My last resolution, at least the last one at the start of this new year, is to save more money this year than I did last year. That's right - I want to at least save the same amount plus at least one more penny. When I was laid off in 2008 (and yes it was almost two years ago) I was lucky enough to have savings to carry me through until I got a new job. Last year I worked to replenish what I used. I found that although my new job paid more than the last job, the economy and the uncertainty about the future kept me in check and prevented me from moving back into the more frivolous spending I had engaged in before the layoff. I want to live 2010 in that same mode. Oh, there will be the occasional frivolous spending moments, but I want to make sure that they are conscious decisions and not thought free ones. So for those of you with tips on how to spend less, save more, or how to make the most of your money - send them my way.
Monday, January 4, 2010
Resolution Five: Show Me the Money
My last resolution, at least the last one at the start of this new year, is to save more money this year than I did last year. That's right - I want to at least save the same amount plus at least one more penny. When I was laid off in 2008 (and yes it was almost two years ago) I was lucky enough to have savings to carry me through until I got a new job. Last year I worked to replenish what I used. I found that although my new job paid more than the last job, the economy and the uncertainty about the future kept me in check and prevented me from moving back into the more frivolous spending I had engaged in before the layoff. I want to live 2010 in that same mode. Oh, there will be the occasional frivolous spending moments, but I want to make sure that they are conscious decisions and not thought free ones. So for those of you with tips on how to spend less, save more, or how to make the most of your money - send them my way.
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One tip would be to increase your 401(k) or IRA contribution from each paycheck. Increasing your contribution by $25 per week now will net an extra $106,000 in 25 years (assuming 9% rate of return which is the S&P 500 average for last 30 years).
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