The New Year Savings Plan That Is Easy For Anyone To Try

January 14, 2022 | Daniel Dewitt

new year savings plan

Although savings may sound difficult at the beginning of a new year, we encourage you to try a new year savings plan offered in this post. Here, you’ll learn how to achieve financial well-being by means of saving more money this year and feeling financially protected when the unexpected happens. Keep reading for more.

The Easiest New Year Savings Plan To Try

This easy new year savings plan has 6 steps. By approaching savings in this way, you will have a clear idea about why and how much you need to save and clear action steps about what you need to do to turn your goal into a reality.

Here is the super easy new year savings plan to try:

1. Know Why You Are Saving

Many people make the mistake of wanting to save money, but they don’t have any concrete reason why. Psychologically, this makes it more difficult to save money over the long haul. As a result, the first step in creating your savings plan is to know why you are saving.

Are you saving for a vacation, college, or some other big event? Are you saving so that you have an emergency fund when things go wrong? Define your “why’s” to make it easier to save when the payday comes.

2. Set A Goal Amount

Once you know why you want to save, you can set a goal amount. This goal amount should be the amount you want to save in total. For example, you might want to save $2000 in total if you are saving for vacation purposes.

3. Break Down Your Goal Amount

After you know how much you need to save in total, break that goal amount down into more manageable chunks. In other words, you will want to break it down into weekly, biweekly, or monthly chunks, depending on your payment times.

If you need to save $2000 by July, you will need to save $334 a month. If you get paid biweekly, you might want to break the payments down further, meaning you will need to save about $167 per paycheck.

By breaking down your goal amount in this way, you have a much more concrete number to shoot for, making it easier to hit your savings target.

woman writing down a new year savings plan

4. Create A Separate Savings Account

If you already have a separate savings account, you can skip this step. However, those without a savings account should open one. As we will learn below, creating a separate savings account makes it much easier to save. It will allow you to automatically save, keep your saved money away from your spending money, and allow you to make extra money in interest.

Open a separate savings account if you have not already. Even though it may seem like an unnecessary step, it is one that’ll make savings a lot easier.

5. Automate Savings

The reason why you need to create a separate savings account is so that you can automate your savings. When you automate your savings, the allotted amount will automatically be deposited into your savings account. This means you don’t even have to think about savings since it is done automatically.

6. Cut Spending If Needed

If you still need extra cash for your saving purposes, cut spending if needed. You might not need to do this if you already have enough money from your paycheck for saving purposes. However, most people could do with cutting their spending and using it for more beneficial purposes, such as savings.

One of the easiest ways to cut spending is to find low-cost or free events in your community instead of paying for expensive entertainment. You can also cancel subscriptions and memberships you don’t use. Try to eat out less as well since eating at restaurants is much more expensive than eating at home.

Need Extra Cash?

If you are saving because of an emergency expense that has popped up, you might need extra cash before you are able to save the money. If you are in this sort of scenario, you might need to look for other options to help pay your emergency expense, such as car title pawns online.

Although you should certainly continue saving, you can also apply for a car pawn from Georgia Auto Pawn, Inc. With Georgia Auto Pawn, Inc., you can get up to $15,000, depending on the value of your vehicle. The process can take as little as 30 minutes, and anyone can apply, regardless of their credit score. If approved, the money can help you pay off your emergency expense.

man encouraging to call to get a car pawn

Get Your Car Pawn Today!

By following the new year savings plan above, you can save a lot of money and meet your financial goals. If you need extra money in the meantime, you can apply for a car pawn from Georgia Auto Pawn, Inc. To get started with title pawning, just fill out our home page inquiry form.