McAlester News-Capital, McAlester, OK

Features

Related Photos

  • Money

    Money
January 8, 2013

Your money

Resolve to save more of your money in 2013

StatePoint

McALESTER — (StatePoint) Two of the most commonly made and commonly broken New Year’s resolutions are saving money and paying off debt. These are promises we all seem to make to ourselves every year with every intention of seeing through. But somehow, we wind up in the same spot we were before.

So how can you make sure that 2013 is the year you take control of your finances and start making your money work for you?

• Figure out what your objectives are — be it paying off debt, buying a first home, or saving for vacation. Identifying your goals can help you stay motivated. Consider placing a visual reminder somewhere you’ll see all the time, like the refrigerator.

• Many people have no idea how much money they spend monthly. Creating a spending plan is vital if you want to make your money do for you what you want it to. If you share your finances with someone else, make sure he or she is part of this process as well.

• Many financial services companies offer free tools to help you easily see what you’ve been spending and ways you can save. For example, the non-profit Family Credit Management offers spending plans, savings guides and a comprehensive personal financial goals workbook that help you to lay out a strong plan in an easy way. Visit www.FamilyCredit.org to see these and other financial tools.

• Make the small changes that add up to big savings. Most people have small expenses that they can live without. Maybe for you it’s a coffee every morning on your way to work. If you do this every weekday, that adds up to $1,300 per year! If that’s important to you, then fine. But if it’s not worth the annual amount you’re spending, cut the cost.

The idea is not to strip the fun from your life, but to save money on things that you really don’t care about. For more areas to save in your daily life, visit www.StopThinkSave.org.

• Involve your whole family. Many parents feel the need to shelter kids from financial strain, but budgeting is an invaluable life lesson that you can teach them by including them in the process.

• Ask for help! If you feel you could use some guidance, reach out to a certified credit counselor who is licensed by your state’s banking department and has an A+ rating with the Better Business Bureau. Visit www.FamilyCredit.org to find a certified counselor.

• Finally, figure out what to do with your new found savings! If you’re not sure where you’d like to keep or invest your money, you can visit bankrate.com and investigate high interest, low balance requirement savings accounts.

Once you’ve completed these steps, you are on your way! Saving money is habit forming — when you get your monthly statement and you see money building up, you’ll want to put more and more away. It’s a great way to get started on a financially successful New Year.

Text Only | Photo Reprints
Features
Seasonal Content
AP Video
Voters Could Elect LA's First Female Mayor Huge Tornado Kills Dozens Near Oklahoma City Raw: Rescuers Pull Tornado Survivors to Safety Oklahoma Gov: 'Hearts Are Broken' After Tornado Raw: Walking in a Flattened Okla. Neighborhood Raw: Rescue Workers Search Oklahoma School Raw: Witness Describes Scene After Okla. Tornado Raw: Aftermath of Massive Tornado in Oklahoma Raw: House Burns After Massive Oklahoma Tornado Raw: Tornado on the Ground in Oklahoma Split-second Choice Ended With NY Student Dead White House Backs 'Shield Law' for Media Wave of Attacks Kills Scores in Iraq Pug Life on Display at Wisconsin Festival Company Promises to Make All Snail Mail Digital Analyst: Tumblr Fills Void in Yahoo's Offerings Commuters Face Delays After Conn. Train Accident Raw: Swarm of Tornadoes Slams Plains Raw: Fierce Bombing in Qusair, Syria RAW: TV Staff Take Cover From Tornado
NDN Video
RAW: Moore, OK tornado touches down near school Okla. tornado survivor finds dog buried alive under rubble Robert Pattinson Moves Out RAW: Russian dash cam catches car 20 feet in the air Oklahoma tornado survivor: "Everything is gone" Khloe Lashes Out at Kim Kardashian's Critics Couple Argues As Woman's Lover Crawls Out Window RAW: Brad Paisley Forgets Lyrics To His Own Song Justin Bieber Gets Booed RAW: TV Staff Take Cover From Tornado New 'Anchorman 2' Trailer, Drake Joins List of Rumored Cameos Eva Longoria's Wardrobe Malfunction Heat Star Dwyane Wade Surprises Coral Gables Teen At Prom Steak n' Shake waitress scores huge tip Singer Miguel Accidentally Lands on Fan At Billboard Music Awards Celebs Celebrate the Rise of the Side Butt Grizzly bear gets up close and personal with camera Justin Bieber Gets Booed After Winning at the Billboard Awards Tornadoes, Storms Strike Midwest Singer forgets lyrics, makes up words to National Anthem
Parade
Magazine
Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.