New Year Money Resolutions That Can Pay Off in 2026
A large number of people make New Year money resolutions. But how many stick with them through to the end of the year? Here are some saving and investment New Year money resolutions that may be easier to pull off.
New Year Money Resolutions: Generating Spare Money, Saving It
There two tacks to saving money. One, finding ways to be frugal. Two, putting aside the money that you’ve saved and letting it grow.
Ways to Be Frugal
- Buy fewer things, but better ones. Value often doesn’t mean paying the lowest price. Look for well-made things that can be repaired to have their life extended.
- Meal planning. Try planning simple meals, with ingredients you can buy in bulk and store easily. Consider making larger meals, and saving the leftovers for lunches.
- Live below your means. If you get a raise at work, or move to a better-paying job, try to keep to your same budget. Don’t start splurging your new income.
- Plan purchases, delay gratification. Instead of reacting impulsively to marketing, let some time pass and make a calm and reasonable decision about what you truly need or want. If you decide you do really want something, save for it by allotting a small amount each month to put aside. And remind yourself that “someday” doesn’t mean never.
Ways to Save or Invest
- Make saving automatic. Automate monthly transfers to savings from your spending accounts. Your money will grow faster as it accumulates automatically.
- Consider a high-yield savings account or certificate of deposit. For cash you don’t need right away, you’ll get a higher interest rate from an HYSA or CD.
- Create an emergency fund. Start a savings account to prepare for unexpected expenses. That way you can avoid high-interest credit card debt or personal loans that eat away at your other savings when the need arises.
- Invest in retirement. Putting money in a retirement account is a no-brainer for preparing for your future. And many work 401(k) plans include an employer matching contribution – it’s like getting free money to add to your investment.
Though this article is called New Year Money Resolutions, these tips can work anytime – you don’t have to wait for the start of a new year to start off on a better financial footing.
Links
Fidelity has a “How to Get Started Investing” video to tips on beginning your investment journey.
Lastly, you can learn more about our services here!
Recent Comments