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Stretch Your Dollar: Tips to reach your financial goals

Stretch Your Dollar

(WTNH) — The second week into 2020, a lot of us now in the process of setting up our financial goals. A big one for many – save, save, save. We are stretching your dollar with some tips to reach your financial goals.

Bankrate.com says to start saving now – start small and save often. If you can’t set aside $1,000 a month, try $20 a week. The hardest part is getting in the habit.

Next, clearly define your goals. Once you know why you’re setting aside your money, the easier it should be. Then make sure that money is in an account where it can build interest.

There’s even apps to help you save. Try using apps like Digit that save money for you so you don’t even have to think about it! Another good one is Clarity Money. Be sure to follow the 24-hour rule.

To avoid impulse buys, wait a day and see if you still want it. This is especially important when thinking about those big purchases like a car, computers or appliances.

Finally, automate your savings. When you get your paycheck direct deposited, direct some to a savings account too. And if your company offers it, make sure you enroll in a 401K for retirement.

Another great option – Some checking accounts have what’s called a Keep the Change Transfer. After every purchase, it will round to the closest dollar and add the change it takes to get there into your savings account.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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