As the New Year begins, many investors have resolved to try to save more in 2014. But with so many demands on your money, how can you make sure you actually save enough to make a difference?
In the following video, Dan Caplinger, The Motley Fool's director of investment planning, talks about how you can save more money in 2014. Dan points out that for most people, the best strategy is never to see the money they save in the first place, using options like automatic 401(k) contributions withheld directly from your paycheck or automatic withdrawals from bank accounts to go toward investments. Dan also suggests that if you have received a bonus or raise recently, diverting all of it toward your savings can help you boost your future prospects without causing any current pain. Finally, Dan recommends making small, attainable goals rather than shooting for the moon, because many resolutions die an early death when people lose hope. If you want to save more in 2014, you can -- so long as you're committed and follow these simple rules.
Save more, then invest more
If you can save more, you can invest more -- and it's more important than ever for you to do so. In our brand-new special report, "Your Essential Guide to Start Investing Today," The Motley Fool's personal finance experts show you why investing is so important and what you need to do to get started. Click here to get your copy today -- it's absolutely free.
The article How to Boost Your Savings in 2014 originally appeared on Fool.com.Fool contributor Dan Caplinger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2014 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.