New Year’s resolutions never seem to last past mid-February (if we’re lucky). But there’s one resolution that is important enough to last a whole lifetime — saving! In recent days we’ve seen lots of Christmas money deposited into savings accounts at Young Americans Bank. We’re thrilled to see that, but it should stop there. Here are a few steps to keep the savings habit up well into 2014.
Pay yourself first.
That means save! Anytime you receive ANY money – whether it’s babysitting money, an allowance, or a birthday check from Grandma, put at least 10% of it straight into your savings account. Use the leftover for other purchases, charity, or more saving.
Set a short-term goal.
How much can you save in 3 months or 6 months by skipping one trip to Starbucks each week? Set a goal of saving an extra $5 or $10 – or whatever works for you – and get a thrill at the end of that time period when you have more in the bank.
Set a long-term goal.
Saving money can sometimes be hard when there’s something you would like to buy right away. However, if you have a long-term goal in mind on what you’ll buy with your savings, it makes the saving part easier. Do you want the new iPad Mini? How about a car? Maybe it’s something like college. Whatever you are saving for in the long-term, write it down and put it where you can see it everyday. That will help you remember why you’re saving — even when you’re tempted to spend.