A recent poll asking the Northeastern community about their 2016 resolutions revealed that financial responsibility is on the top of almost everyone’s mind. In response to “save more, spend less” being a highly-cited goal for the New Year, personal finance expert and D’Amore-McKim School of Business Assistant Academic Specialist Tim Gagnon shared helpful tips for achieving this resolution, including:
Pay cash—yes, it does exist—for all expenses for a week to see how much you spend. Debit cards and credit cards allow you to spend without thinking because you do not see the balance on an ongoing basis.
Have money automatically directed to a savings account out of each paycheck so it will not be spent before you save. Also, check your tax withholding in your check and if you are over-withholding, then reduce the withholding and send it to a savings account or your retirement savings.
Read his full list of financial tips here.