As the New Year begins, many investors have resolved to try to save more in 2014. But with so many demands on your money, how can you make sure you actually save enough to make a difference?
In the following video, Dan Caplinger, The Motley Fool's director of investment planning, talks about how you can save more money in 2014. Dan points out that for most people, the best strategy is never to see the money they save in the first place, using options like automatic 401(k) contributions withheld directly from your paycheck or automatic withdrawals from bank accounts to go toward investments. Dan also suggests that if you have received a bonus or raise recently, diverting all of it toward your savings can help you boost your future prospects without causing any current pain. Finally, Dan recommends making small, attainable goals rather than shooting for the moon, because many resolutions die an early death when people lose hope. If you want to save more in 2014, you can -- so long as you're committed and follow these simple rules.
