4 Tips for Saving in the New Year
It’s the beginning of the year and that means that many of us are setting New Year’s Resolutions (or goals). Whether it be saving more money or paying off debt, getting control of our finances is something that can deeply impact our lives. While there are different ways of creating a budget out there, there aren’t very many that I’ve found to be easy to use, yet alone free! Let me introduce you to EveryDollar.
I started learning about saving when I was a young girl. I remember my dad taking me to the bank and setting up a child’s saving account. It was back when they gave you a savings booklet where you could record the transactions and know how much you had in your account. Man, that was a long time ago! I would do chores on the weekends when we’d be with my dad and he’d pay us an allowance. I would then put part of that money into my savings account. As time went by, my savings dollar number got bigger and bigger. I was seeing a plan in action working effectively and it was awesome!
4 Tips for Saving This Year
While it was easy to save as a kid, I will say that with daily expenses and those yucky, unexpected expenses, it can definitely be more of a challenge to save. However, it is necessary. I can’t stress that enough. Let’s also not forget that we just had Christmas with a family of 8, so there was a lot of outgo we had in the past month! Ok, so how does one starting saving then?
Step 1 – Make a decision.
While it is great to want to have more money in your checking or savings account, you need to make a decision to make it happen. Make it real! Set your goals – whether it’s saving money or paying off debt, set goals and keep them realistic.
Step 2 – Sign up for the EveryDollar app.
What is the EveryDollar app? EveryDollar is an app that is free and super easy to use! It literally takes less than 10 minutes to create your first budget. With EveryDollar, you create a budget using every single dollar. This helps you manage your money and track spending on the go. Download EveryDollar app (available on iOS, Android and online).
Step 3 – Assign Every Dollar.
Within the EveryDollar app, you create a planned monthly budget. This means you enter in the amount of income planned to be received during the month, as well as the amount of expenses planned to go out. By assigning every dollar, you’ve created an effective budget. To increase your savings, I would encourage you to assign a set amount per paycheck or month to add to your Savings account.
Step 4 – Track your spending.
While having a budget is a good idea, following your budget is an even better way! It’s amazing how quickly the transactions can add up when you’re not monitoring them. Trust me, you don’t want to find your checking account with less money than you thought you had – adversely affecting pending transactions not yet accounted for.
EveryDollar is a great app, but you can also get EveryDollar Plus – an upgrade to the original plan. With EveryDollar Plus, you can connect your bank account for faster expense tracking. You can also view account balances within EveryDollar and sync accounts across multiple platforms, as well as create unlimited budgets.
With 2017 now in full swing, I would encourage you to take control of your finances and start building your savings. Anything can happen in life and it will be better to be prepared. A big thanks to EveryDollar for developing a great app that makes budgeting easy and effective!
What aspects do you like about EveryDollar?