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If saving money was one of your New Year’s resolutions, it is not too late to start.
Jean Chatzky, financial editor for NBC’s Today Show, began a year-long money challenge designed to save nearly $1,400 after 52 weeks. $1,400!
The challenge involved putting aside $1 for the first week, $2 for the second week, $3 for the third week, and so on until the end of the year.
Although the process of saving money can seem tough, Chatzky offered readers some simple tips to get started.
Saving money is proven to boost happiness
Look at your savings account at least once a week. In a survey conducted by Ally Bank, 84 percent of people said saving money makes them happy. Thirty-eight percent of people with a savings account reported feeling extremely happy, compared to just 29 percent of people without one.
Chew gum and wear headphones while grocery shopping
Even in grocery stores, consumers are not safe from marketing ploys. The delicious bakery smells wafting through the air combined with the relaxing music are designed to get shoppers to stick around longer, ultimately causing them to spend more.
Save your $5 bills
Every time you get a $5, put it aside. It may be a mind trick, but it works.
Consider the time it took to earn the money
When buying a “want” instead of a “need,” consider how many hours it took to buy that item.
An easy trick to get that number: take the money you earn in thousands per year, take off the last three zeroes and divide in half.
Save your tax refund
The average tax refund for 2015 is $3,500. With eight out of 10 filers getting a refund, it’s an easy way to save a big chunk of change.
Get others involved in your goals
By talking about savings with family and friends, it is easier to come up with ways to save and makes saving a little more enjoyable.
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