Resolving to Save More in the Coming Year
Ah, the New Year. We all make resolutions. And often, we think ahead to what we would like in life. And one of the things many of us wish we had is more money. The good news is that you can get it. But you have to make a resolution to save money this coming year. Here’s how to do it:
- Set a goal to save money in an account every month. Make it a manageable amount. Parse it down so that you do it every week, or twice a month when you get paid. This way it’s not such an overwhelming task.
- Direct deposit. Have the money taken from your paycheck and put into the bank. Or set up a recurring transfer from your checking account into your savings account. This will make it much easier to stick to your goal.
- Re-prioritize. Set your personal finance priorities, and include savings higher on your list.
- Re-do your budget. Create a new budget for the new year. Include the money you set aside as a “necessary” expense.
You will also want to maximize your savings. You can do this by opening an online savings account, or by investing part of the money you set aside in an account, taking advantage of dollar cost averaging.
Tags: dollar-cost-averaging, online-savings-account, Personal Finance, personal-finance-priorities, save-more-new-year, Saving MoneyRelated Stories
POSTED IN: Family finances, Personal Finance, Saving Money
3 opinions for Resolving to Save More in the Coming Year
b5media - You Say You Want a Resolution
Dec 17, 2007 at 10:05 am
[…] At Leadership Turn, we’re reminded that resolutions are just dreams – and for that reason, you should always have resolutions. If you’re searching for suggestions, Home Biz Notes offers guilt free resolutions (mmm, I hope chocolate is involved). And since everyone wants more money in the coming year than they had in the last. Yielding Wealth shares how to make it happen by resolving to save money in a way that is manageable — and doable. […]
Bridget Wright
Dec 17, 2007 at 5:37 pm
I was so glad to see this post today. I was just thinking of, or trying to think of ways to save money and become more efficent in spending. Thanks for this. It was right on time!
miranda
Dec 17, 2007 at 5:42 pm
Glad it helped. Another important thing to remember in the New Year is that there is a big difference between saving money (setting it aside) and spending less (things like clipping coupons, etc.).
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