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Top Five Ways to Save in the New Year

By: Michael Millington


When it comes to the new year, people tend to look at the holiday as an opportunity to start fresh. The mentality to erase bad habits and give yourself a new beginning is almost synonymous with the beginning of a new year. This is why many people take part in the new year tradition of making resolutions. However, resolutions also have a way of fizzling out over time, proposing a major change in your lifestyle without understand how. Here we detail how you can save money in the new year with five easy to follow steps.

 

  • Make Changes to Your Budget

If you have a budget that isn’t helping you save money, pay off debts or achieve any other financial goals, then now is the time to consider altering it to suit your needs. If you can’t do it yourself (or you feel like you need professional assistance) a financial advisor can be indispensable in these situations.

 

  • Assess What’s Important

When dealing with a budget, trying to trim the fat can be a painstaking process. Many things might seem like necessities but they are not. Things like Hulu, Netflix and other forms of subscription services can most always be cheapened or eliminated altogether. Remember that the ultimate goal is to make sure the financial sacrifices you make now can help you achieve financial freedom in the future. Should you follow your revised budget to the letter, you should be able to enjoy some frivolous purchases in the future.

 

  • Open a Savings Account

Not many people can remember what it’s like to save money when they have debt barreling down on them. If there’s always a reason to spend money, the prospect of saving money might seem like a pipe dream. However, you should always have the idea of saving money in the back of your mind. Opening a savings account will give you incentive to save money. Many savings accounts enforce rules that reward saving and penalize spending (or withdrawals). Putting away a small amount each month will quickly grow into a sizeable amount, and can allow you to have another monetary option should you need it.

 

  • Make Solid Financial Goals

Making goals gives you something to strive for. Not unlike a savings account, making financial goals helps to incentivize your financial efforts. While it might be tempting to make grand, sweeping claims about what you’ll do to put yourself in the best possible financial situation, making small and manageable promises with your money is the better, more achievable route to go. Saving your change after each payment, repurposing monthly subscription money towards debt payments, or cutting back costs in small but noticeable ways can all be solid financial goals.

 

  • Stay Committed

Yes, the quintessential new year goal that no one seems to keep for long. Keeping your resolutions is a tough thing when you’re not truly committed to your goals. Knowing that you need to do something doesn’t always help with getting that particular thing done. A great way to remedy this situation is to set a list of things you’ll be able to do once you achieve your goals. Incentive is always a strong motivator, and remembering why you’re doing something will give you the strength to keep going and eventually finish.

 

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