10 Small Changes To Stay On Track With Your Savings Goals

Cynthia Measom   Thu, May 11, 2023

According to Fidelity Investments' annual Financial Resolutions Study, the top financial resolution of respondents for 2022 was to save more money. But not every resolution makes it far past January. Less than halfway into the year, you can still take charge of your finances.

How much you save is a personal decision -- one only you can make. But if you're interested in getting -- or staying -- on track with your savings goals, the time to start is now.

The good news is that these are small financial shifts you can make, designed not to overwhelm. After all, baby steps still equal progress.

Set Some Purchasing Rules

When it comes to shopping, if you don't have a plan, you can quickly find yourself spending more than you should. And all that unplanned spending can quickly add up and cause you to lose track of your financial goals. As an alternative, set some purchasing rules that apply every single time you want to make a purchase. Here are some ideas from Scott Nelson, financial services expert and CEO of MoneyNerd Ltd:

Wait a week and see if you still want it.

Every time you buy something, you have to sell something.

Check charity shops first.

Make your own if you can.

Borrow from someone else.

Wait until it goes on sale.

Start With Small Savings Goals

While you might not think that putting a little money aside in your savings each month will make a difference, it can.

Remove the Emotion From Saving

Nothing makes saving less appealing for some people than thinking about having to save.

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https://finance.yahoo.com/news/10-small-changes-stay-track-200029740.html