Get breaking news alerts via email

Click here to manage your alerts
Steps to help you save more money in the new year
Goals » The key is to have resolutions that are specific.
First Published Jan 05 2012 04:48 pm • Last Updated Jan 05 2012 04:48 pm

Saving more money is often near the top of the New Year’s resolution list. Although that’s a laudable goal, it’s one that many won’t accomplish.

One reason is that it’s too vague. It’s easier to follow through on a resolution that’s specific and has a reason attached to it.

Join the Discussion
Post a Comment

Do you want to build up an emergency fund so that even minor setbacks won’t throw off your budget? Are you hoping to set aside money for a near-term objective like a summer vacation? Or are you aiming at a bigger target, like your kids’ college education or your own retirement?

Once you’ve decided the reason why you want to save, you’re on your way toward keeping your resolution.

Here are three steps to get you started:

1. Identify your reason and set a specific dollar amount and time frame. This will make the resolution more concrete: "I want to build a $1,000 emergency fund by June 30."

2. Do the math to determine how much you need to set aside to reach that goal. To reach $1,000 by the end of June, someone who gets paid every other week will need to save $77 per paycheck.

3. Automate the savings by setting up online transfers, or have the money deposited directly into a separate account.

For more information, visit the educational site of the American Institute of CPAs at www.360financialliteracy.org or the website of the Certified Financial Planner Board of Standards, www.cfp.net , to learn from financial pros.

Also, consider regularly visiting blogs that offer tips on frugal living and savings strategies, such as www.consumerismcommentary.com , www.getrichslowly.org and www.onecentatatime.com for inspiration and advice.

story continues below
story continues below

Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Top Reader Comments Read All Comments Post a Comment
Click here to read all comments   Click here to post a comment

About Reader Comments

Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
Staying Connected
Contests and Promotions
  • Search Obituaries
  • Place an Obituary

  • Search Cars
  • Search Homes
  • Search Jobs
  • Search Marketplace
  • Search Legal Notices

  • Other Services
  • Advertise With Us
  • Subscribe to the Newspaper
  • Access your e-Edition
  • Frequently Asked Questions
  • Contact a newsroom staff member
  • Access the Trib Archives
  • Privacy Policy
  • Missing your paper? Need to place your paper on vacation hold? For this and any other subscription related needs, click here or call 801.204.6100.