Resolving to Save Money | Cleveland Bradley County Teachers Federal Credit Union

Do you make New Year’s resolutions? It is safe to say we all try to set some goals and build some dreams for how the new year is going to go, but how often do you make a resolution and keep it?

Saving more money, or starting to save money, is a common resolution that many people make. It can also be one of the hardest resolutions to actually keep. Even when you start the year off strong, finding ways to sustain your savings is challenging.

It can be done, though! When you create your financial goals with sustainability in mind, you won’t just start strong—you will create a strong financial future that lasts year after year.

Make the Right Resolution

Making resolutions is a great time to dream about where you want to be in a year, but you need to make the right resolutions in order to truly change your habits. Starting small is the best way to create lasting change.

If you don’t already have one, start your new year by creating a budget. The best budget is one you will use, so do your research and choose something that will be simple for you to interact with. Check into apps for your phone, too—you want your budget to be at your fingertips all the time in order to continually maintain it.

Another easy-to-maintain resolution is saving more money, at least it is easy to maintain when you do it the right way. Starting small is again the best way to go. Every dollar you set aside for the future will add up.

Establishing a regular direct deposit into a savings account is the best way to build your savings with very little effort. Set an amount that feels very sustainable to you even if your regular income sees a dip.

Stick to It

Making the right resolutions is the best way to start creating habits that will build a better financial future. Making them is one thing—you still have to stick to them.

Did you know it takes 21 days to create a new habit? If you are able to stick to your resolutions for at least three weeks, you will be far more likely to keep them long term.

Find ways that will encourage you to stick to your commitments. Chat with your bank about the best options for savings accounts and direct deposits.

You should also take a look at your credit score and establish some ways to start paying down some of your debts. Remember to take this slow, just like with your other resolutions. Trying to pay something too quickly can cause more harm than good. Don’t forget you still have to pay your electric bill after all.

Often when we think about saving more money, we look at what we have to cut out of our day to day. Some cuts can certainly help, but in order to truly change your financial future you need to make sustainable changes—and changes that will build over time.

So, spend time dreaming as you make your resolutions, and then identify real ways you can make long-term changes. Talk with your bank, look at your credit and add automatic ways to pay down your debt while building your savings.

Ready to build more savings? Contact us to get started.