As 2019 comes to a close, many of us are looking forward to a brand new year. Maybe it's because with each New Year comes a clean slate and exciting opportunities to make changes for the better. That's an amazing feeling!
The New Year is also a chance to get off to a fresh start with your finances. If you want to get back on track with your money goals, follow our tips to Save Better in 2020:
Get specific
First things first, you need to know why you're saving. Think about what you want to accomplish in the upcoming year. Do you want to build your emergency fund? Travel? Get a new car? Buy a home? Send a child to college? Save for retirement? No matter what important goal you're working towards, the first step is to identify it and put it in writing. Place this note where you'll see it daily, like your desk or bathroom mirror. Keeping your goal top of mind will help motivate you to stay on track!
Pay yourself first
If you want to make saving a priority in the New Year, one strategy is to pay yourself first. This means that as soon as you receive your paycheck, you set aside a portion of your income to your savings. By making saving the first and most important “bill" of the month instead of an afterthought, you'll be more likely to meet your goal.
Put your savings on autopilot
When it comes to saving money, consistency is key. Try setting up automatic, recurring transfers from your checking account into a savings or investment account on a schedule that works for you. This way, you'll build up your savings without even thinking about it!
Cut out unnecessary subscriptions
The New Year is a good time to take stock of the subscriptions and services you're using, and most importantly, the ones you aren't using. Check your monthly statements for any recurring monthly charges you could trim. Freeing up this money is sure to help you reach your savings goals faster.
Save on groceries by meal planning
Weekly meal planning is a smart way to save money and time. Sit down at the start of each week and plan out a menu for each meal, leaving room for leftovers. Write down what you'll need and head to the grocery store. With a list in hand, you'll avoid buying food you don't need and reduce your grocery bill. One study found that cooking at home saves about $16 per meal on average—that's $832 a year if you replace one meal out with one at home!
Ready to embrace a “New Year, New You" attitude about money? Wright-Patt Credit Union has you covered with helpful tools and resources that will make it easier to Save Better all year long! Visit a Member Center to talk with a financial coach and find out how to make the most of your hard-earned money.