Each year, millions of people make resolutions for the new year. People resolve, or commit, to change or add something in their lives. Many times resolutions focus on working out or healthy eating. Others are based around attitude or life plans.
At Young Americans Bank, we want you to think about a resolution for saving for 2015. Let’s get started.
First, you need to think about what you want to save for. This is different for all our customers, because each age group focuses on different things. Customers who are 8 to 10 years look to save for some fun toys or new gadget. Many of our 13- and 14-year-old customers like to save for fun clothing or maybe a middle school trip. Our teens like to save for cars or gas money, and our 18-year-olds are generally looking at saving for college. What are you saving for? Tell us below in the comments section.
Second, think about what have you saved in the past. Have you been able to “pay yourself first” like we suggest? This means that every time you receive money, whether it’s a gift or a paycheck, the first thing you do is take a portion — usually 10% — and put it in your savings account. Do you pay yourself first? If not, this might be a great savings goal for 2015. If you already do this, consider increasing the amount you pay yourself, say, to 11% or 12% of each amount of money received.
Finally, think about how else you can save money. Do you spend a lot of money on buying coffee each morning before school? Do you tend to shop for clothing a lot? How might you be able to cut out just one purchase a week to save a little bit more more? Tell us below what purchase you might cut out.
We would love to hear your savings goals for 2015. Be sure to share them with us below!