Last year, more than a third of Americans made a New Year’s resolution to save more money. It’s cliché but it can be helpful if you follow through with it. Here are some strategies to keep you on track.
Look Back
You can’t know where you are going if you don’t know where you have been. Look at last year’s spending and see what categories are consuming most of your money. If you like what you see, don’t change a thing. On the other hand, if you want more money to go toward your travel fund and less to clothes, you now have the knowledge and the power to make that happen.
Look Ahead
Perhaps you have a big expense in your future. Naturally you want to save enough to pay cash for it, but that isn’t always possible. A personal loan may be just what you need. You can apply for a Simple Path Financial loan for amounts as little as $1000 or as much as $100,000. Compare rates but consider other factors as well such as waiting period, account accessibility and mobile platforms. The best lenders make it easy to make payments and manage your account.
Look Inward
Recent research has shown that you don’t need to make more money to feel happier; instead you should examine how you spend your money. Ask yourself: How satisfied are you with your expenditures? Block out what you think parents or bosses or financial bloggers would say and focus only on your own feelings. For example, a common piece of financial advice is to forgo the daily coffee house latte and use that $25 a week to make a contribution to your retirement account. But if you savor that latte and don’t find saving for retirement motivational, you may find that giving up the treat negatively affects your quality of life. Be practical but be honest with yourself—remember, it is your money and your life.