4 Financial New Year’s Resolutions for Employees

Ah… the New Year. It’s a time for losing weight, giving up bad habits and pursuing an overall better version of yourself. For some employees, that means chipping away at debt. For others, that means setting a budget. Still, others need to start saving more for retirement. Regardless of which camp you fall into, you could probably stand to save a little more money each paycheck.

Here are four 2020 New Year’s resolutions that will help employees do just that:

1. Bring More Lunches

Let’s start off simple. According to Forbes, American employees spend nearly $1,000 a year eating lunches away from work. That’s a significant amount of money! By swapping more days of eating out for lunch with days that you bring your own lunch from home, you’ll be well on your way toward financial wellness. Even if you start with one or two days a week, it’s a good start. According to Money Crashers, bringing your own lunch to work can save you up to $100-200 per month and up to $1,200 - $2,400 per year.

2. Save More for Retirement

Next, it might be time to do a reset of your 401K/retirement account. Or, perhaps you need to start one. According to a survey by Bankrate, here are the percentages of annual income Americans save for retirement, emergencies and financial goals:

• None: 20%
• 5% or less: 21%
• 6-10%: 28%
• 11-15%: 10%
• More than 15%: 16%

All financial situations are different, but if you can make your New Year’s resolution to move further down this list than you already are, that’s a commendable goal.

3. Listen to More Financial Podcasts

Another practical New Year’s resolution is to start making financial podcasts a regular part of your day. You can listen to these on the way to work, during lunch, during workouts, while doing work or on your way home. These podcasts are full of great tips that will help you keep your finances on track. Here are some of the most popular financial podcasts:

• So Money
• The Dave Ramsey Show
• The College Investor
• The Fairer Cents
• Money for the Rest of Us

4. Push for Pay Access

Finally, a pay access solution can help employees like yourself manage their money better. With Spentra, for example, you can access up to 50% of your net wages at any time. This allows you to do smart financial things like:

• Pay off bills on time, before you’re charged late fees.
• Address unexpected bills.
• Pay down debts.
• Pay off monthly rent before the cutoff date.
• Manage your pay with the Spentra app.

Make 2020 the year you enjoy financial wellness. To learn more about Spentra and why it could be the perfect New Year’s Resolution for your company, contact us today.