It’s a cliche, but saving money is one of the most common New Years resolutions, and one of the hardest to keep. Theres a few reasons for this, ranging from unexpected expenses popping up to just really needing that fancy coffee every Monday morning. So if you really want to keep up with this resolution, stick to these tips to maximize your savings in 2023!
- Auto-Deposit a Certain Amount Every Week. Most banks allow you to set up recurring transfers, where you can automatically move money to your savings every week. Theres no better way to stop yourself from spending extra money than it simply not being in your checking account, so set up an amount that you’re comfortable not having available to automatically move to your savings every week.
- Max Out Your 401k Contribution: Just like setting up an automatic transfer, if you have your employer automatically contribute the maximum to your 401k, you won’t be able to spend it. For long term savings, this is the best thing you an do as this money compounds, adding up to a much larger retirement account the sooner you start contributing. If you’re not in a position to contribute the maximum, you should at least contribute the maximum your employer matches (if they offer a match).
- Invest In A Quality Coffee-Maker: We know, this sounds like the opposite of saving to buy a good coffee maker, but if you’re an avid coffee drinker who often goes out for Starbucks or Dunkin, you can actually save a ton of money by buying a machine that motivates you to brew your own. Just make sure stick to the plan and stop buying fancy latte’s!
- Do More DIY: A ton of common projects that you pay professionals for, from simple home repairs to routine auto-maintenance can actually be easier than you think. From painting to changing your own oil, next time you’re about to pick up the phone to hire someone for a home project, do a quick YouTube search first to see if its something you may be able to tackle yourself. You’ll be shocked how quickly the savings add up!
- Learn To Cook: Going to eat and ordering in costs a lot. Even buying fast-food adds up quicker than you might not expect, plus it tends to be less healthy than a home-cooked meal (which can end up costing you a lot more than the cost of the food). One of the best things you can do to save money and be healthier is to learn to cook food that you enjoy. Luckily theres a nearly unlimited amount of cooking content on the internet, so pick a meal you love to order out, and master making it at home! You may be surprised how easy it is!
Another fun way to make you think twice before paying for something frivolous is to put a picture of what you’re saving for in your wallet in a place you’ll see it before pulling out that credit card. Sometimes its the simplest strategies that work best!