MONEY MATTERS WITH SHEILA--HOW TO SAVE IN 2015

Did you make a resolution to save more and spend less this year? If so, you’re not alone. However, most resolutions fall by the wayside by Valentine’s Day—if not before.

Here are a few sobering facts: Did you know there are twice as many poor women as men? Did you know that women have 40% less money saved in their retirement accounts than men? Given that women live longer than men, this doesn’t bode well for our golden years. As a matter of fact, those golden years may be anything but golden if you don’t start saving more and spending less this year.

Here’s a tip that will save you an additional $1,000 in 2015:

Resolve to save $3 a day every day in 2015. Do this by setting up an automatic weekly transfer of $21 from your checking account to your savings account. At the end of the year you’ll have nearly $1,100. Use that money to open an individual retirement account where your money will grow tax-free. The younger you are, the more money you’ll have when you retirement age. That $1,100 a year over the course of thirty-five years will grow to nearly $130,000. The more money you save, the more you’ll have for retirement. So try to increase that daily amount to $5.

Now I suppose you’re thinking you don’t have an extra $3-$5 a day to set aside. I’ll bet you do! As a matter of fact, I’ll bet you spend far more than that every day on things you could do without. Think of all the ways you spend money during the week. Here are some ways to lower that spending:

1. Bag your lunch instead of going out to lunch every day.

2. If you can’t live without your daily Starbucks fix, order the smaller size latte.

3. Skip happy hour or only order one drink.

4. Only use ATM machines connected to your bank to avoid withdrawal fees.

5. Hand-wash your delicate blouses instead of sending them to the cleaners.

6. Stop downloading apps you have to pay for.

7. Listen to music free on Pandora instead of downloading tunes.

8. Make a budget and stick to it! Shop only for what you truly need.

9. Consider store brands rather than pricey name brands. The quality is often comparable.

10. Walk more; drive less. Gas may be coming down in price, but you still have to pay for it. Along with saving money, walking also gives you the double benefit of exercise and weight loss.