Did you make a New Year’s resolution to start saving more money? It could be a tough challenge if you leave it to chance. Saving money, like many goals, is more easily accomplished when you have a plan.

First, decide how much you want to save. Next, develop strategies for achieving your goal.
Let’s say that you want to save $400 a month. If you get paid twice a month, ask your payroll department to automatically deposit $200 out of each paycheck into your savings account. This simple step will help you reach your goal – if you don’t take the money out!
In order to avoid dipping into your savings, you will need to identify ways to reduce your monthly expenses.
• Skip the gourmet coffee. By not spending $5 per day, you could save $150 a month!
• Pack your lunch a few days a week. By cutting $45 a week on restaurant lunches, you could save $180 a month.
• Go to a matinee movie and then dinner, rather than dinner first. Saving even $10 a couple once a week can save $40 a month. Better yet, cook dinner at home on movie nights and save $200 a month!
• Check into new rate plans for your home phone and cell phone. First, maybe you don’t need a home phone at all. And, your mobile carriers usually won’t tell you when a less expensive plan is available. A little research could save you $50 a month or more!
I think you get the idea… analyze your spending, make some conscious choices and stick to the plan!