The New Year is a good time to reflect on the past and set new goals for the future. It’s also a great time to clean house, take stock and take action. If one of your goals is to save money to pay for fertility treatments in 2016, there are a few simple steps you should consider to optimize your saving potential.
1. Set a Goal
Saving money may seem like a simple undertaking, but everyday life can often derail the best of intentions. Start by setting a goal: work with your partner to set a savings goal that is challenging but achievable and make sure you are on the same page as to what that goal is, how you will achieve it, the timeframe and what the money will be used for. Starting off together, on the same page, is critical to long term success.
2. Plan a Budget
With your goal clearly defined, it’s time to find the funds. Start by creating a list of all your monthly expenses from the big things (like your housing costs) to the small stuff (like that daily latte from the coffeehouse). Once you know where your money is going, you can find ways to cut unnecessary expenses and consolidate in places where you overspend. The money spent on eliminated expenses should now be earmarked as the money you will put into your savings account.
3. Get Creative
You don’t have to sacrifice to save money, you may just need to get a bit creative. Instead of spending money going out to eat at the neighborhood bistro, cook at home. Challenge yourself to try some of the recipes in that cookbook that has been sitting on the shelf, or throw a potluck dinner and have your friends come to you. Take your exercise routine outdoors, instead of investing in a gym membership. Hike or walk with your partner, do some yoga and relaxation exercises in your living room, it’s a great way to save money and reconnect as a couple. Have a special talent? Perhaps you can make money on the side by consulting, tutoring or teaching. There are lots of ways to save money or, better yet, create new income streams.
4. Do the Research
If you are taking the time to save money, take the time to research the best savings plan available to you. Look for a high yield savings or money market account and beware of fees and hidden costs. If you are overwhelmed by the financial options consult with a financial planner. Do your research and put your money in a safe place where it will grow. Once you have decided on where you will put the money, be diligent. Setting up automatic deposits to save you time and hassle, too.
By following these simple tips, you are well on your way to creating a plan that will help you reach your financial fertility goals in 2016!