As far as 2020 goes, we are more than ready to see it go away with all the social distancing rules, shelter-at-home orders, political disputes and so on. Christmas and New Year are fast approaching but with no large gatherings allowed, therefore, no big parties to organize, you might want to zero in on what you can do to make 2021 better than 2020.
You might not be able to call the shots when it comes to the coronavirus vaccine, so, there’s nothing else left to do but wait. However, when it comes to things that are under your control, like your finances, it’s perfectly practical (and smart) to turn over a new leaf with the new year. After all, a new year without resolution is like Christmas without presents.
So, how about making some resolutions about spending less and saving more? It might sound cliché, but with a little bit of planning and attention, over the course of a year, you could save thousands of dollars. If you don’t know where to start, we’ve got you covered! Here are eight resolutions you can make to learn from 2020 lessons and save at least $1,000 in extra cash. All of them can boost your 2022 budget by $8000 or more, if you’re serious about savings.
Create a separate account
To be able to save money, the first thing you should do is separate it into several accounts. According to Luis Hernandez, assistant vice president and wealth advisor at Frost Bank in San Antonio, Texas, you need to create a separate savings account and transfer whatever it is you want to save, there.
Even better, you could set up an automatic transfer to make sure you put some money aside constantly, no matter what. “You will be amazed how quickly your savings balance will increase,” Hernandez said. If you save at least $83 per month, you’ll easily manage to save $1,000 just like that.
