Happy New Year! If you, like so many other people, are looking to save money this coming year, I have come up with a list of money saving resolutions that you might want to adopt starting this January. This list is for you to pick and choose from. They may not all apply to where you are in your financial journey right now, and even if many of them did, I wouldn’t suggest that you try take on too many changes all at once. In fact, if you want to tackle quite a few of them this year, I recommend that you take on a few now and get used to the change, and then maybe adopt a few more changes one at a time as the year goes by, depending on how motivated and ambitious you are feeling. So here they are (in no particular order). I hope you find a few that may be helpful to your own situation. 1. Max out your retirement contributions (401K, Roth IRA). 3. Write down what your short term, medium term, and long term savings goals are, and devise a plan to start saving for them. 5. Go through all your monthly bills (especially those online subscriptions for TV/music/gaming, etc.) and cancel what you really don’t need. Call others to ask for reduced rates. 6. Slash your grocery bills as much as possible. Make it a challenge! See Auntie Victoria's Money saving Grocery Shopping Tips 7. Pay off your debt and stop charging things! 8. Stop buying new clothes. You probably already have more than enough to live on for the year. (live with what you have and/or shop thrift shops or resale sites). 9.Resolve to use free entertainment as much as possible this year. 10. Get a library card and start using it (this will help with #9 as well (free books/movies/events, etc) 11. If you have a mortgage, make a plan to prepay it off as quickly as possible. Start making extra payments towards the principle every month. (this will save you a ton in interest payments!). 12. Start keeping track of all your spending (get a little notebook to track it daily). Add it all up (into categories) at the end of each month. 13. Start thinking of your upcoming expenses ahead of time (i.e start saving for next December’s holiday season now). 14. Along the lines of the above: Start a “car account” to always be saving up for your next car (automatically, of course), see tip #2). See No Loan Auto Ownership 15.Stop buying drinks. Make coffee at home, drink tap water (get reusable travel containers). Just stop drinking other (sugary) drinks. See One Thing to Stop Wasting Money On 16. Do a no-spend month challenge. 17. Cut the cable. There are plenty of ways these days to watch TV at little or no cost. 18. Break a (costly) habit. Even a small spending habit that you give up can add up over time (a $1.50 candy bar bought each day would add up to $45.00/month… or $547.50/year! 19. Cook and eat more of your meals at home (can you do a “no restaurant” year?) Or at least a month? 20. If you have kids, start saving for their education now. Don’t be overwhelmed. I don’t mean for you do this all at once. Just pick one, (or a few) and go for it! Any step in the right direction is a good one to get you started on your journey to financial success! Wishing you all a very happy, healthy prosperous New Year and, of course a very bright future!
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