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Creating savings goals for 2017

Date posted:  11/10/16 03:00:00 PM Before celebrating the New Year, create a savings goal for 2017.

The approaching New Year means resolutions are on the horizon. Before the ball drops, make a savings goal for 2017 and determine your step-by-step plan for achieving it over the course of the year.

Set goals early
Now is the perfect time to establish how much money you want to save in 2017. Whether you want to save for your child's college tuition or tuck a little more away for retirement, set a realistic expectation and decide how much money you should put in savings each pay check.

You should consider sharing your goals with others to help keep yourself on track. Partner with a friend or relative and check in for various benchmarks throughout the year.

Be realistic
While a new year might be brimming with possibility, make sure your goal is practical and achievable. Today suggested increasing the amount you are saving by 2 percent. As time passes, consider increasing this amount to create a larger savings account at the end of the year.

In addition, you want to keep your focus on one or two accounts. Don't try to achieve multiple resolutions all at once, which can cause you to burn out quickly. Consider setting a goal for one account, and aim to meet the goal by May 2017. Evaluate your progress at that point and then think about adding an additional savings goal.

Use available tools
With all the apps available to download, there are numerous tools that can help you reach your goals, improve your financial security and stay on track. Some of these include:

  • Key Ring
  • PriceGrabber
  • RedLaser
  • Mint
  • Digit

Increase your understanding of finances
Educate yourself about investing so you can build your nest egg more effectively. Knowledge is definitely power when it comes to improving your finances and savings account.

When investing money for retirement, make sure assets are in a portfolio that you feel comfortable with. Consider meeting with a financial adviser to determine what steps you should take with your money to ensure you are on track.

Make some cuts
According to The Simple Dollar, create a new budget to accommodate your goals in 2017. There may have been a few things you spent money on in 2016 that you didn't necessarily use or need.

Eliminating these services or items from your budget will help you as you strive to reach your own financial goals.

Drop cable and instead subscribe to a lower-cost streaming site, like Hulu Plus or Netflix. The savings can really add up. Daily coffee runs, dinner out and happy hours with your besties might need to take a back seat for a few weeks. Set aside a certain amount of money for fun outings and treats for yourself and stick to that budget.

Instead of purchasing something you want as soon as you see it, abide by the 30-day rule. Wait a month and decide if you truly want or need to purchase whatever you were considering. You might be surprised how quickly you change your mind.

Add a little more income
You don't necessarily need to take on another job, but consider a side gig or sell a few of your belongings that you no longer use. This can help you reach your financial savings goals quickly and pay off in the long run.

The new year brings fresh goals. Your financial situation is no exception. Sit down and create your own savings budget for 2017.