Ring in the New Year by Ringing Up Some Savings!

Let’s face it – New Year’s resolutions aren’t the easiest things to make, let alone achieve. But here’s one that almost everybody can attain – save $1,000 in 2016.

Sounds great, right? But just how do you go about doing that? Here are some ways you can reach that goal (and maybe save even more!) this year:

  • Brew your own coffee. By skipping the specialty coffee shop for your daily java fix, you can save about $5 or more compared to what it would cost to make coffee at home. Add that up over the course of 12 months and that’s $1,200.
  • Pack your own workday lunch. Say you dole out $10 for your midday meal if you’re not a brown bagger. That’s $50 per week. You probably would spend only about half that on food for packed lunches, which equates to $25 saved weekly. Cha-ching! That’s another $1,200 in your pocket.
  • Slow down! Did you know that gas mileage usually decreases rapidly once you drive over 50 miles per hour? According to the federal government, each 5 mph that you drive over 50 mph equates to paying 14 cents more per gallon for gas. Other ways to save on gas are to reduce idling time and use cruise control.
  • Turn back the thermostat. You’d be amazed at how much you can save if you set your thermostat back even 1 degree. According to the U.S. Department of Energy’s website, “By turning your thermostat back 10 degrees to 15 degrees for 8 hours, you can save 5 percent to 15 percent a year on your heating bill — a savings of as much as 1 percent for each degree if the setback period is eight hours long.”
  • Stash away your $1 and/or $5 bills. During the course of a week, you probably have 5 to 10 one dollar bills in your pocket or purse. Instead of spending it, pull it out and set it aside. And if you can afford it, do the same for $5 bills.
  • Eat out less often. If you like to dine out once a week and it cost you $30-$40 each time, that’s a good chunk of change you could be saving over the year.
  • Turn off the lights and take shorter showers. No sense wasting electricity – and lots of cents – when a lit room is unoccupied. And the less time in the shower, the more you save on hot water bills.
  • Eat before you shop for food. It’s been proven that you’re less likely to buy frivolous or unnecessary items if your stomach is full before heading to the grocery store.

By using a combination of these tips, you shouldn’t have any problem saving $1,000 in 2016. But if you need visible encouragement to reach your goal, go out and buy a piggy bank, preferably one that’s made of see-through glass. Then seal it shut so you can’t remove the money without “breaking the bank.” Now every time you save $5 on something like specialty shop-bought coffee, put that money in the bank and literally watch your savings grow!

Better yet, put that cash into an interest-bearing savings account. There’s nothing like making money on money! Here’s wishing you a financially healthy and wealthy 2016.

 

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