New Year’s resolutions come and go. Gyms fill up then gradually empty. The fridge at work is full of leftovers and packed lunches, then not so much. But if you only keep one resolution, make it to save money and work towards a stable financial future!
When it comes to money-saving resolutions, keep it simple:
- $20 Goal: Take money out of your raise and put it in a savings account every payday or set up a direct deposit for automatic savings.
- $10-$20 Goal: Bring your lunch instead of eating out and skip that dinner out to cook at home instead.
- $5 Goal: Make coffee at home and skip the daily morning latte from the coffee shop.
Putting small but consistent amounts in your savings account throughout this year will help you work towards your savings goals. The balance will be small at first, and you might not think it matters. But keep at this over time, and you will sleep better in the future knowing you have a cushion for the unexpected.
If you save $10 a week, you will have saved $520 plus interest at this time next year, and over $1,000 in just 2 years! Doesn’t that sound nice?