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1. Set a savings goal

On New Year's Day -- once your headache from all that champagne subsides -- set a savings goal for 2017. Your goal should be measurable, achievable, realistic and timely. You might feel really ambitious and set a super-high savings goal, but you'll also be setting yourself up for failure.

When deciding on a savings goal, think of a specific purchase or benchmark you could realistically reach in 12 months. The goal should require self-discipline and a little sacrifice when it comes to spending (it is a goal after all), but you shouldn't overreach.

Then, find a friend or family member who can hold you accountable, or write the goal down in a place where you'll see it every day, like your planner.  

2. Choose a savings account thoughtfully

Be picky about where you keep your savings. Savings accounts vary widely when it comes to interest, fees and minimum balances, so do your research and find the one that's perfect for you. Take into consideration extra charges like monthly service and ATM fees.

While the interest rate might sound minimal at first, it adds up. And every little bit counts when you're saving toward a specific goal. Check out online banks too; online savings accounts sometimes have higher interest rates.


(Berger,2016) Read more: http://www.bankrate.com/finance/savings/tips/#ixzz4SGhpblML 
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