GREENSBORO, N.C. — At the start of the new year, we're all excited about saving money. Before you lose that excitement, take the steps to actually do something about saving money.
AUTOMATE YOUR SAVINGS
“This is one of those areas where technology has increased our ability to reach our goals. You can lay out the goal, I want to do better, but you can automate so much of your savings,” said Jill Schlesinger, CBS News Business Analyst.
It almost sounds too easy, right? If you get your paycheck deposited and then pay your bills and then shop, spend, and eat out the next week and a half, by the time you get near the next payday and look at what is available for savings, chances are it won't be as much as you wanted to save, you'll have missed your goal.
Instead, you should pay your bills and yourself, as in your savings account right away, and then what is left you can use for spending, shopping, and eating out.
Automating savings is also one of the five ways to save more money in 2023 according to The Ascent.
MEMBERSHIPS & SUBSCRIPTIONS
Other ways listed here include evaluating memberships and subscription services. Do you still like them? Are they worth it to you? If not, let them go.
PAYING DOWN DEBT
Dealing with your debt. Paying down high-interest balances and looking at balance transfers to a lower-interest card.
TRANSFERRING YOUR BALANCE
If you're transferring your balance to another credit card, keep in mind this is a debt card, you're not putting any more charges on it.
You want to make sure there's no annual fee for the card itself.
Balance transfers often come with a fee, usually, it’s between 3%-5%. Some cards offer no fee. In a perfect world, that’s what you want.
This debt card needs to have a low-interest rate, the best-case scenario is a 0% introductory rate.
Most cards offer 12 to 15 months. The goal would be to pay off the debt within the introductory period.
Whatever you do, don’t miss a payment. That could trigger additional fees.