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Helpful Hints to Make
Your Money Resolutions Stick
Special to The
Truth
If your 2016 resolution is to
spend less and save more, you’re not alone. A quarter of US
consumers are making money-saving resolutions, according to
Nielsen surveys.
While everyone sets out with the
best of intentions, the truth is that only eight percent of
us are successful at achieving our New Year’s goals,
according to research published in the University of
Scranton Journal of Clinical Psychology. With a little
preparation you can be the exception to the rule.
• Prioritize goals: While you
may think that saving money, getting promoted at work and
earning a significant pay increase sound like great
aspirations, you may be biting off more than you can chew.
Instead of making a long list of possible resolutions,
determine one or two top priorities so you can fully devote
yourself to those goals.
• Make Measurable, Attainable
Resolutions: Once you’ve set your money-saving goals,
determine how you’ll measure success. For example, if you
are saving for your dream vacation, determine how much to
set aside for the trip and how much to save each month to
reach that goal. Then, set short- and long-term milestones
to help you stay motivated.
• Save for a rainy day: Putting
away a small amount every week for emergencies can add up to
big savings in the long run.
• Replace household items: Even
though your refrigerator or fixtures may be working fine,
they may be using more energy or water than they should. To
save on water bills choose a quality faucet with a lower
flow rate. For example, the new Kaden high-arc pulldown
kitchen faucet from Moen offers a low flow rate with a sleek
design that’s easy on the wallet. It’s long-lasting, too,
which also saves money in the long run, as it’s offered in
Moen’s exclusive Spot Resist Stainless finish, which helps
resist fingerprints and water spots to maintain the
brilliance of the fixture.
• Repurpose your stuff: One way
to save is by repurposing what you already own. Use the New
Year as a time to clean out closets, empty storage units and
breathe new life into items by refinishing furniture or
updating existing pieces of clothing. You can even sell
clothes you don’t wear as often through your own shop on
websites like eBay or Poshmark.
• Heat up your savings: If you
rely on oil to heat your home, contact your energy provider
to determine whether you can pre-pay to lock into lower
rates. This way, you won’t have to worry about rising prices
when the temperatures go down.
Setting achievable goals and
planning ahead can help you stick with your resolution to
save money.
Courtesy StatePoint
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