How to Keep Your New Year’s Resolution and Save Money in the New Year

posted: 12/29/16
by: Amanda Mushro
new years

Making New Year's resolutions is easy, but keeping those resolutions is hard. If you have a goal of saving more money, paying down debt, and becoming more financially secure in the New Year, here are a few ways to keep yourself motivated throughout the year.

Set Mini-Goals- Rather than saying "I'm going to pay off all my credit cards and build up my savings this year," create small monthly or weekly goals. These smaller goals are more realistic, help keep you in check, and if you fall behind on one mini-goal, you can easily catch up for the next goal.

Clean Out Your Wallet- Start out the New Year by checking on all the credit cards you have, and reevaluate if you really need each of those cards. Do they carry a high annual fee? Are the rewards worth using the cards? Keep only the cards that have beneficial rewards and the cards you are actually using and get rid of the rest.

Create a Realistic Budget- Prioritize what is important to you and create a budget that is realistic and fits your life. If a summer vacation is on top of your list, then you may need to cut back on eating out. If you're looking to update your home, skip that weekend getaways. Be in control of your money by knowing where you are spending it.

Saving a Little Can Lead Saving Big- Look for small ways to save money, that over time, make a big difference. Then add up the numbers to see the real savings. For instance, how much would you save a year if you made coffee at home rather than purchase it at a coffee shop? If your coffee drink costs around $5 and you buy at least 3 a week, you could save $780 year! That's a lot of cash and caffeine! The same goes for buying bottled water: use reusable bottles instead. Instead of eating out for lunch, add up the savings if you packed your lunch more in the New Year.

Reward Yourself- As you start to successfully hit your goals, reward yourself for sticking to your resolution. However, don't put yourself into debt over this celebration. Consider a vacation at the end of the year or treating yourself to something special if you stick to your goals.