If you’re like most people, the new year rolled around, and you made a couple of resolutions – possibly related to weight loss, fitness or saving money. But now it's almost February. Have you tossed in the towel yet?
If you think it's a lost cause, I can assure you it's not too late. Sure, maybe I can’t help you lose weight – but saving money? I got you!
Here are five steps to get you moving in the right direction.
- Be specific when setting your goals. Instead of something general like "save money," put an actual dollar amount down. Once you have something tangible, it's easier to visualize your success.
- Name your goal. What are you saving for? An emergency fund? Christmas? A down payment on a home? Put a name on it! Open a savings account and name it. I have a secondary savings account labeled "Christmas." When I look at my accounts online, it helps me remember why I’m saving.
- Break up your goal into manageable bites. Let's say you've decided to save $1,500 by the end of the year. For some people, that might seem insurmountable. But if you start saving on February 15th, you'll only have to save $32.61 each week. All of a sudden, your goal seems much more attainable.
- Set up a direct deposit. It's so much easier to save money if it never reaches your wallet. Arrange to have a set dollar amount or percentage deposited directly into your new savings account. You’ll be amazed at what a difference this one step will make.
- Track your progress. Each month, take stock of what you’ve accomplished. Celebrate your victory, and if you didn’t quite meet your goal – DON’T QUIT! Trust me; I’ve been there. I’ve learned to just reassess and get back on target.
If you’re not sure what you can reasonably save, we're here to help! TTCU has Certified Financial Counselors at all our locations. Stop by and ask about any aspect of your financial life – learning how to budget, achieving your financial goals or just helping you open a new savings account – we have your back.
Now let’s tackle 2019 and make it the year we win!