Little by Little: Growing Your Savings in the New YearA YouGov poll revealed that some of the top New Year’s resolutions are:
- eating healthier (37%),
- exercising more (37%), and
- saving (more) money (37%). 
Automate your savings programs. Determine how much you will save on a monthly basis, and then make it automatic. By taking this step, you make only one decision for a ten-year period instead of 120 monthly, individual decisions.
Save for retirement. If you are an entrepreneur, set up retirement accounts for you and your employees. Find out what retirement plans
are available where you work. If you own a business or work for a business, it there a 401k-retirement plan? If you work for non-profit organization,
is there a 403b or 403b (7)-retirement plan? If you work for the government, is there a 457-retirement plan?
You can also save for retirement using Roth or traditional individual retirement accounts (IRAs). The Roth IRA is a really great vehicle. You can put in after-tax money, let it grow tax-free, and then eventually withdraw funds tax-free. Some businesses have started to set up Roth 401k plans for the owner and employees. With all of your retirement accounts, you should review your beneficiaries annually. With proper use of beneficiaries for IRAs, you can build up wealth for future generations.
Costs matter. With your retirement savings and other investment programs, the costs you pay for fees and expenses are critical. Investments with high fees and expenses can significantly erode the value of your long-term savings. Choose financial institutions that have lower fees and expenses.
How much should you save for your goals? This depends on a number of factors including your personal financial information, other family data, short-term goals and long-term goals. A great way to address this question is to develop a financial plan. Regardless of this process, it is critical to start saving something, even initially a small amount. You can increase your regular, savings in the future when your income increases.
Best wishes as you implement your goals for 2019!
Lyman Howell, MBA, CFPâ is the President of Regal Oak Financial, LLC, www.regaloakfinancial.com, a Registered Investment Advisory Firm in Illinois. His firm provides financial planning and investment advisory services.
 “The Most Common New Year’s Resolutions for 2018”, Martin Armstrong, Jan 2, 2018