Hi Taylor: I’m determined to make good on my New Year’s resolution to save more money. So… how do I actually do that? – Samantha
Hey Samantha: First off, good for you. Wanting to save more usually means you’re thinking ahead and trying to give yourself a little more breathing room. That’s a solid place to start. Big goals can feel overwhelming, so it helps to think less about perfection and more about direction. Here are three practical ways to turn that resolution into something you can stick with.
–Get clear on your spending. Saving more almost always starts with awareness. You don’t need a complicated system, but you do need a clear picture of where your money is going. When you see your spending laid out by category, patterns show up quickly. Maybe eating out crept up more than you realized, or subscriptions quietly piled up. Once you know where the leaks are, you can decide which ones are worth fixing. Even small changes, like trimming back one category, can free up cash to move into savings without feeling like you’re cutting all the fun out of life.
–Clean up the recurring stuff. This is one of the fastest wins I see for people who want to save more. Subscriptions, memberships, and automatic charges are easy to forget because they don’t feel painful in the moment. Take 30 minutes to review what’s hitting your account each month. Streaming services, apps, unused memberships… they add up faster than most people expect. You don’t have to cancel everything, but keeping only what you actually use can put real money back in your pocket every month without changing your day-to-day routine.
–Move savings out of reach. One reason saving feels hard is that money sitting in your checking account is easy to spend. When you move money into a separate savings or investment account, it creates a little distance between you and impulse spending. This doesn’t mean locking everything up or taking risks you’re uncomfortable with. It simply means giving your future self some priority by paying yourself first. Over time, that habit matters more than the dollar amount you start with.
A lot of people begin the year with strong motivation, but motivation fades. If you focus on awareness, simplify where you can, and make saving automatic, you’ll probably find that saving more feels less stressful than you expected.
Wishing you a great start to the year and good luck sticking with it. Small steps really do add up!
Taylor Kovar, CFP®
CHIEF EXECUTIVE OFFICER
