We know… you always make the list at the beginning of the year, and never accomplish anything. 90% of the people don’t either, so relax, you’re not alone. Perhaps if you follow these steps you’ll surprise yourself this year.
- Set a goal:
One of the main reasons why resolutions are not achieved is because a clear goal is not established. For example, before saying “I want to save money,” decide how you’ll be using that money you set aside each month: whether it’s to buy a new car, pay your debts, go on vacation, or even collect the down payment for your first home. But before saying “I want to save up for this or that,” create a budget that will allow you to decide how much money you could set aside each month for that particular goal. Ideally, you should save at least 10 to 20% of your income. Also, do it automatically! That way you avoid the temptation to spend it.
- Limit your resolutions:
There are those who go crazy making a mile-long list of goals and ultimately don’t go through with any of it. Instead, focus on one or two resolutions at a time. Once that goal is well underway, then you may choose new ones, even as the year advances.
- Be patient:The fact that you wrote a list of resolutions and established a plan of action doesn’t mean that in a few days you will see a change. According to psychology experts, you need 66 days to create a new habit. So if you miss a day, be persistent and don’t give up until you get everything you wanted.
- Talk to an expert:
If you want to pay off debts, save, and get the best interest rates for your loans and credit cards, you should seek advice from a financial planner. This expert will help you focus on the steps you should take in order to achieve your financial resolutions. But first make sure the financial planning services entails costs that you can afford.
How to Save Money in the New Year
- Keep the change:
If you start saving the change and coins you get, you’ll be surprised to see all the money you could save up in a year. Get a piggy bank where you can empty out your pockets when you get home. Discover our “
Ahorro Directo” (Direct Savings) service: when you use your debit card, all the change you get will automatically go into your savings account.
- Eat at home more often:
Eating out is increasingly more expensive, so devise a plan to bring lunch to work or school. When you create your monthly budget, calculate how many food outings you can afford.
- Look for free activities:
Not everything is work and study—you need to have fun! However, entertainment, outings and activities with friends cost money. A way to have fun without spending too much is to attend events offering free admission. These include art shows, festivals, small concerts, and, of course, going to the beach or exploring our Island’s beautiful tourist spots.
- Use layaway:
Instead of using a credit card, pay for what you want to buy, little by little. There’s nothing better than to enjoy something for which you don’t owe a single cent.For more information on savings and tips to achieve your independence, visit our section Tips for Beginners.
For more information on savings and tips to achieve your independence, visit our section Banking 101.
- Keep the change: