Happy New Year: 5 Money Saving Goals for 2018
Happy New Year! You’ve set your New Year’s resolutions for your fitness and your career, why not make some New Year’s savings goals for the next 365 days? In this article, we’ve got 5 practical money saving goals for 2018.
Save Your Pennies…And dimes and Nickels
The easiest way to start saving money is to start a change jar. Just grab a jar or any other large container, set it near where you hang your keys and keep your mail, and commit to putting all of your extra change in it every day next year. Most people never use their spare change anyway, and it falls between couch cushions or under car seats. That change is untapped savings potential that you can put to work just by collecting it all in a single place. If you have trouble remembering to add your change to the change jar, setting a tangible savings goal like a trip might help. Just think, by December of next year, you might have enough cash saved in just change to buy a round trip plane ticket or a hotel stay.
Save Cash from Every Paycheck
If you’re living on a tight budget or even paycheck to paycheck, putting money away from each check might seem like a daunting prospect. However, if you can make a New Year’s resolution to put even $20 in savings from each paycheck, you’ll be surprised how quickly that money adds up. By the end of the year, you’ll have saved nearly $500. Saving money will give you an option to fall back on if you find yourself with unexpected expenses, and if you don’t, it’ll give you some extra cash to put towards a trip or large purchase.
Save Your Tax Refund
Most people wait all year for their tax refund only to blow that money on clothes, electronics, or vacations. If you can make a New Year’s resolution to put your entire tax refund into your savings account, your future self will thank you. Putting your tax refund into your savings can boost it from $500 to $1,000 or more, giving you a rainy day or emergency fund just in case. This year, make your budget without your tax refund included, so it’ll be easier to live without that money when it comes.
Save with Round-Up Apps
Another easy way to save money is to use one of the many round-up apps that are out there. Apps like Qapital and Acorns access your bank account and round each purchase up to the nearest dollar. The difference is then invested into stocks at a risk level of your choice so that you’re not only saving, but also earning. Even if you’re only saving a handful of change at a time, this money adds up quickly and earns on itself, so by December of next year, your New Year’s resolution to save money using round-up apps will pay off tenfold.
Save for Retirement
It might seem silly right now to start saving for your retirement in your teens, 20s, or 30s, but if you take a step back and look at the big picture, the earlier you can start saving, the better. You can save with a Roth IRA or employer retirement savings plan. Those who start saving for retirement early in life can double or triple their retirement savings form what if would be if they started saving later. Once you reach your golden years, you’ll be thankful that you made the New Year’s resolution to start saving for retirement as early as you did.
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