Saving more money always tops the list of New Year's Resolutions. But with things like the Pay Roll Tax cut expiring, it may seem like saving is impossible. Financial counselors say that's not the case and say it is never too late.
Terrence Banks, with Clear Point Credit Counseling Solutions says the hardest part is actually starting the process.
"Start small, always start small. Rome wasn't built in a day, neither is your savings account," he said.
Banks says once you've committed to saving more, you have to create a budget. It's why Clear Point offers free budget calculators and other tips and tools to help get you on the right financial path.
Another important tip, if you don't have one, open a Savings Account. Even if you don't have much to deposit, financial counselors say every little bit adds up; procrastination is a common habit.
"They wait too long and also feel that just because they can't put a certain amount aside, that gives them a reason not to start," Banks explained.
Jason Wiles, with Wells Fargo, says many consumers may be stressing over the expiration of the Pay Roll Tax Cut. It decreases paychecks from 50 to about 200 bucks, depending on your income bracket. Wiles says, for those struggling financially, this could really hurt. He says don't fell overwhelmed, visit your bank or talk to a financial advisor, they can offer tips you may not have thought of that can help you save.
"They actually walk away going gosh, I can save this money, I can make a difference, I can recoup what I've lost through this tax," Wiles said.
One thing he says you may also want to consider, changing your insurance.
"I know a lot of our customers have been with their insurance companies for a while. I have been with mine for 15 years, I have actually switched and saved and I am saving about 70 dollars a month," he told us.
Here's another piece of advice and it starts right in the kitchen. Instead of going out to eat for lunch, find something in your fridge!
Clear Point also offers these tips: Treat savings like a bill. Consider having the amount transferred automatically from your checking account or paycheck. Save your raise, put the extra money in savings. Also, reward yourself.
If you reach your goal, do something inexpensive to make the savings worth while. If you're working on building up your savings, financial advisors say try at all costs to avoid dipping into your savings account or your 401k.
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