Before the ball dropped in Times Square on New Year’s Eve, you probably spent some time thinking about what your New Year’s resolution would be. If you thought about saving more money, you’re not alone. In fact, saving money is one of the most popular New Year’s Resolutions along with living a healthier lifestyle and traveling more.
So now, three months into the New Year, most of us are probably not making as much progress on our goal as we should be – or we’ve forgotten about it altogether. Either way, I’m here to get you back on track! Here are just a few easy ways to start saving money that will motivate you to make those big changes in your spending habits.
- Keep the change: Instead of throwing loose change into the car cup holder, place it in your purse or pocket and add it to a piggy bank or empty jar. Wait until the jar is full and then add up your savings. You’ll be surprised at how much it all adds up to be!
- Go on Autopilot: When you pay your cell phone and credit card bills, budget for your savings just like it’s another bill. Pretend the money isn’t there to be spent and tuck it away in a savings account for when you really need it.
- Stay Motivated: Saving up for a vacation? Print out a picture of your dream destination and place it near your cash or credit card. Each time you reach for the cash you’ll be reminded of your trip and think twice about spending the money.
- Save your receipts: Ask for a receipt every time you spend money, be it twenty cents or twenty dollars. Add up the amount at the end of each day and mark it on a spreadsheet. You’ll be surprised at how much money you spend in one day.
- Don’t spend any money for a year: I really wouldn’t recommend this as it isn’t practical, but this one lady did it and you can read her story and what she learned from it here.
As I mentioned before, it’ll take some larger changes in your spending habits to really make an impact but it’s easy once you get in the habit. Start small, keep motivating yourself, and consider signing up for my class (Who Wants to Be a Millionaire: Personal Financial Management) at the next au pair course to create a personal budget and savings plan that will get you back on track for your New Year’s Resolution!