Curate Your Personal Savings Goals for the New Year

Can you believe it's almost 2022? This year has flown by, so we thought we would do a quick check-in on our 2021 financial goals.

How did you do? Regardless of if you met your goals or will be starting again next year with a more hopeful outlook, it's always helpful to be thinking ahead and prioritizing smart money habits.

We know nobody's goals are the same, so we thought it would be helpful to give you 20 different ideas, courtesy of our partners over at Greenpath Financial Wellness, to help you curate your own personal resolutions for the new year. Let's get into it!

1. Know exactly how much you make and spend. You can't set smart goals if you don't these two things.

2. Automatically allocate some of your paycheck to savings. Sometimes what you don't know CAN help you.

3. Set concrete savings goals. Be as specific as possible and use some of these other tips to help you achieve this goal.

4. Create a realistic budget. Was your budget too ambitious in 2021? Use that goal to help you make a more achievable budget and be proud of yourself when you make progress each month!

5. Try the 50-30-20 rule. 50% of your paycheck goes toward needs, 30% goes toward wants and 20% goes toward savings or investments.

6. Use cash-back and coupon apps. Take advantage of that free money!

7. Save your spare change. Save coins if you're a cash shopper or open an Own Your Change account to round up purchases on your Telhio debit card and watch your "spare change" accumulate into real savings!

8. Cancel subscriptions you don't use. Often overlooked, but quite doable.

9. Never grocery shop without a list. Check out our money-saving grocery shopping tips.

10. Leave your online shopping cart overnight. If you really can't stop thinking about the item in your cart, then it can go toward your 30%.

11. Don't save credit card information with online retailers. Hopefully the longer it takes to check out, the more you're you'll contemplate your decision and save that money.

12. Take the 52-week money challenge. This method involves saving $1 the first week, $2 the second week, and so on until week 52 when you save $52. After a year, you'll save $1,378.

13. Ask creditors for lower interest rates. This is the perfect time to refinance because the rates are so low!

14. Stash away unexpected lump sums. Pretend you didn't get that bonus and put it in your savings ASAP!

15. Leverage credit card rewards. It might take some time to familiarize yourself with the reward systems, but you can really use them to your advantage.

16. Save money by bartering. Ready to brush up on your negotiating skills?

17. Sell items you don't use. Declutter and make money at the same time? I like the sound of that.

18. Lower your utility bills. There are many ways to lower your utility bills, and we've already listed them for you.

19. Use spending as a reward. Tie in your other new year's resolutions with your savings. For example, if you work out three times a week for the entire month, you can treat yourself to something nice. It's a win-win!

20. Plan for the future. Make different savings accounts for different life goals. Planning and saving for the future will alleviate stress and financial hardships down the road.

Telhio Credit Union can help you with your financial journey. Call one of our experts today to learn more!