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How to achieve your New Year's resolution: Stop spending and start saving

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Money, or lack thereof, is a leading cause of stress among Americans today, which is why it is no surprise that the third most popular resolution of the New Year is to spend less and save more. It sounds simple enough, but is actually a very difficult feat. In fact, only 8 percent of Americans who made resolutions are successful in achieving them according to a study done by the University of Scranton.

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While it is a good thing to decide to spend less and save more, people often lack the strategy to do so, and therefore fail to succeed. First and foremost, they do not realize that simply proclaiming "I will set aside money every week and stop going shopping" is not a doable strategy, nor is it a realistic one.

Resolutions are tricky, especially those involving finances. Getting started is usually the most difficult part, especially if you have failed at doing it before. However, do not be discouraged if this is the case. Doing small, easy, and achievable tasks are a good way to succeed in your financial resolutions. Remember that it is only the second week of the new year. Resolutions do not expire until next year.



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