Sticking to your financial resolutions

Cutting out purchases like coffee can save you upwards of 200 dollars a month.

SPRINGFIELD, Mass. (WWLP) – An Annual Fidelity Study shows that 72 percent of Americans predict they will be better-off financially in the new year.

More than half of those surveyed made financial new year resolutions to save more in 2016. The rest are vowing to spend less and pay down debt.

Financial advisor Mark Teed told 22News working towards those goals can be done as simply as cutting daily purchases, like coffee, out of your routine.

“Just take that and save that,” Teed said. “That turns out to be 150-200 bucks a month if you do that every day, so that’s a big kick right there.”

Teed said the key to sticking to financial resolutions is to start small.

“Just take it in steps, baby steps, because you can’t make big changes,” Teed said. “They won’t last.

Teed also told 22News it is best to invest your savings rather than just keeping it in a bank account. He also said to always take advantage of retirement savings plans offered by employers.

The study also found that those who had made financial resolutions going into 2015 are more financially secure, debt-free and optimistic going into 2016.

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