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New Year’s resolutions often include fitness goals. But what about your fiscal fitness? Getting a grip on your finances early in the year will help you get a head start on your savings goals while giving you peace of mind.
Make a Budget
Warm up by setting a realistic budget for the year, beginning with your recurring, fixed expenses like rent, utilities, and car payments. Try to think of as many major expenses as possible and of course, set aside extra for savings and emergencies.
Stretch your imagination as you factor in variable expenses like entertainment, travel, debt reduction, and retirement savings. This is the time to set your spending goals for the year, as well. Consider how you can reward yourself for a job well done throughout the year.
Some experts recommend starting your budget on Saturday. After allocating funds for fixed expenses, pay yourself first, so you have the freedom to have a little fun over the weekend. Plus, it is much easier to save money during the work week!
Build Good Habits
Build your muscles with a balanced training program.
Get started with a little cardio. Planning your approach to saving for a new car or dream vacation will surely get your heart moving.
Move onto some weight training to help you achieve heavier savings goals like a new home, college fund, or wedding. Savvy savers also train to eliminate debt and create adequate emergency funds. Increase your reps by setting up automatic deposits into each savings account, so you maintain focus on your goals throughout the year.
Work out a way to earn the most interest possible. SmartyPig has high-yield savings accounts to help you reach your savings goals even faster! Set up a variety of accounts for your savings goals as well as your planned rewards. A weekly deposit of $20 will quickly add up to more than $1,000 by the end of the year!
Give Yourself a Bonus
The best part of any workout is the cooldown! You’ve been working hard toward your goals, and now it’s time to reward yourself with something fun. Even when you’re focused on saving and paying off debt, it is important to give yourself a little bonus now and then to stay motivated. Whether you splurge on a little shopping trip, a weekend getaway, or a new gadget, you will feel encouraged!
If you pay as much attention to your fiscal fitness as your physical fitness, you’ll be coaching yourself to achieving your savings goals in no time!
SmartyPig Accounts are offered through Sallie Mae Bank, Member FDIC.