Getting real with your New Year’s Resolutions: Spend less, save more

Before you give up on your New Year’s Resolution to spend less and save more, revisit these seven tips and get back on track.

The holiday season has come and gone, but are you sticking to your New Year’s resolutions? One of the most popular resolutions is to spend less and save more money. Statisticbrain reported a 2014 study conducted by University of Scranton that revealed the top three New Year’s resolutions were

  1. Weight loss
  2. Getting organized
  3. Spend less/save more.

Additionally, only 46 percent of people maintained working on their resolutions past six months.

America Saves Week (February 23-28, 2015) is just in time to help you stay on track. America Saves Week mantra is: Set a Goal. Make a Plan. Save Automatically. Brittany Lyte at Wise Bread offers the following seven ways to help you get on task and turn saving money into a habit:

  1. Set a goal: It is important to write down your goals so that you can take the necessary steps to reach them.
  2. Map out a timeline: Determine how long it will take to meet your goals.
  3. Set benchmarks: Stay on tasks by tracking your goals, break big goals into smaller goals if needed.
  4. Start small: If you are new to saving, start small; consider saving $500 for an emergency fund as your first goal.
  5. Reward yourself: Saving does not mean you are punishing yourself because you are actually paying yourself first. When you reach a milestone, treat yourself (but do not get off track).
  6. Do not let yourself slip: Hold yourself accountable when you do not reach a goal milestone, figure out why, and get back on track.
  7. Snuff out your bad habits: If you are struggling to meet your goals, maybe you should track your spending more carefully. Michigan State University Extension has a spending plan you can use.

So before you give up on your New Year’s Resolution to spend less and save more, revisit these seven tips and get back on track. Additionally, take the America Saves Pledge and take part in the 2015 #imsavingfor Photo Contest. Share a selfie that shows what you are saving for on Facebook, Twitter or Instagram, and enter the contest for a chance to win $500.

Do not forget to take the Financial Health Survey and discover more ways to help you improve your financial health. Happy Saving!

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