Save more money in the new year! Tips to stay financially fit

Print
Email
|

by Karin Caifa

azfamily.com

Posted on January 2, 2014 at 2:17 PM

Updated Friday, Jan 3 at 5:58 PM

PHOENIX -- If one of your New Year's resolutions is to save money, you're not alone. That's one of the most common resolutions folks make on Jan. 1 each year.

In fact, a study from Fidelity Investments found that more Americans will consider financial resolutions than ever before.

On Thursday's Good Morning Arizona, we got some tips on helping you stick to your goal of saving money.

Experts say don't do too much too soon. That can lead to frustration, and abandoning goals too soon.

Financial website bankrate.com suggests making a short list of manageable money resolutions to help you get financially fit.

For those looking to keep more money in the bank, America Saves, an effort coordinated by the Consumer Federation of America, suggests saving with a purpose.

They recommend:

-Pay off high cost debt, reducing the amount of interest paid on credit card balances and loans.

-Build an emergency fund to pay for unexpected expenses.

-Bulk up retirement savings.

-Set up direct deposits or savings accounts. Your employer, banks and credit unions can all help make those arrangements.

 

Print
Email
|