Need a new years resolution? Save money!
POSTED: Wednesday, January 8, 2014 - 7:51pm
UPDATED: Thursday, January 9, 2014 - 2:04pm
Tyler Tx, (KETK) — Along with your new years resolution, why not make it a goal to start saving more in 2014?
According to a survey 35% of Americans don't have a plan when it comes to saving money. That brand new car or that nice steak dinner might sound a little better than putting money in a savings account. But, in the long run, you might be happier and that extra money in your account will look a lot better.
"I put in the maximum that I could every month my entire 44 years and that's how I saved enough money to retire," said Tyler resident Susan Newman.
Newman is now going to enjoy retirement and take some vacations.
"I'm gonna do whatever I want to do right now (laughs)."
Financial advisor James Holloway said that's the first step in saving, pay yourself first. And take about 5 or 6% out of every paycheck.
"When you get your paycheck, take a little bit of that paycheck and determine the amount you can save regularly and pay yourself first," said Holloway.
Holloway also said if you can, put your savings plan on autopilot.
"Most banks, most companies nowadays will allow you to make an automatic deposit to your IRA, your 401k or your savings plans and that way you don't see it and it's not a temptation, it happens automatically."
And his best advice budget budget budget and start right now.
"If you haven't started the best tip is get started and start saving."
Mother of three Angela Harris said she looks for the clearance items and buys things in bulks.
"I take a calculator with me and I set myself a budget and I stick to it and that's what I do," said Harris.