As the new year gets underway, it’s a good time for us to take a look at our finances. Setting some goals for the year is important. Once you’ve created your goals, tracked your spending, and created a budget, you’ll want to focus on savings and money management strategies to help you reach those goals. Here are some strategies that can help you:
Pay yourself first. Put a certain amount of money into savings before you spend anything. Automatic deposit is a great, proven effective way to do this.
Deposit any work bonus, overtime pay or your next raise into savings. Oftentimes people use this money to buy more things or get deeper into debt by buying something else with monthly payments. Decide now to set aside any extra money into savings each payday.
Challenge yourself to save. Have a short-term period (such as a month) during which you make it a game to see how much you can save. Buy nothing unless you really need it. Temporarily cut out movies, dining out or other expenses to jump-start your savings. Perhaps challenge a friend to do this with you.
One free resource that can help you is our financial flyer “9 Ways to Build Your Savings”.
For more helpful tips buying, saving, budgeting, credit and more, visit our financial tips page.
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