If you’re like most people, you set a new year’s resolution to save more money every year. And every year, you end up with no more money to show for it.

The problem isn’t a lack of trying. Try as hard as you can, but there’s always something putting your best efforts to waste. A big sale goes on at your favorite store, your car has a flat, you have to buy a baby shower gift, or you get sick. These bills and expenses burn through your cash. You may even borrow money when you need it in an unexpected emergency, using an installment loan to cover urgent repairs and expenses.

By the end of it all, you’re ready to give up on your goal entirely, but this is exactly the right time to double down. Check out these tips to help you achieve your goal.

Set a Better Goal

Pledging to save more money sounds good, but it’s a stock answer when it comes to goals. You and millions of people set the same goal every year without doing anything to personalize it. It doesn’t speak to the specific things you’ll need to do to achieve it.

Data shows you’re more likely to achieve your goals when you set specific resolutions. So, if saving is a big goal of yours, you’ll want to flesh it out with these details.

  • How much do you want to save?
  • When do you want to save it?
  • What will you do to hit this goal?

Maybe you want to save more so that you don’t have to rely on installment loans when an unexpected auto expense comes your way. You’ll have to crunch the numbers to figure out a practical saving goal to cover most auto repairs. You’ll then have to compare your budget to your car’s condition to determine how likely it may break down. This will help you set an appropriate amount of time to save that much money.

Use a Budget

Saving money without a budget is possible, but it’s a lot easier to do when you have this spending plan in your hands.

Making a budget is simple. You’ll want to assign a job to each dollar you bring in for the month. A job is something important—like paying off your installment loan, covering rent, or putting food on the table.

This exercise makes you think carefully about how you spend your money. You don’t want to waste your cash on unnecessary jobs when it leaves you without savings, so take the time to trim the fat.

If you aren’t sure where to start, try these money-saving tips below:

  • Cancel your gym membership
  • Change your cell phone plan
  • Cut the cord and stop paying for cable
  • Download cash rebate and money-saving apps or extensions
  • Eliminate streaming services
  • Reduce how often you get takeout
  • Use a meal plan

Trying to save money while also living your life is hard. But it’s still possible. Think of your goal in a different light and use a budget to help you control your spending. These two things will help you stick to your new year’s resolution.

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