The Journey of Saving Money starts with a Single Deposit.

Was your New Year’s resolution “Be better with money.” or “Start a college fund for my kid…now that he’s nine.” or any other personal finance related goal? Well, the good news is, at least you know what you’re after. But picking a goal and actually executing it is where things can get frustrating and tricky.

Sure, we all want to have balanced budgets and high credit scores, but reality oftentimes gets in the way. Medical emergencies, the cycles of the oil boom and bust, and even changes in relationship status can make it hard to focus on something as overwhelming as getting your finances in order.

With that in mind, we would like to make a suggestion: start small. That’s right. Start with the simple goal of saving a little each week. Maybe it’s brown bagging it at lunch one day, or checking a book out of the library rather than buying it for e-reader. But, put away a little bit each week. The idea isn’t to become Scrooge McDuck right out of the gate, but to create the HABIT of saving.

A recent study by the European Journal of Social Psychology determined that forming a new habit can take from 18 - 254 days. So, yes, it’s harder for some people than others. The good news, the study also showed that if you miss every now and then, the habit can still form. What that means for savers: even if you miss a week, try again the next week because forming a habit isn’t an all-or-nothing proposition.

You can stash your savings in an envelope or your sock drawer, but we suggest putting it into a savings account. That way, over time, you can really see how it starts to grow (and you’ll get a bit of interest to-boot!).

By forming a HABIT, saving money will become part of what you do. It will be a skill you have for your whole life. This is handy when life throws bigger financial challenges at you (ie: buying a house, surviving unemployment), and a habit that your children might also learn from seeing you do. If you saved just $10 every week for the whole year, you’d have over $500 at the end of it. $20 a week, and you’d have a $1000. Crazy right?

You may have heard the famous saying by ancient Chinese philosopher Lao Tzu, “A journey of a thousand miles starts with a single step.” And while this adage is true for all kinds difficult challenges, it certainly applies here. The first $1000 is the hardest to save. But you and your future are so, so worth it. All the practice it takes to get there, and the satisfaction you feel when you have $1000 sitting in a bank account will give you the confidence and skills to expand your financial goals.  

Time will march on whether we start saving or not. The end of the year will get here whether we save the $500 or not. But wouldn’t it feel so much better to have even $500 than nothing? If we don’t start by saving just $500 this year, how will we ever get to saving more in the years ahead? Don’t be overwhelmed, be determined. Don’t think end, think beginning. Don’t think big, think small. It’s ok to start small, but it’s critical to just get started.