How to Create a New Year’s Savings Plan

Happy New Year! 2018 is here, and that means it’s time for new year’s resolutions. What’s the most common one out there? Okay, yes, it’s losing weight, but not far behind is saving money and becoming financially solid. This is also one of the trickiest resolutions to keep for many people. You start off with the best intentions, but before you know it, you’re suddenly having issues making your regular deposits.

The key to sticking with your resolution this year, and starting your savings plan, is largely due to planning and sticking to your guns. Here are some tips to create a New Year’s savings plan, stick to your resolution this year, and before you know it, you’ll be financially solvent this new year!

Create a New Year’s Savings Plan

As you set out to Create a New Year’s savings plan, you’ll need to simply take the right steps. Make a list of your goals, figure out where you can reduce expenses, put money away when you can, and stick to your guns!

Make a List of Your Goals

Establishing a solid savings is a factor of making goals and working towards them. When you set your goals for saving, do it in several levels. Your first is your long-term goal, the ultimate end game you have in mind. Is it financial independence, or is it just a desire to buy something big you’ve had your eye on for awhile?

Then, set smaller goals and mile posts you can pass as you head towards it. These smaller goals should be eminently achievable. For example, how much can you reasonably expect to save per month? Outline that in terms of cumulative goals (that is, $100 in month 1, $200 in month 2, etc.) As you pass these goal posts you’ll feel accomplished and in turn, encouraged to continue.

Cut Back Where You Can

The first step towards saving is to cut expenses wherever you can. It might pain you to forego that supersized latte every morning at the local coffee shop, but that’s an extra five bucks per day, which adds up fast. Cook at home instead of going out to eat. Have friends over instead of going out. Every corner you can cut is an extra few dollars saved.

Put Money Away When You Can

Step one: get in the habit of putting a specific amount of money away every pay. Don’t put undue strain on your finances, but figure out what you can put aside and stick with it. Do it five times and it’ll become habit. Then, any time you come into extra money, put it away instead of spending it. You’ll have the pleasure of watching your savings account grow!

Consolidate Your Debts

Debt consolidation is an outstanding way to open the door to some extra cash. If you can get a debt consolidation loan, your one monthly payment will be less than your many payments now. Call Koster’s Cash Loans for more information about how you can consolidate your debts today!

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