Young Americans Blog

New Year’s Resolution – Start Saving

By: Katie Payer Published: January 2nd, 2014

New Year’s resolutions never seem to last past mid-February (if we’re lucky).  But there’s one resolution that is important enough to last a whole lifetime — saving!  In recent days we’ve seen lots of Christmas money deposited into savings accounts at Young Americans Bank.  We’re thrilled to see that, but it should stop there.  Here are a few steps to keep the savings habit up well into 2014.

Always pay yourself first from any money you receive.

Always pay yourself first from any money you receive.

Pay yourself first.

That means save! Anytime you receive ANY money – whether it’s babysitting money, an allowance, or a birthday check from Grandma, put at least 10% of it straight into your savings account. Use the leftover for other purchases, charity, or more saving.

Set a short-term goal.

How much can you save in 3 months or 6 months by skipping one trip to Starbucks each week? Set a goal of saving an extra $5 or $10 – or whatever works for you – and get a thrill at the end of that time period when you have more in the bank.

Set a long-term goal.

What will you spend your money on in the long-term?

What will you spend your money on in the long-term?

Saving money can sometimes be hard when there’s something you would like to buy right away. However, if you have a long-term goal in mind on what you’ll buy with your savings, it makes the saving part easier. Do you want the new iPad Mini? How about a car? Maybe it’s something like college. Whatever you are saving for in the long-term, write it down and put it where you can see it everyday. That will help you remember why you’re saving — even when you’re tempted to spend.

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