We’ve all said it: “This is the year I’m going to start saving money.” But setting financial resolutions can seem intimidating and unrealistic. While many Americans would agree that saving more money is a priority for the new year, implementing the means necessary to reach that resolution can seem daunting. With some diligence, patience, and a few simple steps, everyone can set themselves up for success and start saving money now.

Set smaller goals

Setting a series of smaller, more manageable goals can help to keep your attitude optimistic and upbeat. Set a specific amount that feels feasible to you in a certain amount of time, such as monthly or bi-weekly, and work towards a specific target. Once that goal is reached, you can move on to the next target by increasing the amount of savings and/or the goal. Accomplishing each goal will keep you feeling confident and motivated.

Enroll in automatic deduction

Treat your savings deduction like a monthly bill that must be paid. Set up an automatic transfer from your checking account to your savings account to keep you consistent and on track. You can even break up your deductions into smaller payments that can correspond with your paycheck. Most financial institutions today offer simple and effective online banking features that can be managed easily and efficiently. Before you know it, you’ll be reaching your first target with little to no effort if you start saving money now.

Manage your spending habits

Reducing unnecessary spending is one of the first steps to building a solid savings base. This could simply mean reducing temptation and making buying more difficult. Review your spending habits and pinpoint your weaknesses. If online spending is your downfall, remove your payment methods that allow you to buy with one click of the mouse. Avoid stores that cater to your weaknesses and unsubscribe from websites and apps that announce sales that seem irresistible. Being proactive against temptation may be difficult at first but you’ll soon see the benefits in your savings account balance. A good rule of thumb to limit spending and start saving money is to not buy anything if you can’t pay for it in full. Keep in mind, high-interest credit cards can significantly limit your ability to keep your financial resolutions.

Stick to a budget

Just like any successful business, budgets need to be reviewed often, especially at the end of every year. Creating a personal household budget is not an exception. As situations change, jobs and salaries change, so re-examining your current budget will help you adjust your spending and saving habits. If you find it difficult to stick to a budget, use apps to track your spending. Many banks offer mobile features that help you review your spending on the go and can even notify you when you’ve exceeded your personal limit.   

Save the surprises

If you are lucky enough to attain any unexpected funds such as a tax refund or a bonus or salary increase, consider adding the extra amount to your savings account.

For more information on savings accounts and products or digital banking, contact First Keystone Community Bank at 570-752-3671.