Cassie Laymon from Beacon Wealth Consultants shares her number one tip for saving in the New Year!
Hi there. It’s Cassie Laymon with Beacon Wealth Consultants, and I just wanted to start off the New Year with a big money saving tip.
I think the easiest thing that you can do to increase your savings in the New Year is to up your 401k savings by just 1%, and it’s not really that much money. If you make $50,000 a year, it’s probably about $20 a paycheck. If you make a hundred thousand dollars, probably $40 a paycheck, we all know how quickly we can spend that much money.
I think a good way to find these extra funds is to review all of your subscriptions, maybe apps on your phone or streaming services. I have a program that I use called YNAB called You Need a Budget, and I review our expenses on a regular basis just to see what we’ve subscribed to and what we’re still using, and you can go ahead and cancel anything that you’re not currently using and apply that to your savings. You would be amazed how this small amount of money is going to really add up over the long-term over many, many years to come that you’re working.
So I think it’s well worth it to do a little homework and find that money, increase it in your 401k. It’ll have a huge payoff in the long run, so I’m wishing you a happy and prosperous New Year. If you have any questions or would like to learn more, don’t hesitate to reach out. Have a great day!