It probably won’t come as a surprise that the two most common New Year’s financial resolutions are to save more money… and to spend less.
And it also should come as no surprise that most New Year’s resolutions have been abandoned by Valentine’s Day – if not sooner!
So I thought this would be a great time to give you some tips to help you stick with it.
Let’s start with tips for spending less money because if you don’t spend less, it’s very difficult – or impossible – to save more.
Tip #1 for Curbing Spending: Get the Right Budgeting Program
I know, I know! The moment many people even hear the word “budget,” they get turned off because the word conjures up “deprivation,” just like the word “diet.” But hear me out…
There are a gazillion budgeting apps and programs, so how do you know which one will proactively help you avoid spending decisions that are not in your best interests… unlike the typical programs that show you – after the fact – that you blew your budget last month on something that will soon be forgotten?
That’s where “You Need a Budget” comes in.
The folks at You Need a Budget (“YNAB”) claim users save an average of $600 by the second month and over $6,000 per year. But I have some close friends who have saved far more than that – without feeling deprived one bit! They say it’s truly changed their lives and decades of bad habits.
YNAB is different from other apps in that it’s set up to enable you to prioritize and plan, so you have money for the things that are most important to you – whatever they are.
It makes you conscious about your spending – before you spend. Most programs and apps make you aware of your spending AFTER you’ve spent the money and it’s too late to change your behavior.
Tip #2 for Curbing Spending: Learn the Art of “Sparking Joy”
Is it possible that a system for decluttering can be life changing?
From my own personal experience and that of my friends, I can tell you the answer is a resounding “yes!” The simple system described in Marie Kondo’s book, The Life-Changing Magic of Tidying Up, will help you more easily deal with clutter and disorganization. And it will help you avoid lapsing back into the bad habits that trap you into an energy-sapping cycle.
The unexpected bonus of the Magic of Tidying Up is that it helps you put a stop to purchases that seem like “must haves” in the moment, but typically end up gathering dust.
And now, here are two tips for saving more money…
Tip #1 for Increasing Savings: Incremental Increases Add Up
Setting a goal that’s not very realistic can easily end up making you feel discouraged. If you resolve to increase your savings by 7% this year, for example, but you often find yourself with “more month than money,” you could be setting yourself up for failure.
What if you resolved instead to increase your savings by 2% this (and every) year? You won’t feel the pinch, and you’ll be surprised how quickly your savings will grow.
Tip #2 for Increasing Your Savings: Save More Where Your Money is Guaranteed to Grow
As we approach the 11th birthday of the longest-running bull market in history, it’s easy to feel you have to plow everything into the market, due to “FOMO” – or Fear of Missing Out.
But those of us who recall what it feels like to lose 50% or more of our life’s savings (which happened TWICE in the last 20 years), and then have it take ten or more years to recoup our losses, don’t want to make the mistake of putting most or all of our eggs in the Wall Street Casino basket again.
We often hear from people who’ve added the Bank On Yourself safe wealth-building strategy to their financial plan how much more fun and motivating saving money is when you don’t have to worry about losing your hard-earned money when the market crashes or the economy experiences a rough patch.
They sleep well knowing the Bank On Yourself strategy has NEVER had a losing year in more than 160 years.
It enjoys growth that’s significantly greater than savings or money market accounts and CDs.
And it gives you unmatched flexibility and control of your savings as well as some juicy tax advantages.
Your money grows tax-deferred, and you can take a tax-free income in retirement, under current tax law.
You won’t get rich overnight with Bank On Yourself, but you also won’t be subject to the stomach-churning ups and downs of stocks and other volatile investments.
You’ve heard the phrase “slow and steady wins the race.” Saving for retirement is a marathon, not a sprint. Marathoners are still in the race long after the sprinters have fallen by the wayside.
How to Set Yourself Up for Your Best Year Yet… and a Lifetime of Financial Security…
Don’t you owe it to yourself to find out how to add guarantees, predictability and flexibility to your financial plan in 2020?
You can find out the bottom-line numbers and results you could get if you added the Bank On Yourself safe wealth-building strategy to your financial plan before you decide if it makes sense for your situation.
Just request a free Analysis now – while it’s fresh on your mind. There’s no obligation, and you’ll get a referral to one of only 200 Bank On Yourself Authorized Advisors in the U.S. and Canada who can answer any questions you have.
But please don’t put it off even one more day. You have a lifetime of financial security to gain, so click here to take the next step: