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Watching Your Wallet: Resolving to save money

Published: Jan. 3, 2022 at 6:02 PM EST
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LANSING, Mich. (WILX) - Here’s a few ideas for those of you resolving to put more money in the bank in 2022.

If making 2022 a financially successful year is the big goal, we’ve got your New Year’s resolution ideas. Sara Rathner, a personal finance expert with Nerdwallet, said it’s best to create a budget now and look at what you need to take care of first.

“Maybe you want to increase how much you have saved in your retirement account, or you want to start investing for the first time or you want to pay your student loans down more aggressively,” Rathner said.

Having a plan and picking one big financial resolution is a start. Then start setting aside any extra money toward the goal.

Maybe your goal is to create an emergency fund or open a savings account -- whatever the money goal is, start putting $20 or $25 aside each week toward it. That will add up fast. If you are able to put more money toward the goal -- do it.

Put monthly reminders in your phone to check up on your resolution, so you keep that saving mindset all year long.

More Watching Your Wallet stories can be found here.

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