We all know that setting New Year’s resolutions for ourselves is easy, but committing to it and following through with those resolutions is a completely different story. And this is why we need to set realistic and achievable goals. I would like to give you some ideas for easy money-saving New Year’s resolutions that are set to reasonable levels**:**
1. Become debt-free
Let’s start with one of the most important ones. Whether this is a realistic and attainable goal, it really depends on your financial and debt situation. How heavily you are in debt, what type of debt you hold (credit, car loan, mortgage, etc.), your income level, and the interest rates pertaining to your debt can all tell how quickly or how successful you are in becoming debt-free.
It is very often important to start with reducing credit card debt first because it will probably have the highest interest rate. Smaller debts amounts are also good spots to begin so that you build a little confidence by crossing them off your debt list, leaving you to focus on more problematic debt issues.
2. Find ways to generate side income
Increasing your income by earning extra money can be a wonderful financial resolution. In a suffering economy, the peace of mind and supplemental income that comes with a second job or side business can be a great buffer against the stresses of economic strife.
Even an extra hundred dollars a month can be a great way to reach other financial goals like paying down debt, making an extra mortgage payment or starting an emergency fund.
Freelance work, for example, is optimal for those who have a specific skill to offer. But there are also less technical side hustles, like dog walking, to consider. Or just take up on streaming over Youtube and Twitch as it is fairly easy to start off and you can reap big rewards if you become a succesfull streamer.
3. Start an emergency fund
If you don’t have one already, starting an emergency fund can be a good New Year’s resolution. You never know what tomorrow might hold when it comes to your finances, but with an emergency fund, you can face the unknown with a bit more confidence.
4. Invest in your retirement
It’s never too early to start planning for retirement – and these days it’s hard to count on anyone but yourself to do it. Setting aside money for the future, whether in an IRA, 401k, 403b or even just a savings or checking account can start you on the path to a financially secure retirement.
5. Learn to save
Saving money looks pretty easy, but it doesn’t happen overnight. Becoming accustomed to money-saving techniques can be a lengthy and involved process, especially for those of us who haven’t had much experience with it, but a fresh year will give you more energy and help you buckle down and become familiar with the saving process.
6. Build a budget or spending plan
A spending plan allows you to choose what you spend your money on instead of restricting yourself on what you can’t spend. Start by determining your monthly income and then decide what spending categories are most important to you.
Start with necessary expenses that include items such as housing, utilities, groceries and savings. After identifying how much you need for those categories, create others your remaining funds can go toward, such as entertainment and travel.
7. Cook more meals at home
Going and eating out is fun, we all love that. Plus you don't have to wash the dishes afterwards. It's a win-win. But, you have to spend money in order to achieve that. Since we are here to save more money, why don't you try to stay home and cook and eat more meals inside? There are literally thousands of easily accessible delicious recipes via app or on the internet that will not only save you money, but are way healthier than anything you might eat out.
MoneyCoach can help you with all of the above, apart from the cooking part. You can create budgets, set up goals, read on more possibilities on how to make money online and so much more. The New Year is the perfect time to start using an app like MoneyCoach.