With the onset of December, people start taking their paper and pens to start scrolling down their long list of resolutions for New Year. Most often it is seen that ‘saving money’ is one among the long list of New Year promises. Although you start saving money in the first month of the New Year, by the second month, your spending skyrockets once again and your savings accounts again become stagnant like before.
As we welcome 2017, most of us have money and personal finances in our brain and if you’re someone who is hoping to make 2017 the ultimate year to boost your savings and build wealth like never before, you have to be dedicated enough. With planning and perfect execution, you can find out some painless ways of saving money. Though there are plethora of options when it comes to saving money, below listed are some of the best that you may follow for a financially prosperous 2017.
- Set yourself a savings goal
Once your hangover from all the champagne that you drank subsides, on the first month of the New Year, set yourself a savings goal for 2017. Make sure your goal is achievable, measurable, timely and realistic at the same time. You may feel extremely ambitious at the very beginning and hence you may end up setting goals which may ultimately be very tough to realize. Therefore, when you decide on some savings goal, think of a benchmark which you could realistically reach in 12 months. Also find a friend who can hold you accountable in case you waver from your goals.
- Follow a strict budget which is frugal at the same time
Maintaining a budget is definitely one of those most efficient tools which you can use for keeping a tab on your personal expenses but unfortunately, 60% of the Americans don’t follow a budget. Americans are famous for sharing a love-hate relationship with budgeting and hence they find easier to keep on spending money. If you draw a budget with a line for savings, you’ll find it easier to look for cash and put it within your bank. When you follow a budget, you can line up your savings and henceforth find easier time in finding cash which you can put in your bank. You can also get a crystal clear picture of where your money is going.
- Automate your savings account
Chances are high that you won’t be disciplined enough to keep aside certain portion of your paycheck every month. Hence, it is definitely necessary for making your savings contribution automatic. Banks usually give free services which transfers a pre-set amount of fund from your checking account to your savings account every month. This will do away with the necessity of you having to remember about saving money. You can even request your HR department to deposit a percentage of your monthly paycheck into the savings account.
- Negotiate prices during situations of buying things
Did you know that it is also possible to negotiate prices in any kind of purchasing situation? Although you may have thought that price negotiation is only meant for bigger purchases like shopping for a car or buying a home, yet it even deals with retail stores and buying online as well. You may watch out for coupons online so that you can easily save money on the discounted deals.
- Contribute more towards your retirement account
Your workplace definitely offers you a retirement account like an IRA or a 401(k) account and it is your duty to contribute money towards this account. Sign up for your 401(k) account and dedicate a part of your earnings automatically to the 401(k) account. In case you’re someone who is below 50 years of age in 2017, you may be allowed to contribute $18,000 a year and if you’re older than 50 years, you get a bigger opportunity to save with a contribution of $6000 or $24,000 in total.
- Don’t forget to go through your credit card statements
If you always had a tendency of not reading your credit card bill statement, you could possibly throw in money to unknown places. Credit card mistakes usually take place more often than you may think. Therefore it is necessary for you to go through your statements as you could save a possible chunk of money by avoiding such mistakes. In case of spotting any error, report immediately to the company as you have 60 days to dispute an incorrect charge.
Are you intrigued by going through the points mentioned above? If answered yes, don’t delay in following them. Make sure you don’t cheat yourself while taking attempts to save money as it is you who will suffer from the great loss.
