A new year has arrived and with it a bevy of aspirations for the year to come.
Most of us make – and break – resolutions on exercising, losing weight and eating out. Have you ever resolved to save more?
Jean Chatzky, frequent visitor to the Today Show, unveiled a 52-week savings plan that’s a good way to get started. In short, commit to saving $1 the first week of the year, $2 the second week, $3 the third week and so on through all 52 weeks, and you’ll set aside nearly $1,400. What we like about this plan is that it’s a commitment that’s easy to remember and easy to start. We’ll admit that saving $52 the week after Christmas is more challenging, but by then you’re used to saving a little bit each week and can accomplish your goal that final month.
Reader’s Digest also has tips for saving in the New Year, including splitting up any unexpected income in three ways: paying off past debts; paying for something now; and saving for the future.
And don’t forget that little things can add up.
- Save nearly $500 this year by not ordering sodas when you eat out… The math – a family of four orders sodas at $2.50 apiece adding $10 to the bill. Add in a 20 percent tip on that $10, and that’s $12 extra that you’re paying, not including tax. If that family eats out three times a month, you’ll be spending $432 on soda this year.
- Save $300 or more by brewing your own coffee… The math – you and your husband go to Starbucks, Dunkin Donuts or elsewhere for a cup of joe a combined six times a week. At an average of $3 per serving, or $18 per week, you’re spending $936 a year. Cut back to two times each per week, and you’ve saved more than $300. Better yet, splurge once a week and brew your own Starbucks or Dunkin Donuts at home and you’ll likely save more than $500, even after you buy a nice coffee maker.