If you have a resolution this year to save money, we’re here to help. Saving money can be a lot harder than it sounds. We’ll share a few tips to help you save money in 2017.
- Have a specific goal. Instead of just setting a generic goal, like, “Save money for a new car,” instead it needs to be measurable and achievable. Turn your goal into, “Save $5,000 for a new car.”
- Make a budget. In order to save money, you need to stop spending it. Look through your bank transactions for the past few months to see what you’re spending your money on. Then, see where you can make cuts and divert that money into savings.
- Save automatically. If you get a regular paycheck ask your payroll department if you can automatically divert a portion of your paycheck into a specific savings account. You could also see if you can do automatic deposits through your bank.
- Have an emergency fund. To avoid dipping into your savings, start an emergency fund that is earmarked for actual emergencies, like medical bills, big car repairs, home repairs, etc. Experts recommend to start with at least $1,000.
- Reward yourself. As your savings increase, reward yourself when you reach specific milestones, and, of course, when you reach your final goal.
What are your savings goals for 2017?