Five Easy Ways To Put Money Away In The New Year

When it comes to New Year’s Resolutions, people are either trying to lose weight or save money. The weight thing will hit in high-gear for about a month or two, and then most will find themselves getting too busy with something else and forget about it. Saving money doesn’t have to be all that hard if you plan for it. Hopefully, these tips can help you last longer than that workout plan you’ll probably ditch.

  • Balance Transfer Card – If you’ve got a few cards with high interest rates, then look into getting a new one that’ll let you transfer balances for a lower rate. Many of them will even give you 0% for a short time just to get you on the hook.
  • Bank Fees –Over a lifetime, the average person will blow $12,000 just in bank fees. Look for free checking and savings accounts, and watch those out-of-network ATM fees.
  • The 50-30-20 Rule – This is more of a guideline than a rule, but if you can block off 50% of your money for the essentials, 30% for the “wants,” and the rest into savings, then you’re on a solid path for saving.
  • Auto Insurance – These rates are always changing, so when you’re up for renewal you should be shopping around. You could save yourself hundreds.
  • Check Pulling –Set up an automatic withdraw from your bank account that goes directly into some savings account. If you were fortunate enough to get a raise, take that entire percentage and divert it…if you can afford it. You’re not losing anything you didn’t have before and you won’t even see it.

Source: Men’s Health

Mark Manuel

Mark Manuel

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