To get your new year’s saving resolutions off to a healthy start, we ran a sweepstakes on the Get Rich Slowly Facebook page. More than 300 (310, to be exact) people told us what their new year’s goals were, and from those entries, we randomly chose winners to receive $50 gift cards. And the winners are… (drumroll):
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Goals for 2013
Lucky winner Michael Brewer has set himself a goal that should be easy to achieve: “I want to save a dollar in the first week of the year, 2 dollars in the second week, 3 dollars in the third week, etc., etc.” By our calculation, Michael will save $1,378 – not a massive amount, but his method is easy and kind of fun.
Among the common savings themes from all of the entrants were saving for a home down payment, fully funding an emergency account, and paying off credit card debt and school loans.
Many others are plowing cash into 401(k) plans and other retirement savings vehicles.
Reader Peter Young has an ambitious retirement savings goal: “I will take one out of every two paychecks and save the ENTIRE thing toward retirement. (Above and beyond maxing out pretax options.)”
Another reader, Jon McKenzie, is planning to kick soda and fast food to rev up his retirement savings: “I am taking my soda and fast food money and adding it to my Roth IRA savings. I figure by cutting back on these things I can easily save $30 a week, so I have set up an automatic transfer at the end of the month for an additional $120 into the Roth IRA fund. And as a bonus…by cutting back on soda and fast food I will be around to enjoy my retirement!”
Reader Cathy Curtis is giving up buying things too: “My 2013 New Year’s Savings resolution is to Not Buy Any Clothing, Jewelry, Accessories or Shoes for 365 days starting January 1, 2013.”
Alona Capehart is saving for the next generation: “We were blessed with our first grandchild last month. We are starting a savings account for him beginning this year. We have already budgeted a specific amount to be deposited each month.”
Thanks to everyone who gave us their ideas for saving in 2013. Let us know how you’re doing in your quest for savings and please share your ideas to inspire others.
GRS is committed to helping our readers save and achieve their financial goals. Savings interest rates may be low, but that is all the more reason to shop for the best rate. Find the highest savings interest rates and CD rates from Synchrony Bank, Ally Bank, GE Capital Bank, and more.