Resolving to Save More in the Coming Year
December 17, 2007 by Miranda Marquit
Filed under Finance
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.
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!
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.).