5 Tips to Make Your Savings Goals Happen in 2023

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KEY POINTS

  • With only a few weeks left in 2023, now is the time to start planning financial goals for the new year.
  • Here are some steps to take to ensure your savings goals happen, like using automation tools to help you.

You can reach your savings goals if you go in with a solid plan.

Most of us wish we had more money in our savings accounts. Having additional money beyond what we need to cover our bills can make unexpected financial situations less stressful. Whether you have a big or small savings goal for 2023, now is the time to prepare. The following tips may help you make your savings goals a reality.

1. Make a plan now

It's a good idea to outline specific goals. Figure out how much money you want to save so you can determine what steps you need to take to get there. If you don't plan, you may get sidetracked and not follow through. Creating an actionable plan before Jan. 1 is the best way to set yourself up for success.

2. Learn to budget

Now is an excellent time to start budgeting to make your goals happen. By setting and following a budget, you can put every dollar you make to good use and find ways to trim unnecessary spending. If you're a budgeting newbie, budgeting apps are a great resource. Budgeting could give you more money to put toward your savings goals.

3. Don't set yourself up for failure

Make sure you're realistic with the specific savings goal you have in mind. If you only have so much income to work with and have no plans to get a side hustle or find a better-paying job in the new year, don't set an unrealistic goal that is unreachable.

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APY
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Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
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It's also good practice not to deprive yourself. Do stick to your plan and follow a budget, but make sure you have some fun. You work hard and deserve to spend some money on yourself.

It may be helpful to set savings milestones. When you reach a milestone along the way, you can treat yourself to something fun as a reward -- which may serve as a way to stay motivated.

4. Use automation tools to your advantage

When life gets busy, it can be easy to forget to save -- even if you're committed to your savings goals. Many people create a plan but fail to do the work. One way to ensure you follow through with your goals is to automate the savings process.

You can set up automated transfers through your bank to automatically send money from your checking account to your savings account. Once you do this, there's no forgetting to save. Let's imagine you want to save $7,500 next year. You can schedule automated transfers of $625 on the first day of each month. At the end of 2023, you'll have met your goal.

5. Get an accountability buddy

It can be easier to make big goals happen when you have support. If you share finances with a partner, it can be beneficial to ensure you're both on the same page. You can motivate each other to follow through with your savings goals.

If you're on a solo personal finance journey, it may be helpful to share some of your goals with a trusted family member or friend so they can cheer you on. Surrounding yourself with others who are also working toward financial goals can help you stay on track.

You can do it

You can reach your savings goals. If you encounter some obstacles along the way, that's okay. Don't put off your savings goals because it feels impossible. Instead, get creative and figure out a plan that works well for your situation. The above tips may help you have greater success on your savings journey.

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Rates as of Jun 24, 2024 Ratings Methodology
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Citizens Access® Savings Capital One 360 Performance Savings
Member FDIC. Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor

APY: 4.50%

APY: 4.25%

Min. to earn APY: $0.01

Min. to earn APY: $0

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