7 Steps to Save More

by Lee Ann Coates

If one of your New Year’s Resolutions is to SAVE MORE MONEY, read on. For more of this you can go online to www.moneytalknews.

52% of the people polled in A Fidelity Investments survey, listed “saving more” as their top financial resolution.  This is up from 46% of last year.  But, survey respondents admit that sticking to financial goals is harder than other popular resolutions like quitting smoking, exercising more and finding a new job.  Fewer than half of those surveyed managed to accomplish more than 80% of their financial goals for 2012.

1. Setting the right goals is crucial. Get specific on the amount, the date and the purpose.  The more specific you are, the better chance for completion.

2.  Break your goals into easy steps.

3.  Make saving like paying a bill. Additions to your savings account should be like any other regular bill you pay.

4.  Start tracking expenses. Tracking your expenses isn’t just important for budgeting. It is crucial to see where your money is going and how you can save.

5.  Find the money.  Try to make changes. If you know where the money is going, you are in a position to spend less.  For example: if you find you are spending too much eating out, try to cut down in that area. Eat out using coupons, rather than deprive yourself of ever eating out.

6.  Track your progress.  Tracking your goals is important for two reasons: to check up on your goals and to check your progress. 

7.  Reward yourself.  Saving money requires sacrifice, but, don’t forget to give yourself a break along the way.  If you meet your goals for the month, maybe you could treat yourself to a latte!