How to Create a New Year’s Savings Plan

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Many people use December to analyze the year that’s almost over and make plans for the future. Becoming more financially responsible is a common New Year’s resolution and for good reason, but it’s not easy. Creating a New Year’s savings plan is all about understanding your needs and making responsible financial decisions to meet your goals.

Here are some spending changes you can implement to make your New Year’s savings plan a reality.

Plan to Reduce Household Expenditures

A New Year’s savings plan should put emphasis on household expenditure reduction. For example, bundling services like internet and your home phone from the same provider is a great way to save some money. Even better, many companies offer special holiday promotions and discounts on these packages, making these services even more affordable for the New Year. On the other hand, you could consider cutting the cord altogether and cancelling your cable subscription!
A few other options you could consider to reduce household expenses include installing water-saving fixtures, changing old appliances with energy-efficient ones and even considering new house insulation. While such projects can be a bit expensive upfront, they’ll provide a high return on investment in the long run.

Set a Savings Goal and Cut Out Needless Spending

If you set a specific savings goal for the New Year, you’ll find it a lot easier to stay motivated. It will mean committing to changing a few of your habits and cutting out unnecessary expenses. For example, many people spend a lot on entertainment, clothing and eating out. Making meals at home and inviting friends over instead is a great option for you if you still want to maintain an active social life on a budget. Clothing can also be purchased from thrift stores or through online sales.

Look for an Additional Source of Income

Saving more isn’t just about spending less – it could also involve finding an additional source of income. Many people choose freelance jobs for their spare time. Selling items online, starting and monetizing a blog, selling crafts or even organizing a yard sale can generate a bit of additional income.
A New Year’s savings plan is all about setting realistic goals and staying disciplined enough to see it through. Make sure that your family, partner or friends are on board with the idea. Having their support will make things much easier and help to keep you motivated.

If you want more concrete steps you can take to make your savings goals a reality, check out our 5 ways to save money heating your home.

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