Are you well on the way with your New Year's resolutions? If money is on your list and getting more of it, News 13 has some ideas to think about in this Problem Solver report.
So how was this busy holiday shopping season for you? The shopping adventures may have been trying for some with few dollars to spare and leaning more on plastic money. But, there is something you can do right now to help avoid a holiday spending crunch this year.
Jim Warren, President/CEO of Tyndall Federal Credit Union advises, "So, go back and look at what you spent this Christmas see if that works for you...how you want to adjust that for next year and start saving for it right now."
Here is one way. It is a simple as the 52 Week Money Challenge making its rounds again this year. You may have seen it on facebook. Here is how it works. You deposit $1.00 the first week. Week two, $2.00, put in three dollars the third week. And it builds throughout the year. Come December, you have saved more than $1,300 dollars. That could be a boost for buying gifts or other expenses. Warren says,"These kind of plans work really well. They are great little gimmicks they are easy to follow, easy to remember, easy to track so I'm a firm believer in these types of little plans."
If travel is in your dreams, it may be a good time to put dollars aside for long-term goals. Tyndall Video Conference Manager Jamie Goodwin says that process can also pay off in the future, "And your long term goals might be a little less each pay period but over time it accumulates and builds up. Check it check it often make sure you are looking at the best interest rates possible."
But the most immediate goal is short term. Before you put it all on the card next Christmas, put yhour savings plan into action now. Jim Warren says, "It is such an outstanding time to sit down and say … This is what I spent, this is what I want to spend this is where i want to be."
If you have a few extra dollars, start an emergency fund for those unexpected car repairs. It could make a difference down the road.
If you decide to do the 52 Week Money Challenge…good luck! I am doing it and we will check from time to time on News 13 to see how things are going through the year working toward the December goal.