via US News Money
Geoff Williams from US News Money, provides 12 saving tips to help keep your NYE financial resolution stick. Check out each month’s tip below to start spending and saving accordingly:
January – “Open up an old-fashioned Christmas club account at a credit union (or if you prefer, a holiday club). These are savings accounts you put money into throughout the year and reserve for the holidays. You’ll earn a little in interest, but the main goal is to sock money away so you don’t wind up in financial trouble in December.”
February – Plan ahead to show that you care about your significant other. Do you homework by researching the best deal when buying flowers. Think outside of the box for inexpensive ways to celebrate that can be more sentimental.
March – This is the best time to stock up on winter clothing as retailers begin to roll out their spring/summer line. In addition, March is the ideal time to start organizing your taxes, giving you enough time to prepare before the April deadline.
April – Open up a Roth IRA! “You’ll pay income tax upfront when you funnel money into a Roth, but the funds you withdraw in retirement will be tax-free.”
May – Plant a garden! “According to a cost-analysis study from the seed company Burpee, if you spend $50 on seeds and fertilizer, you can grow $1,250 worth of vegetables. Even if you’re only partly successful due to your brown thumb, you’ll still get exercise and fresh air.”
June – Remember this tip, when watering your lawn you only need about an inch of rainwater a week.
July – Save those vacation days for October – April “travel experts say you can save 10 percent to 30 percent on hotel and airfare.”
August – Best time to stock up on back to school or work supplies.
September – Start preparing for the winter weather in your home.
October – Make your own costume or stock up on bulk warehouse club candy to save money for the holidays.
November – “Consider saving strategies for the holidays. If you host Thanksgiving every year, consider asking guests to bring a side dish. It’ll make the meal cheaper and mean less work for you. And, of course, look at those Black Friday deals – not just for gifts, but for yourself and your household. If you need appliances or home improvements, this can be a fine time to save money on those.”
December – “Now that it’s December, start thinking about how your tax bill will look. Consider paying your January mortgage this month, so you have extra interest to deduct. You can also donate to charity before month-end and reduce your tax bill. If you contribute more to your child’s 529 plan, you might get a partial deduction or credit on your state tax return, depending on where you live. And if you have a financial advisor, call him or her for tax advice and suggestions on how to prepare for the year ahead.”
We hope these tips help keep your spending in check this year. To view the rest of this article, click here.
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