Every Jauary I make new savings resolutions for my family (with the help of my husband) to see how we can make the best use of our finances. I learned a long time ago that saving money is about more than just heading to the store with coupons…It is a lifestyle choice that bleeds into many areas of life and requires a lot of planning and work. This year we have a couple of huge financial decisions to make about our cars and possibly buying a home, both of which have a huge impact on how we are approaching our new budget for the year. We are also PCSing in June so that affects how we shop this year–Instead of building our stockpile, we will be working on eating through it. We always sit down and redo our budget based on the past year and then make some individual goals for savings and investments. Here is what we are resolving this year:
1. Last year we set a goal to spend no more than $500 per month on grocery, household goods and personal care items. This year we are keeping the $500 figure, but adding a focus on buying more fruits, veggies and organic products which goes with one of our non-financial goals of eating better in 2012. We are not extremely unhealthy, but definitely have a lot of room for improvement and I want to really focus on our health this year. (I will be spending a lot of time this year researching foods and finding ways to save on the products I find to be the best for us.)
2. Last year I decided to earn as much money as possible online through Survey and Rewards sites. This year my goal is to maximize my online earnings by spending some time analyzing the sites I use and deciding which ones are most worth my time. I plan to track my earnings monthly to judge which ones are the best use of my time.
3. We have been saving 10% of every paycheck for years now, but last year we decided to increase savings contributions by an additional 2%. This year we would like to add an additional 2% making our total savings percentage 14% each month. Kind of a boring goal, but saving is important to us.
4. All pay increases for the year go directly to savings. My husband was promoted this year and we will be getting a raise this month for the new 2012 Pay Increases as well as an increase in BAH and BAS. We are already living well on what we get now so the extra money that comes with the pay increase will be put directly into our savings and not figured into our budget.
Over the next month and year I will be sharing more about these goals and how we are doing. And giving tips for the first two which I am sure many of you also would like to do. I would love to know how you plan How are you planning to save more this year? Did you set any goals for yourself for 2012?