As 2017 begins, you may be thinking about what you want to accomplish this year. If saving money is on your list, we think that is a great idea. However, saving money in the New Year is easier than it sounds. If you’ve already started your savings quest, but are looking for ways to give your savings account a boost, here are a few tips.
- Save unexpected money. If you get an extra bonus at work or come into some unexpected cash, use the rule of thirds. Put one-third towards your debt, put one-third into savings, and use the last third to pay for something you want now.
- Ditch your plastic. If you find you don’t have enough willpower to avoid spur-of-the-moment purchases while at the store, switch to paying with cash. Only bring as much as you want to spend that day and leave your cards at home. You’ll only be able to spend a finite amount.
- Pay for your future. Saving for retirement is something everyone should be doing. Experts recommend putting at least 6% of your income towards retirement. If your company offers a retirement plan program, enroll as soon as you can. They might even offer matching contributions.
What are your favorite ways to save money?
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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?