Your Monthly Money Manual: January is the Time to Save!

Thursday, January 19 at 08:42 AM
Category: Personal Finance

Hello, 2012!   Your Monthly Money Manual will be your 12-month guide to making the most of your hard-earned dollar through the changing seasons.  Each month, we’ll post blog articles featuring some how-to’s and tips for maximizing your dollar for that particular month.  So, grab a pen and take some notes.  January is the month to get your savings in order.

HOLIDAYS.  The last thing you probably want to talk about right now is holiday shopping.  You’re finally resting your feet and wallet from the gift-buying, money-spending, endless-shopping extravaganza. However, January is when you want to start preparing for the next go-around. 

Determine how much you spent this last year for the holidays.  Was it the amount you planned to spend?  Did you spend too much?  Go ahead and set a goal for this year’s spending limit. Once you’ve set this goal, divide it by 12.  That’s the amount you’ll want to set aside each month.  Open a separate savings account dedicated to holiday savings and set up a recurring automatic transfer from your main account.  This will make saving for the holidays easy and painless.

COLLEGE.  Fact:  College tuition isn’t cheap.  According to the National Center for Education Statistics, the average tuition for a four-year public institution in 2010 was $15,014 a year.  If you have children, be wise and start saving now. 

Arvest offers accounts and programs such as 529 College Savings Plans or Coverdell Education Savings Accounts for this very need. Our client investment advisors can you help you thoroughly plan and save for your child’s education. 

Visit back to the Arvest Blog this month as we will be featuring other articles on how you can maximize your money by smart saving this year. 
 

(By clicking on external links, please be aware you will be leaving the Arvest website.)

 

Tags: Financial Education, Savings
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