Savings Bank of Danbury: Smart Money New Year Financial Resolutions

NEW HAVEN, Conn. (WTNH) — We are joined by April Stone, Marketing Coordinator with some Smart Money New Year Financial Resolutions.

Set a budget and saving plan – Start with a list of what you usually spend.Then find ways to realistically cut back. Being realistic is key. If you are a spender, you have a better chance of sticking to it if you give yourself a generous spending budget. A budget can be as simple or complex as you want it to be. The most important part of a budget is to save.

Saving – One should always have an emergency fund, ideally 3-6 months of expenses but for starters $500-$1000 is sufficient. Even saving $5-$10 per paycheck can add up quickly
“pay yourself first” – when you get your money before paying bills you want to take out your allotted saved amount and put it out of reach (in a separate account).

Annual goals – Pay off debt early and make extra payments to reduce total monthly cost and ease living. Save for a large item by setting a specific amount aside each month and BE CONSISTENT. Plan ahead: if you know you have a large purchase coming up, start saving now. January is a great month to start saving for end of the year holidays. Setting aside $25/week now will save you over $1k by the end of the year.

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