One of your resolutions for the New Year may be to save more money. You hear all the time that having a cushion of some savings is crucial in case of an emergency or so you’re prepared if you or your spouse gets laid off from work. While it’s noble to make this a resolution you may also realize that saving is easier said than done especially after you’ve spent so much money over the holidays. Don’t worry, you can still save. The answer is to start small.
Instead of choosing a monthly amount you want to save that may seem like a lot right now, try a plan where you increase your savings amount each week throughout the year. Begin by saving just 5 or 10 dollars a week for the first month; choose an amount that will not be missed at all from your income. Next month, increase the amount to 10 or 15 dollars per week. If you began at $40 per month ($10 per week to start) and increased by $20 each month, by the end of the year you will have saved $1800, with the largest amount saved in December being $260. For some people, saving $1800 in one year is a lot. Of course, if you earn more and are able to save much more, simply make the starting amount higher and go up by larger increments each month. The key is to ease into saving money and go up by increments that are small enough as to not knock you off track. Good luck!