If your 2016 resolution is to spend less and save more, you’re not alone. A quarter of US consumers are making money-saving resolutions, according to Nielsen surveys.
While everyone sets out with the best of intentions, the truth is that only eight percent of us are successful at achieving our New Year’s goals, according to research published in the University of Scranton Journal of Clinical Psychology. With a little preparation you can be the exception to the rule.
• Prioritize goals: While you may think that saving money, getting promoted at work and earning a significant pay increase sound like great aspirations, you may be biting off more than you can chew. Instead of making a long list of possible resolutions, determine one or two top priorities so you can fully devote yourself to those goals.
• Make Measurable, Attainable Resolutions: Once you’ve set your money-saving goals, determine how you’ll measure success. For example, if you are saving for your dream vacation, determine how much to set aside for the trip and how much to save each month to reach that goal. Then, set short- and long-term milestones to help you stay motivated.
• Save for a rainy day: Putting away a small amount every week for emergencies can add up to big savings in the long run.
• Replace household items: Even though your refrigerator or fixtures may be working fine, they may be using more energy or water than they should. To save on water bills choose a quality faucet with a lower flow rate. For example, the new Kaden high-arc pulldown kitchen faucet from Moen offers a low flow rate with a sleek design that’s easy on the wallet. It’s long-lasting, too, which also saves money in the long run, as it’s offered in Moen’s exclusive Spot Resist Stainless finish, which helps resist fingerprints and water spots to maintain the brilliance of the fixture.
• Repurpose your stuff: One way to save is by repurposing what you already own. Use the New Year as a time to clean out closets, empty storage units and breathe new life into items by refinishing furniture or updating existing pieces of clothing. You can even sell clothes you don’t wear as often through your own shop on websites like eBay or Poshmark.
• Heat up your savings: If you rely on oil to heat your home, contact your energy provider to determine whether you can pre-pay to lock into lower rates. This way, you won’t have to worry about rising prices when the temperatures go down.
Setting achievable goals and planning ahead can help you stick with your resolution to save money.