Tax Planning 6 Tips to Make Savings Goals and Keep Them Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by Ginita Wall Published Oct 18, 2014 3 min read As the year is coming to a close, we often reflect on how we can improve our finances and talk about how we can start to save money. Well, talk is cheap. The key to saving money is actually making a savings goal and sticking to the plan. Here are 6 tips to make savings goals and keep them: 1. Set Realistic Goals We all have goals, but there’s a difference between dreams and goals. Many people dream of saving for a large purchase or for retirement, but they don’t set realistic goals and put a plan into action. First you need to set up a budget listing all of your income and expenses. If you find that your expenses are close to your income every month it may be time reduce some of your expenses like cable, cell phone, or entertainment. Just by reducing these bills you will find a couple hundred dollars per month to put towards a savings plan. 2. Use Financial Tools Online money management sites like Mint.com can help you get on track and save. Mint is a free money management service that helps you organize your spending, create and accomplish goals, and stick to a plan. These are the most important elements necessary to help you reach your savings goals. 3. Reduce Credit Card Use Many people pay for things with credit cards that they could pay for with cash. Sure, there are great rewards and cash back credit cards out there that can make using those cards worthwhile, but the reality is not everyone has the discipline needed to use credit cards and pay them off. Most people carry an outstanding balance on their credit cards each month, so simply paying cash or debit cards could potentially save you between 10 and 50 dollars a month that would otherwise go toward interest on the balance. It might not seem like much, but it adds up over time. 4. Use Coupons You would be amazed at the savings you can rack up just by clipping coupons for items you frequently purchase. Using a handful of coupons for items you regularly buy anyway could save you ten bucks a week at the store. That might not sound like much, but that’s close to $500 a year in savings on the things you buy anyway. That would make a nice IRA contribution. 5. Consider Paying Down Bills instead of Vacationing We all deserve a good vacation, but sometimes you need to make sacrifices if you have more serious issues looming. Some people spend thousands of dollars each year on vacations while still drowning in debt or having nothing set aside for retirement. One great way to get a vacation and pay down debt is to travel locally. You can still have a relaxing and enjoyable vacation without spending thousands of dollars. Check out local attractions and explore local locations you’ve been wanting to visit instead. You might be surprised at what you’ll find. 6. Make Automatic Deposits to a Savings Account Most people have very little money set aside in savings. If you look at what you have left over after your expenses every month you can figure out a set amount to have automatically deducted from your paycheck and deposited into your bank account. By making your savings contributions automatic, you don’t even have to think about it and the money gets put away safely. Again, it doesn’t take much. Just 20 dollars a week will put about $1,000 into your savings account a year. By trying these six savings tips and sticking to them you will be on your way to your savings goals and more money in your pocket. You know your small business—we know business taxes. Our self-employed and business tax experts will ensure you get every tax break with 100% accuracy, guaranteed. Start for free 100% free to start. Pay only when you file. Previous Post Is My ALS Ice Bucket Challenge Donation Tax Deductible? Next Post The Tax Free Life – Rack in Halloween Savings Written by Ginita Wall More from Ginita Wall Leave a ReplyCancel reply Browse Related Articles Tax Help How to File a Business Tax Extension: Deadlines, Forms, and Penalties Tax Tips The White Lotus Tax Lessons: Navigating Gift Taxes, Lump Sum Payouts, Hush Money, and the IRS Tax Questions What Day Are Taxes Due? April 15! How to File for a Tax Extension or Pay Taxes Online Tax Questions What Happens If You File Your Taxes Wrong? Late Filing Penalties, Interest, and More Tax Questions What’s Tax Deductible? A Guide to Mortgage Interest, Long-Term Care, Funeral Expenses, Student Loans, and Roth IRA Contributions Tax Questions Is it Better to Get Your Taxes Done or Do Them Yourself? (And Other Tax Questions Answered) Tax Forms What is a 1099-K Form? How to Report Payments on Your Tax Return (2024) Tax Forms What is a 1099 Form? A Guide to Understanding Your Tax Obligations Income Tax by State Wisconsin State Income Tax in 2025: A Guide Income Tax by State West Virginia State Income Tax in 2025: A Guide