Extension Educator Dung Mao talks about financial goals and habits in the Talking with U of M series.
A new year brings the opportunity to ring in resolutions focused on positive changes. While many resolutions revolve around physical health, it's equally important to consider another vital aspect of health — financial well-being.
Extension Educator Dung Mao answers questions about making financial goals and building a habit of saving.
Q: How can I make saving money a habit?
Mao: Consistency is key, no matter how much you save. Start by saving as little as a dollar each week. It may not seem like a lot, but being able to save that dollar shows you can save. Your goal could grow to $10 or $100 each month in the future.
Another way is to put away a percentage of your paycheck. Try saving 1% and see how you feel. If it doesn't hurt too much, save 2% the next month, then 3% and so on. Saving might be tough at first — giving up your morning coffee to save some money could feel like a loss. It's important to remember that saving for your needs and future emergencies is actually a win. It's something to be proud of.
Please read the full Q&A, Talking Financial Fitness with U of M, on the University of Minnesota's website.