As we enter a new year, it is important to set goals and resolutions for ourselves that will help us lead healthier and happier lives. One of the most popular New Year’s resolutions people make is to save more money. This can be both an exciting and daunting journey towards financial independence.
New Year’s resolutions can be difficult to stick to because they require a high degree of self-discipline and commitment. Setting goals at the start of the year is easy, but staying motivated and consistent throughout the year can be a challenge. It takes dedication and hard work to achieve lasting success with any resolution. To keep ourselves on track we must be realistic and consistent with our goals.
Tips for sticking to your New Years resolution:
- Set realistic goals
One of the most important things you can do when setting a New Year’s resolution is to make sure that your goal is realistic. If you set a goal that is impossible to achieve, you are setting yourself up for failure. Instead, focus on setting goals that are achievable and that you can realistically accomplish within the next year.
- Make a plan
Once you have set your goals, it is important to make a plan for how you are going to achieve them. This means breaking your goal down into smaller, more manageable steps. For example, if your goal is to save money, make a budget and come up with ways that you can cut back on your spending.
- Set a deadline
In addition to making a plan, it is also important to set a deadline for yourself. This will help to keep you motivated and on track. For example, if your goal is to save money, you might set a deadline of December 31st in order to have a specific date to work towards.
- Tell others about your goals
One way to increase your chances of success is to tell others about your goals. This will help to hold you accountable and may also provide some motivation. When telling others about your goals, be sure to be specific about what you hope to achieve and by when you hope to achieve it.
- Write it down
Another way to increase your chances of success is to write down your goals. This will help you to keep them at the forefront of your mind and will also provide some motivation. When writing down your goals, be sure to be specific about what you hope to achieve and by when you hope to achieve it.
- Put it in a place where you will see it every day
Once you have written down your goals, it is important to put them in a place where you will see them every day. This could be on your refrigerator, on your bathroom mirror, or in your planner. Seeing your goals every day will help to keep them at the forefront of your mind and will remind you of what you are working towards.
- Make sure your goals are specific
It is also important to make sure that your goals are specific. This means that they should be clearly defined and measurable. For example, rather than setting a goal of “losing weight”, try setting a goal of “losing 10 pounds by June 1st”. This way, you will know exactly what you need to do in order to achieve your goal and you will have a way of measuring your progress along the way
10 New Years Resolution Ideas For Saving Money
1. I will create a budget for the upcoming year
Creating a budget is one of the most important steps in saving money. In fact, I really believe every family should have one. This involves writing down all your income and expenses, so you can get a clear picture of where your money is going. This can help you identify areas where you can cut back and find more money to save.
2. I will cut back on unnecessary spending
Cutting back on unnecessary spending is a great way to save more money. I know it’s easier said than done. I love shopping, so it’s difficult. This includes things like eating out, shopping for clothes and accessories, and other items that you can do without.
We all have expenses that we don’t really need – that gym membership we never use, the cable TV package we never watch, the subscription boxes we can’t live without (but probably can). Take a close look at your spending and see where you can cut back. You may be surprised how much money you’re wasting on things you don’t even care about. I like to make a big list and work from there.
3. I will automate my savings
Automating your savings is a great way to ensure that you are saving money every month. All you have to do is set up an automatic transfer from your checking account to a savings account each month. This way, you will always be adding money to your savings without even having to think about it. You can also set up automatic payments for bills so you’re never late (and incur costly late fees) and put any extra money toward debt repayment or savings goals. Start with a small percentage of your earnings.
4. I will take on a side hustle
Taking on a side hustle is another great way to save money. This could include anything from dog walking, tutoring, freelance writing, or any other job that you can do on the side. This extra income can help put more money towards savings or help pay off any debts you may have.
5. I will open a savings account
Opening a savings account can be a good way to save money for the long-term. A savings account will help you earn interest on your money, so that it can grow over time. Many banks also offer bonus incentives when you open a savings account, so be sure to check around for the best deal.
6. I will invest in quality over quantity
It’s easy to fall into the trap of thinking that more is always better. But when it comes to your wardrobe, for example, that couldn’t be further from the truth. It’s better to have a small closet full of well-made pieces that you love than a huge closet full of cheap clothes that you’ll never wear. The same goes for other areas of your life as well – furniture, kitchen appliances, etc. Investing in quality items that will last will save you money in the long run. I know the initial sticker shock can be unsettling, but it will be worth it!
7. I will stop paying full price
Never pay full price for anything if you don’t have to! There are always deals and discounts available if you know where to look (hello, coupons and sales!). When it comes to big-ticket items like insurance or travel bookings, it pays (literally) to shop around and compare rates before making a purchase. A little bit of effort upfront can save you a lot of money down the road.
8. I will track my progress
Tracking your progress is key to any successful savings plan. This will help you see where your money is going and identify areas where you can save more. Try setting up a budgeting spreadsheet or use an app to track your spending and income each month, so you can easily see how much you are saving—and where. You can also use this to keep track of your goals and stay motivated.
9. I will live below my means
Living below your means is one of the most important rules of budgeting and saving money. This means that you should be spending less than what you earn, so that you can save for the future or pay off any debts. It’s okay to splurge once in a while, but make sure that it’s within your means and budgeted for. Living below your means will help you save more money and put yourself in a better financial position.
10. I will start saving now
The most important rule of all is to start saving now! No matter how small the amount, every little bit counts. Even if you’re not able to save as much as you’d like each month, start by setting aside a few dollars and build up from there. The sooner you start saving, the better off your financial future will be!
New Year’s resolutions can be difficult to stick to, but the payoff is worth it. Taking the time and effort to save money for your future will help you in the long run. Whether you’re looking to pay off debt or build up savings, following these steps can get you on your way to financial success. So don’t wait – take the first step towards your financial goals and start saving now!