Saving Money: Tips for Keeping Your New Year’s Resolution

Saving more money is a popular New Year’s resolution. It’s also one that’s frequently abandoned before summer. If you’ve resolved to save more this year, what can you do to make the resolution more than just a good intention?  We have four great tips that can help you save money in 2017.

1. Choose a Savings Goal

One of the keys to keeping your resolution is choosing a purposeful savings goal — something more than simply having extra money at your disposal for the unexpected.

For example, many people need a nest egg for retirement to make up for reduced income, so they make living well during the golden years a savings goal. Other examples include saving to buy a home and putting money aside to make a health insurance deductible more affordable. The more purposeful your savings goal, the more inspired you’ll feel to keep it.   

2. Select a Savings Account

After choosing a savings goal, consider which type of savings account would most help you succeed. You may have a regular savings account, but a more specific type of savings could work best.     

If you’re saving for retirement, an Individual Retirement Account (IRA) is a great option. If you’re saving for health care, a Health Savings Account (HSA) is what the doctor ordered. If it’s a home you’re saving for, using a Money Market Account (MMA) that earns daily compounded interest may help you reach the goal faster.

3. Separate “Wants” From “Needs”

Separating financial wants and needs doesn’t mean you should only make need-based purchases. The point is to make pleasure purchases that don’t have a big price tag.

For example, if you drive to work, and your car was totaled in an accident, you need a new work vehicle. But do you need a 400-horsepower engine for the commute? Unless you’re pulling a heavy trailer, probably not. You might also want heated seats in your new automobile, but that pleasure purchase would cost significantly less than a beastly engine.     

4. Don’t Let a Slip Up Make You Give Up

You’re resolved to make low-dollar pleasure purchases, so why are you wearing Italian loafers that cost more than a ticket for The Rolling Stones? Slip-ups happen. You may be a dedicated money saver, but you’re human — and shoes that walk runways in Milan may be your weakness.   

Too often, isolated episodes of straying from New Year’s resolutions make us abandon them.  Remember this: If you have a slip up that makes you feel like giving up, put the episode behind and return to your money saving ways.  

Contact Us Today

Helping people save money is one of our specialties. We offer a variety of savings accounts and financial guidance based on individual needs. To learn how we can help you save more in 2017, call us today at (800) 325-9905, or use our contact form, to schedule a free consultation.

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