At the end of each year, many create resolutions that will abruptly begin Jan. 1.
To their dismay, the momentum begins to slow down by the end of the first month of the year. By the end of the quarter, all resolutions are out the door.
In order to change your future, one must begin with setting goals instead of resolutions and create a behavior that is conducive to their lifestyle.
It is reported that the average American savings is less than $3,800 and have over $15,950 in credit card debt.
Saving towards a stable future is feasible when you take one-step at a time.
- Change your spending habits
- Pay yourself first
- Set up an automatic transfer
- Open a savings account online
- Create a support group
The best way to begin saving is to create a weekly automatic transfer from your checking account to a savings account. This will allow you to hold yourself accountable while avoiding excuses not paying yourself, first.
To avoid the temptation of withdrawing funds at your leisure the savings account should be held online. ING, HSBC, and Capital One are great places to begin research. You can always visit, Bankrate.com for more details regarding online banking, interest rates, and terms.
Save your change
When it comes to savings, every penny counts. Deposit your loose change into a jar so that you’re able to cash in at the end of the year. Many households have been able to either increase their savings or pay off debt with the change they have saved.
Remember, it’s realistic to save for 2013 as long as you maintain the momentum and not accept excuses as a reason to discontinue. Each week make it a practice to save according to your plan.
Bahiyah Shabazz is one of the nation's leading financial experts on the art of maximizing growth, entrepreneur, personal wealth expert, and author of "Spending fast: Clean up your finances in 5 days" and "Finances are linked to emotions: live within your means". Bahiyah Shabazz is also a motivational speaker, columnist, and radio host. If you have questions or topic suggestions please email: contact@BahiyahShabazz.com.