Here Are 6 Simple Ways To Make Saving Money A Reality In 2016


Every year, people around the world make promises to themselves to become better people.

We swear we will lose weight, or finally get that new job we are dreaming of. We vow to find the love of our lives (because this year is different) and commit to learning something new.

Sadly, only eight percent of people who make resolutions are statistically likely to keep them.

But, if saving money and making a few financial tweaks is on your resolution list fear not, we have your back.

Elite Daily called up Kristen Robinson, the SVP of Women and Young Investors at Fidelity Investments, to ask her advice on how we can all save a few dollars for the future, spend a little more wisely, and stick to our New Year's money saving resolutions.

Follow the 50/15/5 rule

When it comes to investing, Kristen says, the biggest mistake a young investor can make is to do nothing at all.

“They're making money, they might have their first job, or maybe even their second and they are not really planning how they are going to allocate and spend their money,” Kristen says. She adds, “It's easy not to stick to your budget, but establishing a budget and putting a plan in place and sticking to it is very important.”

Need help making that plan? Just live by the 50/15/5 rule.

Kristen says,

Next up, Kristen adds, 15 percent of your income needs to go straight to retirement.

Can't hit that 15 percent just yet? Don't fret. Simply do what you can and challenge “yourself one percent extra every year.”

Finally, Kristen says, beyond squirreling away three to six months worth of your salary for an emergency savings, you should also put away five percent as short-term savings. She says,

Kristen says to categorize the “five weddings you have to go to” this year, or the mini-vacation you want to take, as short-term savings.

Build a budget

Fidelity Investments on YouTube

So you have your 401 (k), or IRA all set up, and you're banking money for your future and for your short-term goals. Now, how do you stick to those budgets? Luckily for you, you live in 2016 where there are budgeting apps galore.

To set up a budget, Kristen says, there are four numbers you need to know.

Once you know your four numbers simply head over to and use its budgeting tool. Or, go to the app store and download Mint, GoodBudget, Mvelopes, Pocket Expense, or any number of apps to help you start visualizing what's coming in, what's going out, your savings goals and what you have left.

Ladies: Have confidence in your choices

All of Kristen's advice goes double for the ladies. Kristen says women investors need to realize their own power and start gaining a little confidence. She says,

And this advice, Kristen notes, should extend far beyond the dollars and cents women save. She adds,

Start thinking about retirement (no, really)

And if you can't handle any of this advice, do this one small thing Kristen advises:

In the end, Kristen says, you need to think about saving for the future in the same way you think about paying rent. She adds,

Finally, if you were too lazy to read any of this article, here's a TL;DR version in six easy steps.

--Establish an emergency savings (three to six months of pay). --Put away 15 percent of your wages to retirement (this can include your company's matching policy). --Pay down your highest interest rate debt first (car, student loan, credit debt, etc). --Use technology like Fidelity's,, or any other apps to help you build a budget. --Ladies, don't be afraid, get in there and learn about investing. --Save for your retirement like you're paying your bills. You'll thank us when you're older.