Easy Money Resolutions

With the new year comes many resolutions, the third most common being saving money and spending less. But how many of us actually achieve such goals? Our finance expert Rubina shares some easy money resolutions she promises we'll be able to keep.

Easy Money Resolutions

1. Money-Less Day

Set aside one day a week where you spend no money and don't use your car. It's time to walk, spend time with your loved ones and avoid the mall. It's also a good time to take stock of the week you just had and look forward to the one coming up.

Tips for success: Make it a day where you don't have to work. Also, be flexible with what day you choose -- it doesn't have to be the same day every week.

2. Respect Your Money

Keep your wallet clutter-free, and always know how much cash and what important cards and coupons you have in it.

This will help you avoid unnecessarily taking money out of the bank, and ensure you use any coupons you have in your wallet. You will also think more clearly when you make a purchase because you aren't fishing through reams of receipts and loyalty cards.

Tips for success: Clean out your wallet at least once a month to keep it organized and up-to-date. Throw out old receipts and file what you may need later.

3. Save 5% More

Whatever you are doing right now when it comes to saving, boost it by 5 per cent. This will easily beef up your investment portfolio, and get you saving more.

Tips for success: Once you're comfortable saving this small amount, boost it again, until you are saving your maximum amount without hurting your lifestyle.

4. Start Giving to Charity

Even if its only 5 dollars a month, find a charity you believe in and start donating. Giving it away makes you appreciate your own money, and helps you understand how important each of your donations are when you see the money withdrawn from you account.

Tips for success: Set your donations up to come out of your bank account every month, not from your credit card. You're more likely to actually notice its impact this way.

Find a Money Buddy

Look for someone in a similar financial situation as you, and someone you see often socially, and help each other keep track of spending.

Sharing similar financial goals will keep you accountable, and make saving more fun.

 

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