Savings—such a bittersweet topic. The thought of having so much money saved up is the sweet part, but getting there is a tad bit bitter.

The beginning of the year is when many people feel motivated to take those necessary steps to building their savings and making money moves. So why not make those New Year resolutions a reality?! We’re giving you a how-to on reaching your savings goals and getting those coins!

Eliminate Debt

The D-word we seriously all hate. When trying to reach your savings goal, you want to keep in mind that debt plays a large role in how much you truly have. Credit card debt, student loan debt, mortgage or car payment debt—whatever it may be, you need to take care of it fast. Before you decide to have a detailed how-to as to reaching your savings goals, making sure you’ve first established a plan to eliminating your debt, and then secondly actively acting on that plan to make sure it is being taken care of, is key to reaching your savings goals all 2020.

Create a Detailed and Comprehensive Savings Plan

Reaching your savings goal is all about making sure you create and follow your detailed and comprehensive savings plan. If that requires you to sit down with a financial planner or someone that is more experienced in saving than you are, then do just that. This plan will be the holy grail for you reaching your savings goal in 2020—you want to make sure it’s extremely detailed, thorough and organized. It should cover everything from your set goals for each month, your necessities and daily spending habits, what you plan on eliminating and cutting back on, and anything else in regards to you reaching your savings goal.

Automate Your Savings

You may not realize how less you spend money when it truly never enters your checking account in the first place. By automating your savings, you are removing yourself from the equation and letting your bank do all the work for you. With automation, you can set a specific amount each month and have the payments recurring in order for you to reach your savings goal. Setting up this automatic deposit transfer from your checking to your savings account will take your mind off of having to manually go in each month to move your money around. Besides, if you leave it alone, and let your bank do all of the work—you’ll reach your savings goal in no time!

 

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