Money matters

If you have lost track of your New Year's resolutions, now is perfect time to get back on track, as we celebrate America Saves Week, Feb. 22-27.

Starting a new effort to save more money can be difficult for individual consumers, for parents trying to teach better habits to their kids and even for professionals.

When it comes to resolutions for better money management, NBT Bank offers the following steps for making sure you stay on track with spending less and saving more:

1. Track your spending and make a budget.

The best way to start saving is knowing how much money you already have. This is why your first step is to make a budget. Once you realize how much you're spending in certain categories, you can immediately save money by making trims here and there.

2. Pay yourself first.

Designate a portion of your weekly paycheck to automatically go into your personal savings account, just as you would pay your mortgage, car loan or child's college savings fund.

3. Pack your lunch.

One of the keys to saving is developing long-term habits such as bringing your own lunch to work instead of eating out. If you're worried you don't have time, prepare something on Sunday and put it in individual food storage containers. Over the course of a month, you can easily save.

4. Negotiate your bills.

Check for over-servicing. Are you using all of the phone or Internet services that you're paying for? Do you have more coverage than you need on your insurance? Consider calling your provider to change your plan, and ask if there are any other ways to lower your bill. Be patient, polite and firm, and you can usually get a better rate.

5. Get to know your credit card.

Visit the credit card company website for your personal or business credit card, and read the fine print. Many credit cards offer free benefits that are not well publicized. These benefits may include extended warranties, free tickets, price drop protection, extra discounts, concierge services and cash giveaways. Or, for greater spending control, consider eliminating credit cards and using a debit card or a cash-only system.

bottom line

Individuals with a plan are far more likely to save than those without a plan. And the savings from these simple steps can help you to pay down debt, and invest products that return longer term benefits.

When deciding to invest your money, sit down with an investment adviser to clearly understand the goals you have in mind. Then, make sure that you have a personal customized plan that matches your time frame and tolerance for risk. And be sure to review your portfolio periodically to check for any necessary adjustments.

While it is important that you meet your financial responsibilities, it doesn't have to be an "either-or" proposition when it comes to saving money. In fact, by making sure you save for yourself, you can actually help others in the long run.

By focusing on your own financial security, you're doing several things. First, you're providing for your own future comfort, which will make it easier on you and those around you. Second, you're modeling good habits for your children and grandchildren, who will help secure the financial success of the future if they start to save now.

For additional tips and a variety of resources, visit www.nbtbank.com.