Start Saving In The New Year

December 16, 2019

With the new year upon us, you may be thinking about your resolutions.  Give the current-and-future versions of yourself a gift and add “Build My Savings” to your list! While this may seem daunting after the busy holiday spending season, there are some simple things you can do to start saving money in the new year.  The FDIC Consumer News compiled the below top five savings ideas that will help you to get started!

1. Talk About Money
   Regardless of where you are in your financial journey, it’s never too early or too late to start talking about saving and managing money.  Even if you are in a good place financially, you might want to reach out to your children or grandchildren to get them thinking about money.  A simple conversation can get you or your loved ones excited about saving! Begin the dialogue by asking what things they could start saving for.

2. Take Small Steps to Start Saving
   You aren’t going to save a large amount of money overnight, unless you’re lucky enough to hit the lottery!  And most wouldn’t recommend waiting around to strike it big.  Set aside a minimal amount on a regular basis to get into the habit of saving.  Once you become comfortable with that small amount, you can increase it as you see fit.

3. Save Money By Protecting Your Money
   You can’t start saving money if you’re losing it through things such as billing errors, duplicate charges, unauthorized charges, or charges in an incorrect amount.  Even if those amounts are small, they could add up! Make a habit of checking your credit card and bank statements regularly. 

4. New Savings Options for People with Disabilities
   May individuals with disabilities have the opportunity to put money in savings accounts that can grow tax-free due to the Achieving a Better Life Experience Act (the ABLE Act).  If you or a loved one qualify and could benefit from money for expenses such as education, housing, transportation, or other types of support this is a great avenue to research.

5. Use Your Tax Refund for Savings
   The new year means a tax refund is in the near future for many.  The IRS allows you to divide your federal tax refund into two or three additional financial accounts.  This is a great avenue to jump start your savings!  For example, you can request part of your refund to go to your checking account for discretionary spending and the remainder can go directly into your savings account. 

 Remember, saving large amounts of money isn’t something that happens overnight and it isn’t always easy.  A little time and effort is all you need to start taking steps towards financial stability.  The future version of yourself will thank you!

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