Tips for saving money in the New Year
Are you wishing you could put aside some money in savings , but you don ’ t know where to begin ? The new year is a great time to put new saving habits into practice . So , here are some tips to help you get started .
Learn to manage your expenses . One of the first steps to start saving money is to figure out how much you spend . It ’ s a great idea to start tracking your expenses , and there are several ways to do it : on pen and paper , or through a digital app . As you track expenses , you will identify categories that may be costing you more than you think , and then you can adjust your expenses accordingly .
Jada McKinion Bank Manager Citizens National Bank ’ s Downtown Banking Center
Break your savings goals into manageable steps . Sometimes the thought of finding any extra money to save seems overwhelming , but it doesn ’ t have to be . If you saved even $ 25 a week , you would have $ 1,300 saved by the end of the year , and you could keep building on that stash going forward . You might also want to consider making transfers from your checking account to a savings account so the habit of saving money can become almost effortless .
Look for ways you can cut out unnecessary expenses . Some easy ways to accomplish this goal would be to consider trimming your cable bill or canceling subscriptions to magazines that you never take the time to read ? It ’ s also important to cancel memberships that automatically renew , but you no longer use . Another great idea is to bring your lunch to work several days a week instead of eating out . You ’ ll be amazed at how quickly the savings can add up .
Shop secondhand . You ’ d be amazed at some of the things you can find in thrift stores , at garage sales , or through online listings . Shopping in this way is sure to stretch your dollars farther .
Clean out your home each season and sell what you can . Just as you enjoy shopping for deals , other people will likely see treasures in some of the items that are going unused at your home . This is just one way you can bring in some additional cash and put it aside for purchases you may have in mind for the future .
Toss your extra cash in a jar or piggy bank . You ’ ll be amazed at how quickly your extra coins can add up . That extra money can come in handy when you need it most .
These are just a few tips you can use to stash some extra cash . Don ’ t let the thought of saving money overwhelm you . Much like any goal , you cannot accomplish it overnight . Simply take steps in the right direction , and before you know it , you will have saved more than you might realize .
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