We’ve all made those New Year’s resolutions to save more and spend less, but who has committed to and successfully completed them?  So many of us set resolutions that sound amazing but in reality, are much harder stick to.  It’s important to set simple, specific, attainable goals. Here are a few ideas to get you started on the path to saving money in 2018!

Implement a Budget – This resolution is so easy it can be completed in less than a day from the comfort of your sofa! There is no need to go over the top with it either. A simple hand-written list is more than enough to start. Figure out your monthly income and expenses. Take your total expenses and subtract it from your total monthly income to see how much you have left. The remainder can then be allotted for savings, paying down debt and fun! The hard part is actually adhering to the budget. By creating a budget, you will be able to obtain more control over your finances and prevent overspending.

Start an Emergency Fund – Everyone should have some sort of emergency fund in place. Life happens, you don’t want to get caught off guard. A good emergency fund has enough in it for at least 3 months’ worth of expenses. These expenses are ones that are paid monthly; mortgage/rent, utilities, car payments, minimum payments on any debts, food, insurance, etc. Figure out what you pay monthly for each of these and multiply it by 3. That’s what you should have at minimum in your emergency fund. If you need help figuring it out, Nerd Wallet has an easy to use calculator to help! https://www.nerdwallet.com/blog/banking/emergency-fund-calculator/

Pay Down Debts – A big way to save money is to pay down or off your debt, especially credit cards with high interest rates. The easiest way to get success with this resolution is to start with smaller debt amounts and work towards paying them off. Starting with smaller accounts will give you confidence when attacking the bigger accounts. Don’t try to take on more than one account at a time. Continue making minimum payments on any other accounts you have. Once you’ve successfully paid one off, move on to the next. Aside from saving money on high interest payments you’ll also be improving your credit score!