Saving for the future is hitting an all-time low. Only one in four Americans claim to make a financial resolution this year. This is down from the 43% claimed in 2014.
The irony is that close to 60% Americans who made financial resolutions in 2017 claim to be in a better financial situation and in less debt.
How can Americans change this mindset? Especially when most Americans are living paycheck to paycheck.
Kyle Winkfield, managing partner of OWRS Firm , gives us 3 small steps to help kick start our new saving habits for the new year!
1. YOU EITHER WANT TO SAVE OR YOUR DON'T.
Saving is a mindset. Saving is a habit. Saving is a having a goal to want more out of life, and not material possessions. People have every excuse in the world not to save, it takes mindful planning. You have to want it first. You can't will good savings into existence. If you're not getting the results in the financial side of your life, look at the habits in that area of your life. Then back up and say 'What actions could I take that would be in-line with what I want?'.
2. LIKE EVERY BEHAVIORAL CHANGE, IT HAS TO START SMALL.
A healthy behavioral change doesn't happen overnight. Small, slow and steady. Make a small change, support it slowly, but keep steady. Figure out what small percentage of your check you can put into an account you don't touch. Direct deposit this amount in an account. I'm telling you now, you will feel so accomplished by the end of six months of how much you saved. Make it a game. Reward yourself with something small when you hit your first money milestone.
3. THE PAST IS THE PAST. FOCUS ON THE FUTURE.
If you haven't saved in the past, leave that behavior in the past. It's a new day, heck, it's a new year. Do something different this year. Don't let the past mistakes haunt you, but do something today. Don't let 2019 creep up on you and you're in the same situation as you were last year. Only you can do something about saving.Your past and your failures can be an incredible teacher for you so let them teach you the best way to save.