Is saving money your New Year’s resolution? Here’s tips to make ends meet
LOUISVILLE, Ky. (WAVE) - We’ve all heard it before. The saying goes, ‘new year, new you’. Sometimes getting started is the hardest part, especially when it comes to saving money.
It can be daunting, but there are tips for those who wish to save up more cash in the new year.
The number one piece of advice from financial experts is to set up an auto savings account. Just go to your bank and they can set this up in a matter of minutes.
You can choose how much money you want taken out of your paycheck automatically and transferred into your savings account every pay period. You’ll start saving money this way while consciously cutting back other ways.
Another big way to save is at the grocery store. A family of four spends about 600 dollars a month on groceries, which can be a lot. You can cut back by making a list and sticking to it.
You can also try grocery pick up. That way you won’t be tempted to grab extra food if you aren’t in the actual store.
You can also save money by tweaking your energy costs. Try taking shorter showers, washing your clothes in cold water, even installing dimmer switches on your lights, and using LED lightbulbs.
It's also a great time to use weather stripping on your windows to keep the warm air in, and cut down on your monthly bill.
Knowing where your money is going is half the battle.
“When we look at where our money is going, suddenly it gives us the freedom to know, oh, this is actually how much money I have," Chris Burns, Dynamic Money financial expert said. “Maybe I need to cut back on this over here if I want to spend more on gifts.”
You can also cut back when it comes to entertainment and things you don’t necessarily need. Cancel any memberships or services, especially if you’re using multiple ones like Netflix, Disney Plus, and Hulu.
Also, make sure to turn off the auto-renew button before making, or cancelling, any purchases.
If shopping online gets you in trouble, unsubscribe from emails from your favorite stores. That will help eliminate any temptation.
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