Money-saving plans to try out in 2015

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HUNTSVILLE, Ala. (WHNT) – The new year begins Thursday. And with a new year comes an opportunity to make some money-saving changes to your life.

WHNT NEWS 19 tapped into Pinterest to find some strategies for saving money in 2015.

It was a hot topic among pinners.

Here are a few ideas:
The 52-week money-saving challenge: setting aside $1.00 on week one; $2.00 on week two; and so on thru week 52. By the end of the year, you will have saved $1,378.

If you would prefer to do the hard part first, try the 52-week challenge in reverse. Set aside $52 on the first week, then decrease one dollar each week. You will still have saved $1,378.00.

Another idea is the 50-20-30 plan.
It’s a way of budgeting. You divide up your monthly income (take-home-pay) into three categories.
Fifty percent goes for necessities of life: food, shelter, heat, housing, transportation. Set aside 20% for your future: retirement contributions, savings, debt repayment. Finally, the last 30% goes to lifestyle choices: things you enjoy spending money on. Those include: cable, internet, entertainment, eating out, socializing, shopping, gym membership, charitable giving. The last category is also where you go first if you run into financial difficulties.

Good luck saving money in 2015!

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