Good year! Most people consider at least a few New Years Resolutions, and many seem to be finance related. If you’re among them, here are the top two tips for anyone looking to save more money this year.
Set up a direct debit from a savings account. You can automatically withdraw money from a regular or special savings account. The trick is to forget that the money exists and only live on what is in your checking account. You’ll be saving for that emergency fund, next year’s vacation, future retirement, or whatever you can imagine, in no time.
Budget. This is the step that most people skip because it seems too difficult. But it’s worth it, and honestly, it’s not such a painful process. If you’re not a natural budget planner, use software like Quicken or a free website like mint.com. Having a budget will help you see where you are overspending and it will be easier to see where you can cut back, allowing more money to go into your savings account.
Bonus tip: be patient. Watching your savings grow or a budget start to work takes time, and many people get discouraged when they don’t see immediate results. Time is your friend when it comes to saving. Hang in there and you will reap the rewards!
Here. Two simple tips (and a bonus!) To start 2022 on a solid financial footing.