Tips for Saving Success in the New Year
It's a new year and time to set new savings goals! Start by organizing your files, purging old statements and backing up your financial data. Automating transactions, especially deposits into your SmartyPig savings accounts, wherever possible can have a significant impact on your financial success. Finally, develop a strategy for reaching your savings goals. We've organized a few simple tips to get you going.
Set SMART Goals
Experts suggest keeping a simple acronym in mind when setting goals: SMART. The letters stand for Specific, Measurable, Attainable, Realistic, and Time-bound. Be strategic and clear in your goal-setting, selecting one or just a few areas for improvement. This applies to all areas of life including financial goals. Set milestones for your objectives, as goals that can be tracked are more likely to be achieved. Set reasonable targets but remain ambitious and continue to challenge yourself. Ensure your goals are relevant, given your available resources. Finally, set a deadline and schedule regular reviews to stay on track.
When setting your financial goals for the New Year, consider all aspects of your life, including your family, home, business, and even your debt.
Family planning includes everything from welcoming a child to caretaking for elderly family members. Maybe it's time for a new car, or an additional one if you have a new driver in your family. Consider the costs or sending a kid to college, as well as family trips for summer vacation or to celebrate an anniversary. And it's never too early to start saving for birthday and holiday wish lists.
Maintaining a home is often a pricey endeavor. The New Year may bring a relocation for your family. Whether you are moving across town or across the country, moving is expensive and requires thoughtful planning. The same process applies when building a new home, renovating your current house, or simply upgrading appliances.
2019 may be the year you finally step out on your own so you may need to set aside funds for a new business venture. Maybe you're considering going back to school or adding a professional designation to your resume. Undoubtedly, there will be expenses related to technology, including cell phones, tablets, laptops, and software. Don't forget to keep your eye on the prize and contribute to retirement funds along the way.
The most important goal for the New Year may be reducing debt. From paying down student loans and making extra payments to reduce your mortgage term to recovering from holiday spending and reducing credit card debt, getting out of debt will help you achieve your financial goals even faster.
Teamwork Makes the Dream Work
Join the SmartyPig community on our Facebook and Twitter pages to share your savings goals and learn how other savvy savers have reached their goals. What is your top savings goal for the New Year? What is your best savings advice for other members of the community? Be sure to include #SmartyTips in your comment.
Happy New Year and Happy Saving!