Thursday, December 17, 2015

Prepare for a Great Financial New Year!



Have you finished your Christmas shopping?  I haven’t yet…usually I am all done by this point, but this year I am getting down to the wire!

This year I have been working extra hard to make sure I stay on budget for Christmas.  Actually, this is the first year Matt and I have actually sat down and done a budget for Christmas.  Usually we decide about what we want to spend, but then we don’t stick to it.  This year, this year was different.


It is so important to be able to stay on track with your Christmas spending.  If you go overboard, you end up starting the New Year on a sour note.

A recent Capital One survey found that only 1/3 of Americans felt they accomplished their financial goals in 2015.

I found that to be a sobering statistic!


One way that Matt and I have been able to better prepare for our own financial goals is to utilize the 360 Savings at Capital One.  These accounts have no fees and no minimums, and are perfect for categorizing our spending and savings goals.

I absolutely love that you can open up as many as 25 different 360 Savings accounts - all for free - and name them all different things.  This helps me to stay on task what we are saving for. 

One of the best ways for us to focus on our savings goals is to use the Automatic Savings Goal tool.  This allows us to automatically have money transferred from our checking account into the different savings accounts periodically throughout the month.  Having the money moved right when our check hits the checking account helps us to stay on track financially.


My husband and I have a lot of financial goals for 2016.  One that we are planning on concentrating on is putting more money in savings.

I am planning on using the My Savings Goal tool which allows users to track progress, stay motivated, and celebrate milestones along the way. 

Giving each savings account a nickname helps to not lump all of our savings together.  To see “heating oil” on an account, I know exactly what that account is for, and I don’t have to worry about using it for something else.  It also makes budgeting for big ticket items a lot easier.  Knowing we have a fund especially for home maintenance, or new car, helps us to visualize our savings goals, and easily see the progress we are making, rather than looking at one account for everything.  

One fund I really would like to have this year?  The Vacation fund!

What are some of your savings goals for the New Year?

I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.

19 comments:

  1. So, a digital form of the envelope system?! About time! I am not comfortable with cash (because, uh, I spend it xD ), so having it be away somewhere is a much better option (though, you spend more on a card than in cash, but only if you're not paying attention!). Not gonna lie, we did horrible financially this year. Our rent costs more, our utilities cost more, but that was out of necessity (pay more than we were for a crappy apartment, or pay a little more than that for a nice apartment - the joys of living in the Portland area :'( ). While it would be easier to do this if we had our finances combined, it is actually quite nice to have one account that is (mostly) groceries and things of that nature (my accounts, that is), and that makes it that much easier to see how much is being spent. Having it in a savings account for *just* groceries, then *just* gas, etc, would make it much easier!

    ReplyDelete
    Replies
    1. Yes! This is exactly how I like to use it - the envelope system :-)

      Delete
  2. I need to do this and keep on track of my spending. I am so bad with money I need to learn to save.

    ReplyDelete
    Replies
    1. Saving money is definitely a challenge. I find that automatically having money taken out of my paycheck and immediately put into a savings is a big help!

      Delete
  3. That sounds like a great account to have! I love budgeting. But, it'd be nice to have actual accounts with the names rather than just categories on a spread sheet. We'd been saving for our first home. Then it was saving for reno which is almost done. Now it's saving for the backyard. Can't wait till it's saving just for the sake of saving. Lol. (We still have an emergency fund though!)

    ReplyDelete
    Replies
    1. Agreed! Saving for the sake of Saving would be nice!

      Delete
  4. I wish that there was something similar available in the UK, it sounds like a great tool to help with budgeting x

    ReplyDelete
  5. I still have an account with Cap one but most of our $$ is now in Ally. Check them out. Way better rates than Capital One. Plus super easy to use. I'm currently transferring everything over the Ally!

    ReplyDelete
  6. It is so important to keep track. We use Quicken and love it.

    ReplyDelete
  7. Such great tips! I find living on one income we really need to keep track of our budget and set goals!

    ReplyDelete
    Replies
    1. It almost seems impossible these days to live on one income - I know it has been a challenge for my husband and I. We are really trying to set more goals, and that is helping!

      Delete
  8. We are down to one income, but I'm glad everything is working out. I hope to save more next year and yes, I want to work on a vacation fund.

    ReplyDelete
  9. I have an online account we use as our vacation fund. I try to send money there once a month. If it doesn't happen, I try again the next month, but it's always a great idea to plan ahead!

    ReplyDelete
  10. Our biggest goal in 2015 was to pay off my student loans and we did it! It feels so good to have that debt gone.

    ReplyDelete
  11. This is so cool! We are going to be looking for a new bank soon and I'll have to look into this! <3 We're doing our best to pay off student debt sooner than expected.

    ReplyDelete
  12. We're definitely looking forward to 2016 to get some of our finances in order for sure! After tax season, we'll likely sit down and set up a budget for month-to-month so we can save more than we spend (hopefully!)

    ReplyDelete
  13. This coming 2016 I promised to be more productive, organized and o save. I totally love your post and I thank you for sharing your pointers.

    ReplyDelete
  14. Really? Wow, I need to get on this pronto. I have been working to organize myself as well and financially this would totally help and keep me on track! Thanks so much for sharing. xx

    ReplyDelete
  15. This is a great way to keep financially prudent. We follow a system that is similar to this. :)

    ReplyDelete

I love to hear from my readers and try to respond to all comments either here or through e-mail. Thank you for taking the time to comment!