any aspect of health care — not just dentistry — to be more important than what is truly valued and needed by the patient.”

This acquisition marks a new interest into dental services from the Florida located Sun Capital, but continues the trend of heavy outside investment in Dental groups and DSOs. According to one of their managing directors Jonathan Borell, “Dental service organizations provide essential care within their communities, and we are very excited to be working with Dr. D’Angelo. We’re looking forward to applying our expertise to strengthen this great company and are eager to continue making acquisitions in the dental services space.” At the time of this writing terms of the private transaction were not disclosed.

Articles

Dental Service Organizations are popular with many dental groups across the country, and they're becoming very popular with outside investors. Recently the DSO Delaware Valley Management Holdings, Inc, was sold by the Beekman Group. Marking another shift in the DSO landscape.

DSO Delaware Valley Management Holdings, Inc, Sold by Beekman Group

It's the 42nd annual dental assistant's recognition week, make sure you're recognizing all of your dental assistant's contributions to your practice.

 annual dental assistant’s recognition week

, a week to celebrate all hard-working dental assistants who continuously grow and stretch themselves as leaders in the healthcare profession. This week is celebrated by dental organizations across the country and DSO organizations like 

In honor of Dental Assistants Recognition Week, we here at 

 are listing some of the top reasons why dental assistants are crucial to the success of every dental practice both big and small.

Every patient is different, so no two appointments are the same. During exams, a dental assistant must anticipate the dentist’s every move in order to provide specialized care to each patient. From readying equipment to serving as a second set of hands, the chairside support provided by dental assistants is key to providing the best dentistry possible.

Since most procedures require quality x-rays as a guide, clinicians rely heavily on dental assistants to streamline the x-ray process and produce compliant images. DAs are tasked with operating x-ray equipment while simultaneously interacting with patients. Though this can be a challenge, especially with nervous patients, experienced DAs know exactly how to expedite time spent in the x-ray room.  

Dental assistants are commonly the first line of defense when it comes to educating patients about oral health care. They proactively explain diagnoses and treatment choices, taking the time to answer any questions a patient may have. When patients are armed with the proper information, they are more likely to begin treatment.

Maintaining medical records is a fundamental element of patient care. Dental assistants are responsible for effective and accurate charting, especially during full mouth examinations when dentists call out findings for documentation in patient records. DAs also must ready medical records for dentists to review before each appointment and update charts at the end of every visit.  

Visiting the dentist can be a very stressful experience for 

. DAs are frequently called upon to serve as both skilled clinicians, as well as a source of comfort for distressed patients during difficult exams. By providing compassionate care, dental assistants ensure a smooth and successful visit. 

Dental assistants perform thorough and efficient sterilization of rooms and equipment, cleaning and resetting operatories just in time for the next patient. A regimented sterilization schedule is absolutely essential, particularly in a busy office with back to back appointments. DA’s help coordinate these efforts and keep the practice running smooth and running clean.

These are only some of the reasons why dental assistants are absolutely essential to your, and every other, dental practice. It’s important not only to recognize the value of their role within your organization, but also the value they provide you and the rest of your staff. Without quality dental assistants thousands of patients wouldn’t get the proper high-end dental care they’ve come to expect, and your practice wouldn’t be running at a high end either. So, don’t take just this week to recognize their hard work, make a point to thank them whenever you can.

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This week marks the 42nd annual dental assistant's recognition week, to recognize the continuing efforts of dental assistants in practices across the country. Here are just 6 ways they are crucial to the success of your dental practice every day.   

6 Reasons Why Dental Assistants Are Crucial to the Success of Your Practice

Taking out a loan can be a blessing and a curse, if you aren't making sure you know what you're getting into.

Making the right investments in your practice is key to continued success, but it always requires money, and will often require more than you can feasible pay out of your own pocket. If you can’t afford a new renovation or piece of equipment right away, there are no shortage of loans available to help you close the gap.

Of course, every loan is different. On top of that, your needs are unique, meaning you’ll have to tailor the loan to fit your circumstances. In order to find the loan that best fits your needs, ask yourself these essential questions.

Before you take out a loan, take a good hard look in the mirror. What’s your motivation? Taking out a loan can mark the start of long-term financial success or the end of financial wellbeing as you know it. Any loan you take on should return enough value to your practice that it warrants the interest you’ll accrue as a result. 

Consider whether the loan is for a one-time purchase or a big-ticket item that will stick with you for months or even years. In the case of a one-time purchase, a term loan could make the most sense, but you may also want to consider reworking your budget so you can make the purchase without taking out a loan.

One of the first things a lender will do is try to feel out your potential price range. Before that happens, ensure that you’ve established a hard-stop price range that you’re comfortable with and stick to it — it’ll save you from the pressures of the loan sales process (and from taking on more debt than you can afford). Look at your goals and how the loan will help you achieve them.

Is it a new house, new equipment, some new office space, a car to get to meetings? Find the realistic range you will need a loan to cover, and how much you can pay up front. Having wiggle room in your loan amount is something lenders will most likely look on positively but figuring out your price range and sticking to it is paramount.

When looking at your loan options, look at the interest rates of your potential loan, as this will determine the overall cost of the loan. Furthermore, ask the lender for the loan’s annual percentage rate, or APR. According to 

, a financial website with trusted personal finance studies, loan APRs allow for simplified loan offer comparison by combining fees and interest rates to create a percentage that encompasses all possible payments for the life of the loan.

For example, if the APR of the loan you’re interested in is quoted at 5%, this means all the annual costs spread out across the year come out to 5% of the amount being borrowed. Here’s a straightforward example: If you take out a $10,000 loan with 5% interest and pay it back over an agreed-upon 5-year term, you’ll eventually pay back $11,322.

The term of your loan is the amount of time you have to pay it back, and it differs from one loan to the next. Loans with a longer repayment term are usually tied to bigger loans, and sometimes allow for a lower interest rate, making it ideal for those bigger purchases. 

The length of the loan doesn’t always dictate how you pay it back. Loans with a 10-year term length, for example, can often be paid back sooner. Remember, if you pay off your loan in advance of the term limit, you can avoid the interest you would’ve accrued over that time.

Ultimately, you need to make sure your loan works 

 you!) and fits into your budget. Make sure you aren’t taking out a loan when a bit of budgeting can save you the interest. And before taking the dive into debt, ask yourself why you need a loan, how much money you need, how much it costs, and what the term length will be. These questions can help guide you to the proper loan amount that you are looking for, the right lender, and the right path to financial success.

Dentists Among Highest Student Loan Monthly Debt-to-Income Ratio

Loans are often necessary to help make the next move for your practice and can be beneficial to your personal life. But before you take one out, make sure youâ€™re asking yourself the right questions. 

Questions You Should Ask Before Taking Out a Loan

With so many people not maximizing their vacation time what can you do to make sure you're not one of these people?

Your time outside of the office is just as valuable as your time in it. However, as the world becomes a more connected place, it’s becoming easier for work to intrude on every facet of your life. According to a 

, 70% of professionals admitted that even while on vacation they don’t fully cut themselves off from the office. Furthermore, 51% of people surveyed said they didn’t use all of their vacation days in the previous year.

So, while there’s steps to maximize your work in the office, there needs to be steps to maximize your time off, in order to come back properly refreshed. Here are some helpful tips to make it happen.

Take your vacation and make the OOO notification count 

Most professionals report feeling refreshed after returning from a vacation, but here’s the problem — there are still many people who simply don’t take vacations at all. Avoiding vacation perpetuates feelings of being overwhelmed and disorganized. Many who don’t take vacations report not feeling creative at work too, according to the survey results.

So, a vacation is proven to help but how can you make sure you’re ready to cut ties for a little while? One way is to set realistic expectations for yourself ahead of time. Ensure up front that you’re prepared to honor your own out of office notification. You can do this by scheduling anything you need to post in advance or ask a peer for help covering obligations while you’re away. However, don’t let preparing for your time out of office get in the way of what you have to do in the present. Otherwise, you’ll be backed up no matter what. Manage your time accordingly like any other big project.

Don’t set a bad precedent. Let your colleagues enjoy their time off too

According to the survey, 67% of those surveyed said they would contact colleagues who were out of office about work-related matters. If you’re holding your office mates accountable for checking email while they’re on vacation, you can bet they’ll expect the same of you. Allow your co-workers the same opportunities for self-care that you’re looking for.

If something urgent comes up, make sure you keep your communication with a colleague on vacation to an as-needed minimum. If it was you, you wouldn’t want to be in the loop on everything while you tried to maximize your time off. You can also wait until the end of the day before hitting send, as you might find a way to solve your problem before it becomes absolutely necessary to let your colleague know what you need from them.

Making sure you implement a plan along similar lines will ensure that when you’re out of office you can trust that any emergencies that come up while you’re away can be properly handled. Relieving stress is key and making sure you maximize your vacation the same way you maximize the work day will ensure you come back refreshed and more motivated than ever. 

For more helpful lifestyle tips, read on 

Focusing on self-care while youâ€™re away from work is one of the best ways to maximize productivity both in and out of the office. However, a recent survey found that for many people, avoiding work while on vacation is extremely difficult. Hereâ€™s how you can change that.

Maximizing Your Time Off

Embezzlement can do serious damage to your practice, and no matter how safe you feel, it's best to be prepared. 

 for medical practices across the country every year, and — surprise! – it usually has nothing to do with complicated schemes from outsiders. More often than not, the culprit can be found within the victimized office.  

If that’s not enough to send chills up your spine, consider this: According to the 

2017 HISCOX Embezzlement Study: A report on white collar crime in America

roughly 29% of embezzlement schemes lasted more than five years before anyone noticed. It’s a harrowing statistic and highlights how imperative it is to bake preventative measures into your practice’s business plan.

Here are eight ways you can make sure your practice is secure from embezzlement.

1. Let your employees know you take it seriously

Establishing a zero-tolerance policy for embezzlement and fraud is a great deterrent to anyone who thinks they might be able to catch you “sleeping on the job.” Be transparent with your employees about the measures you’ve taken to prevent embezzlement, as well as the consequences for failure to adhere to any guidelines you’ve set. If you also prepare all financial policies and procedures in writing, everyone will be accountable for understanding the rules.

A culture of zero tolerance is necessary to establish, but it’s never wise to force your employees to live in fear. Show that you genuinely appreciate their work by offering competitive pay, benefits, and maybe throw a party for them once in a while. Cultivating a positive environment will encourage your employees to work their very best and disincentivize attacks on your business.

Make sure you know who you are giving money to. It’s possible that a vendor could be working under an alias in order to take money from your practice right under your nose. Double check their credentials and make sure they don’t have a conflict of interest within your practice.   

4. Create a system of checks and balances

By doing this you will make sure all financial transactions are checked and double checked by multiple people. No one person will control all parts of every transaction, thus spreading out accountability. Sharing the responsibility of protecting your finances will not only put more eyes on the process but relieve everyone from complete oversight over any one process. After all, “Absolute power corrupts absolutely.”

5. Review bank statements at the end of every month

If you haven’t built this into your practice already, it’s a sure-fire way to make sure your financial flow runs smoothly. Reconcile your accounts against the deposits and expenses you noted throughout the month. You can also have a third-party client handle this who isn’t in charge of overseeing your finances or disbursements, in case you want a completely unbiased eye. 

Limit the access to these unprotected funds and keep them in a locked box. Those that have the key must have earned your trust.

Any checks you receive should be recorded and deposited immediately following receipt. Don’t let them linger in a drawer. You can also deface any voided checks as well as mark checks that are already deposited. Keep your blank checks in a locked drawer, and again, entrust the key only to your inner circle employees.

A related party transaction is one between an 

 the party making the transaction, like parents or subsidiaries. In order to avoid ethical issues that can arise, make sure you are operating with a written code of ethics policy that is easily accessible to all employees.

 81% of respondents said that they were already protecting their practice from embezzlement. While this is good news, it also means 19% aren’t. If you fall in this 19% category, you can take eight easy steps to make sure you get safe today.

Embezzlement adds up to $25 billion in annual losses for medical practices across the country, and it's coming from inside the practices. Here's what you need to know to protect your practice.

8 Tips to Help Protect Your Practice Against Embezzlement

With this deal, Mid-Atlantic Dental believes its revenue will hit $100 million now that it has expanded its operations across the country. 

Mid-Atlantic Dental Partners has announced they 

 of Birner Dental, a large dental group also known as 

, across Colorado, New Mexico and Arizona. This marks a major step for Mid-Atlantic, a regional dental support organization (DSO) that is continuing its expanse across the nation. Along with the transaction, an affiliate of 

 will purchase all outstanding shares of Birner Dental for $10.62 in cash.  The entire deal was valued to around $39 million dollars.

This acquisition was finished in spite of an 

 from securities and litigation firm Levi & Korsinsky, LLP into the fairness of the deal on behalf of shareholders. Per their 

, “The Birner Dental merger investigation concerns whether the Board of Birner Dental breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Mid-Atlantic Dental Partners is underpaying for Birner Dental shares, thus unlawfully harming Birner Dental shareholders.” At the time of the completed acquisition there was no mention of this investigation as Briner and Mid-Atlantic continue ahead with their merger.

According to Leigh Feenburg, the company’s chief operating officer, “Mid-Atlantic Dental Partners and Perfect Teeth together make a very strong partnership. Building on the established brand in the region, Mid-Atlantic has the ability to provide needed resources to build and expand the Perfect Teeth brand through significant investments in state-of-the-art technology, our clinical and administrative teams, and the offices. With the focus always on the ultimate patient experience.”

Mid-Atlantic differentiates itself from usual national DSOs and typical DSO models by forming a deep partnership with practices and focusing on partners close to them. They also help with more than just marketing and business administration, providing help with equipment purchases and the latest dental technologies. However, on their site they note that “as a regional company, Mid-Atlantic Dental Partners will be more responsive than national DSOs to the unique local needs of each practice.” The coming months will tell whether a regional company can handle the transition to a larger stage.

According to Marlene Kacy, Vice President for Regional Operations for the Mountain Region, “I am extremely excited about the opportunity for growth of the Perfect Teeth footprint in the southwest and mountain states. This growth will happen thoughtfully, ensuring a first-class team of dentists and hygienists, and a focus on the importance of oral health within a patient’s overall healthcare picture.”

Once the deal is finalized, Birner Dental will change to “Rocky Mountain Dental Services Holdings, LLC,” while the rest of the local locations will continue to use the Perfect Teeth brand. They will then each follow the same model Mid-Atlantic currently follows with its partnerships. Birner will continue to be locally managed in Denver, Colorado, at the time of this writing.

Dental Support Organizations provide crucial marketing and business administration services for many dental practices. As the dental industry grows, many DSOs are looking to expand. In the case of Mid-Atlantic Dental Partners, they're expanding across the country.

Mid-Atlantic Dental Partners Grows its DSO Organization by Acquiring Briner Dental Management Services, Inc.

Credit cards come in all different forms with all kinds of rewards, but there are some specifically tailored for students looking to just start to build their credit. 

It’s an unsettling fact: Dental students have one of the worst 

 when they come out of dental school. Managing that debt can take years and bring on immense stress. But it’s important to remember that student loans are often a necessary part of getting the education it takes to earn a promising career. On the other hand, credit card debt is an entirely different beast — but one that can easily be tamed by those who arm themselves with the right knowledge and tools.

 since the 2008 recession. In order to avoid becoming part of the statistics, it’s important to take precautions with your purchases and find student credit cards that allow you to build your credit on your own time.

, a trusted personal finance research site, put together a list of the best student credit cards available to kick off 2019, and we at 

 are here to help you break down the highlights.

When it comes to the most popular student credit cards, based on user rankings and use from students, the 

Journey® Student Rewards from Capital One® 

cards are considered the top two. To apply for these cards, you only need to have a very limited credit history. Both also offer similar cash back rewards in the 1-2% cash back range, with the 

offering a slightly lower cash back maximum in the form of 1.25%.

However, in order to get the cash back bonus from the 

card you’ll have to spend a total of $1,000 at gas stations and restaurants. With this card you will also get 1% cashback on all purchases, whereas with the 

you will earn 1% cashback on every purchase you make with the card and there is no minimum to get a higher cashback reward.

Both cards are designed to help you start building good credit that will help lay the foundation for a first major purchase, like a new car, house or other loan. Neither card is meant to hold a lot of credit so make sure you pay your credit card bills on time (this is good advice regardless of the type of credit card you have). Additionally, both cards incentivize good credit behavior by offering no annual fee and providing rewards for timely payments.   

 also made their own pick for the best Student Credit card: 

A secured credit card is slightly different from other usual credit cards as it is 

 you make up front, making sure you are building credit right from the start. The 

$200 deposit is refundable and can serve as your spending limit if you are looking for a credit card that won’t have to be used too heavily. 

card special, according to the editors, is it’s $0 annual fee and 1-2% cash back on purchases. Having both of these special items is virtually unheard of for a secured credit card for students, thus making this an ideal card to build credit without having to worry about incurring extra debt.

Like any financial decision, you have to make the credit card you choose work for you. Each situation is unique and thus each credit card is unique. As a student, making sure you don’t add on to your debt should be a major goal, so responsible credit card use should be paramount. And for those with big, scary student loans, read more on 

Credit cards are like a fire they can keep you toasty or get you burned. If you're a student, you can get ahead while minimizing credit debt before it gets out of hand with these student credit cards. 

What Are the Best Credit Cards for Dental Students?

With the new year just starting it's time to look ahead at what goals you want to accomplish, and how you want to accomplish them.

It’s a new year meaning it’s once again time to pick a resolution, a goal that you will try to see out through the entire new year and hopefully complete by its conclusion. However, many of us tend to drop these resolutions before January is even through. This year pick a resolution that has meaningful stakes to it, one that will help you grow as a dentist and grow your own business. Here are a some to consider for this brand-new year.         

You are your most important asset at the end of the day, and you won’t be able to execute your vision without continuing to adapt and learn. By learning something new you can add a tool to your skill set that can increase your practice’s success, and maybe even help with personal growth.

You should also identify areas that you are weakest at and make sure in 2019 you won’t be weak in them any longer. For instance, if you aren’t sure the details of how your own books are run then brush up on your 

. This will provide you with firmer ground where you didn’t have any before.

Take a look at your work load from the past year and find a way to lighten it. You’re surrounded by a talented staff of peers, don’t be afraid to ask for help when you have to. Dentists feel like they have to do it all sometimes, and it’s easy to get lost in that mindset. Be proactive and don’t let your workload reach that point. By delegating you will also be able to have a firmer foundation for your practice as every employee will know their role in executing your vision.

Don’t let yourself get stuck in a bubble of your own creation. Sometimes you do have to bury yourself in work to get it done but come up for air this new year and find out what else is happening in your field. New techniques, new treatments, and new findings are always happening and it’s important to stay up to date with this information as best as possible.

This makes networking not only an invaluable skill for 

 looking for their first dental job, it makes it an invaluable skill for professionals with experience as well. Find the best conferences to attend or utilize your own online presence to connect with peers. Engage in conversations that will challenge you and inform you. You might just find the missing ingredient to make your practice a smashing success this new year.      

Communication is everything. From one on one conversations, to email, to text, and even to twitter, communication is the most important tool you have to build your practice. That’s why it’s not only essential to keep your communication lines open, you need to constantly improve them. For 2019 strive to find ways to better communicate with your staff and patients. Don’t leave your staff guessing as to what they should do, tell them what they need to do and when you need them to do it. Also, make sure they know they can always talk to you no matter the situation. By doing this you can avoid conflict 

 and understand your team better, making working together a joy instead of a headache.

Patients also need to be kept in the loop and know that you are actively looking to help them. Find ways to ensure that your patients are kept up to date with their treatment information as well as changes happening within your practice. Invest in an online portal if you have to or create a monthly newsletter they can follow. With clear lines of communication your practice will continue to run smoothly and address issues efficiently.  

Don’t settle for the same old resolutions in 2019. Identify the goals you want to achieve for you and your practice and make your resolution work towards that. Invest in yourself and your business in order to make 2019 your best year yet.

How to Increase Patient Relationships Through Newsletters

2019 is here, and it's time to pick a resolution you'll hopefully stick with. Instead of something like, I'll finally go back to the gym, why don't you pick something that matters to you and your practice.

Resolutions that Will Help Your Practice this New Year

Everyone has some bad habits, it can't be helped. What can be helped is making sure those bad habits don't take over and pile up on your finances over time.

As we travel through our lives our habits accrue slowly, often without us even noticing. The good ones are invaluable, and often come as the result of good decision making. But the bad ones — let’s face it, we all have them – can really set us back. Our habits – both good and bad – have their way of creeping into our financial lives, for better or worse. Here are some of the most common bad financial habits and how to avoid them.

We all know that “Life Happens,” so sometimes paying bills late is unavoidable. But it becomes a problem when we make it a consistent habit. With today’s technology, we can really limit the occasions when we might have to pay a bill after it’s due. Apps and websites allow us to automate payments, and we can also set up reminders on our phones or online calendars, so we know what day we have to pay our bills. Also, consider paying your bills ahead of time. Paying your credit card as you go or paying off a loan up front saves you the headaches of interest payments, all while allowing you to earn valuable credit.

In the era of one-click shopping, impulse buying has never been easier. While infrequent “retail therapy” can be deeply satisfying, the more often it happens, the more likely we are to put our financial health in jeopardy.

: Bookmark the item that you want in that moment and then wait 30 days before you revisit your potential purchase. If you still have the same want, then go for it. But once you sit on an impulse for a while, your feelings might change. If you 

 your funds, you’ll also have a better understanding of how an impulse purchase can impact the money you’ve allotted for essential items like groceries or healthcare.               

Debt isn’t fun. In fact, for many of us, thinking about our debt might induce a sense of anxiety or panic. This can be especially true for dentists, who have one of the 

. Ignoring the looming debt might make us feel better in the short term, but in the long term it can take a serious toll on our financial health.

Take on your debt in small steps. Break up your loans into manageable monthly payments. If you can see a finish line, no matter how far out, you’ll feel more confident knowing there’s an end to the anxiety-ridden process.

This is another bad habit that’s easy to fall victim to. “Retirement is so far away!” we say, until the day it isn’t. It’s tempting to use your wealth in the here and now, but keeping an eye on the future is just as important. First, decide how you want to live in retirement. Do you want to travel the world in endless vacations now that you have time? Or is a lean retirement more your style? Well, you’re going to need money for both options, so get started today.

Make sure you’re set up with an IRA or 401k, some sort of forced retirement savings that will make sure you have money squirrelled away that will grow over time. You should also include retirement savings into your budget and overall financial plan, freeing you from worries about expenditures that might tank your retirement funds. A basic map to work with will allow you the space to focus on the present and keep your future intact. 

Financial health is often as much a factor of your personal habits and behaviors as physical health. If you can avoid these four financial faux pas, you’ll be in good shape.

What to Believe and Not Believe When Talking About Social Security

Bad financial habits die hard and breaking them takes time and effort. Avoiding these four faux pas can make all the difference.

Four Financial Faux Pas and How to Avoid Them

Budgeting is something that can help you for as long as you want it to, but starting one is always the hardest part.

Budgets tend to be a lot like many of our new year’s resolutions. We talk a big game about them, then as quickly as we built them, they seem to evaporate into thin air.

It might seem inconsequential at first, but as our budgets fade into the rearview mirror, our other financial goals disappear with them. There goes that car we wanted to purchase, or those new upgrades to our office. And what’s worse, the items we wanted to get rid of — the debt that’s constantly looming over our shoulder or the insurance and tax payments that always seem to pop up unexpectedly – well, those have a habit of sticking around.

So, for 2019, let’s get more of the things we want and fewer of the things we don’t. Let’s make a resolution to make a budget, stick to it, and prepare ourselves to handle the obstacles that will try to slow us down.

The fear of beginning something new is normal, so don’t start off too big and put unnecessary pressure on yourself. Write your financial goals down for the next week, then the next month, and repeat until you have a year of goals written out. Incremental steps will make sure you aren’t overwhelmed and help build your big picture forecast from the ground up.

You might also find yourself fretting over the aesthetics and usability of your budget. If you’re design-savvy you can create templates in programs like Excel or Google sheets, but for a more intuitive approach try services like 

, which automate the process. By linking accounts to a service like Mint, you can outsource most of the heavy lifting involved in manual budgeting and track your finances in real time.

There’s a reason they say, “Old habits die hard.” Breaking a routine is challenging, and behaviors you’ve built, no matter how detrimental they might be, take more than changing — they take outgrowing.

In order to stick to your new budget, you will have to outgrow your previous spending habits. You might have to cut back on how many times you eat out, or even change your regular shopping list to reflect what amount you allotted for groceries. However, it doesn’t have to be drastic.

Much like the approach to building your budget, we recommend starting out small and identifying the habits you can live without in the immediate future. Instead of getting your caffeine on the way to work every morning, buy it in bulk and make it at home. Also, consider your 

 before you actually make a grocery list. If you aren’t using an entire item before it expires, downsize or cut that item out. Cutting down like this gives you perspective into where you’re wasting beforehand and allows you to cut off old habits without big repercussions.

 that are cluttering your living space. You can make extra money if you find the right person to buy an item through sites like eBay or Facebook. You can also donate these items to charity, and in the process of doing a good thing for your community you can also receive a receipt to submit as a 

 for a tax write off. Getting rid of old baggage, (literally in some cases) can give you a fresh start as you decide what is truly valuable.

The last and most unpredictable obstacle to starting and sticking to a budget is the unknown. No matter how hard you try you can’t predict the future, and it is more than likely that you will face an emergency that will require dipping into your funds a little deeper than normal. It’s easy to use this as an excuse to avoid budgeting in the first place, but a good budget can also make sure you’re ready for these emergencies by building an emergency fund in the first place. To avoid rocking the boat too heavily, try adding an “unexpected expenses” category to your budget. You can pull or push funds around to accommodate as the year moves on.

Budgeting is all about staying in control in an unpredictable world. It can help you gain a more complete awareness of your spending habits, so you can reign in the ones that don’t align with your current goals. And with a little time, some hard work, and a solid dose of vigilance, the rewards will be yours for the taking.

It's one thing to build a budget, but it's another thing entirely to stick to one. Here are the obstacles standing in the way of better financial health.