New year, new you? How about new year, a new financial situation? The start of a fresh new year provides the feeling of a clean slate and an exciting opportunity to change things up.
According to a survey by YouGov, spending less money is third most common New Year’s resolution that American’s make. According to the survey, in total, 42% of women intend to either save money or save more money in the new year, compared to 31% of men.
With saving money being such a popular resolution, here are a few realistic ways you can attain your money goals this year:
- Scope out your year for important money milestones. What is important to you this year? New baby coming? Getting married? Want to take that big Europe trip? These are all important milestones in your life that also come with a price tag. Looking ahead for the year and thinking about what you may have coming up will help you to create a more clear plan for the rest of the year.
- Make clear, concise financial goals for the year. Once you’ve thought about what your year might look like, write down specific, measurable financial goals for yourself.
- Rid yourself of unnecessary payments. The start of the new year is a great time to analyze where your money is going. Whether it’s a magazine subscription you no longer use, or streaming services such as Hulu or Netflix, it is a great time to re-evaluate what is important to you.
- Find balance. Try not to put too much pressure on yourself when it comes to spending money. There are going to be weeks where lots of things come up and you end up spending more money than you would like – and that’s okay! Just make a mental note that next week, you will get back on track.
While these four suggestions aren’t a fool proof plan for saving money this year, they will certainly help you and hold you accountable. Hopefully 2019 is a year of financial success!
(Photo courtesy of Starrett-Lehigh)
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