The Kitchen Table

New Year, New Savings

By: Megan Oberst

 

The new year is the perfect time for a fresh start. Popular resolutions include signing up for the gym, eating healthier, and our favorite, saving money! While your gym membership might not last (cough cough) we’ve listed a few money saving actions below that will keep your New Year’s resolution going strong.

Extra income on the side -

Savings jar seeming a little low? Consider taking up a side hustle like dog walking, house sitting, babysitting, or another position in your community. Dedicate that income to your savings account and do the savings jig! Nothing wrong with a little extra work for a little extra financial security.

Up your savings from last year -

We get it, you might be a savings master…or are you? Consider bumping up your weekly or monthly savings if last year’s haul was a little too easy for you. Make sure you keep your goal realistic and in tune with what’s best for you. Challenge accepted.

Reorganize your credit card debt -

Take inventory of what you owe on those cards and what your goals are in paying it off. Consider reevaluating what you’re currently putting towards those payments, could you be paying it off quicker? In that case, revaluate your payments while setting additional money aside for yourself. Less debt means more money for you in general and more money to save. It’s a win-win-win.

Dedicate 1 day a week as a “no spend day” -

Gasp! Don’t fret, it can be done. We know everyone has to have their morning lattes and midday lunch run but challenge yourself to ease back at least one day a week. Toss what you’d usually spend that day into your savings account. Just giving up one day of spending will help your savings grow… and your sugar intake decrease (looking at you, mocha lovers).

Add to your 401k -

If you work in an environment that offers a 401k, make sure you take advantage of this easy money saving account. Already have one? Take a look at what you’re putting into your 401k and see if you can amp it up. Dedicating funds from your salary towards a 401k is a great way to secure your retirement future.

There are so many other ways to save. Basically, if you’re committed to a healthy savings plan then you’re on the right path. Decide on your New Year’s saving resolution today and get to it!

*Employees of LPI Loans and our affiliates are not attorneys and LPI Loans DOES NOT provide any legal advice and users of this web site should consult with their own attorney for legal advice.