Savings

Master Your Money

If getting control of your finances is on your list of New Year's resolutions for the coming year, you're probably not alone. Typically, money-related intentions top the list of resolutions. But those good intentions are likely to fail. According to U.S. News and World Report, some 80 percent of resolutions have fallen by the wayside by February. But you can beat those odds.

Here are some tips and tricks to help:

• First, you'll need a budget. Just don't call it that. Budgets conjure up images of belt-tightening and denying yourself life's pleasures. Instead, think of your budget as a spending and saving plan.
• Next, collect your data. The only way you can figure out where your money is going is to track your spending. It's tedious, but enlightening. Simply by becoming aware of what you're spending money on can help you gain control. So go ahead and buy the latte. But if you'd rather take a cruise next year or put a down payment on new wheels, understand that saving on every day expenses is a path to that result.
• Now, set up categories for spending and saving. To maximize your savings, pay yourself first. If you can, do it with payroll deduction directly into your savings account at the credit union or set up automatic transfers from your checking account to your credit union account. Both are easy to set up and it's true that if you don't see it, you won't miss it.

For more information, contact the credit union 518.561.4510. We want to help you keep your money management resolutions for the coming year and beyond. Even a few dollars add up and you won’t even miss it.