Start the year out strong so you can finish the end of the year with a bang! These are some of our favorite savings resolutions that are great for novice savers or experts!

1. Start with an emergency fund.

The first step you should take this year is to make steps to build up an emergency fund. Don’t let the unexpected set you painfully back in your budget and even from your ability to pay bills. Seventy eight percent of Americans live paycheck to paycheck and cannot afford to have a setback. Start saving for the unexpected now. 

2. Pay a little extra on your mortgage.

Paying even one additional month’s payment on a mortgage can make a great difference in the long run. You may be able to cut years off the mortgage by doing so.

3. Say no to every splurge.

Those impulse purchases are good for no one except the store. Imagine if you hadn’t gone to the store that day or walked down an aisle with different items. You wouldn’t have thought you needed it or spent the money. You would have carried on with your life just fine. If it’s something you really want, work it into next month’s budget. 

4. Skip the gym membership.

With the online workout community easily accessible, there’s not a strong reason for a gym membership unless you’re a heavy weightlifter. Find helpful videos to follow online or take a walk outside.

5. Stop the phone surfing.

We’ve all succumbed to the trap of online shopping. This is another way of splurging. If there are certain websites or social platforms that leave you feeling with the urge to spend, cut them out of your life until you feel you won’t be tempted. 

6. Revamp your closet.

Ditch the clothes that you never wear and have your closet filled with the items you love. Keep neutral items that can be made into many different outfits. It will keep your wardrobe feeling fresh and new without the need to add new items to the collection.

7. Click unsubscribe.

Those spam emails can be annoying, but ones from your favorite retailer can often cause you to have a second look at the latest sale going on. This is another way of tempting you to buy something you don’t actually need, AKA a splurge. If this is a tempting area for you, go ahead and unsubscribe from the retailer’s email list. 

8. Eat in.

Dining out is never the most cost-effective choice. Eating in doesn’t have to be boring. Learn some new recipes or even look up some copycat ones from your favorite restaurant. Invite some guests over to share with you. Saying no to dining out doesn’t mean you can’t have a social life. 

9. Buy second hand.

While it may sound extreme, perhaps you can designate a certain area of spending to only be for thrift shops. Maybe it’s clothes, home decor or movies. Whatever it is, you can likely find it second hand.

10. Commit to your retirement account.

You are one year closer to retirement than you were last year. Even if you aren’t able to put a lot towards retirement this year, starting the habit of saving each month will set you up for future success and relief. 

We hope that you are able to find these resolutions helpful and pick one for yourself to stick with for the year. To learn more about retirement and savings accounts, contact us at Heartland Bank.