Need some tips to save money in 2014? At first I thought I’d take a new angle and look at the innovation and new apps in the fin-tech space. I LOVE these innovations, and I love that SaveUp is part of helping people improve their finances in a unique way. However, I decided to take a different approach to this post. The most important things you should focus on in 2014 are topics I’ve covered in one form or another in previous posts. They are timeless financial tips that are a good reminder for all of us.
Establish an Emergency Account
I’ve mentioned the importance of establishing an emergency fund again and again in this blog. I wouldn’t say it so much if it weren’t true. In this post titled, Why You Absolutely Need an Emergency Fund. I have tips for how to get started. Consider opening a high yield savings account that is solely dedicated to emergency fund monies
Save More Than You Spend
This might seem like an obvious tip. However, it can be very difficult to do. Consider taking an inventory of your expenses. You can consider them in “need” vs. “want” catagories or look at them in terms of recurring vs. variable expenses. You might also get a sudden influx of money (a good “problem” to have). Perhaps it’s a year end bonus or tax refund. In this post, How Not To Waste Your Tax Refund I outline how to effectively save those funds. Hint: start with an emergency account if you don’t already have one.
Create a Plan to Pay off Debt
One of my favorite posts of the year was, Paying Off Student Loans: A Personal Perspective. This is an example of someone who created a plan to pay off their debt and showed dedication and commitment in order to accomplish their goal. I was inspired by this story and it was a pleasure to share it. For more resources to help you create a plan to pay off debt, log in to SaveUp and click on Webinars on the left and then watch “Getting Out of Credit Card Debt.“
Save For Retirement
At some point most of us will want the option to retire. To save for retirement effectively we must put away money early and often. There are also retirement accounts and investment strategies that can serve us well over the long time horizon associated with retirement savings. Check out these two posts that cover retirement basics: Retirement Planning for Different Age Brackets and Traditional vs. Roth Accounts.
Balance Multiple Goals
Most of us are juggling multiple goals. We might have the long-term goal of a secure retirement but we have to make that specific and tailored to us as well as balance that savings with other near term objectives. Here are two posts about new year’s resolutions and goal setting: New Year’s Resolutions for 2014: Adjusting Financial Goals and Financial New Year’s Resolutions: Setting Goals for 2013.
I hope these money-saving tips and reminders help you SaveUp in the new year!
This post was written by SaveUp’s personal finance contributing writer, Catherine Hawley, CFP®.
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