It’s the start of the new year, and many people are recovering from post-holiday shopping debt and putting together a list of resolutions for 2016. If saving money is on your list of goals for this year, you’re not alone. Money goals came in third on the list of resolutions, according to a report by Statistic Brain Research Institute.
Sometimes, keeping a New Year’s resolution is easier said than done — in fact, 8 percent of people who make resolutions are successful in achieving them, according to Statistic Brain. When it comes to money-saving tactics, it’s best to set specific and achievable goals for yourself in order to stick to your commitment, as people who make explicit resolutions are 10 times more likely accomplish their goals than those who do not.
This year, plan to get ahead of the game by focusing on financial trends that you can anticipate in advance. Here’s a roundup of expert advice on how to save money in 2016, based on current and predicted events.
1. Invest in Your Health
Commit to two New Year’s resolutions at once — vow to invest in your health in order to invest in your financial future. Nate Michaels of personal finance blog HackingYourBudget.com recommended focusing on your health to save money on medical expenses.continue reading »