How to keep financial New Year's resolutions

KNOXVILLE, Tenn. (WATE) - It can be a heart task to keep New Year's resolutions. A lot of financial goals can start the fade away. 

There are things you can do to avoid that, according to financial expert John Fawaz

Pay yourself first

There is a phenomenon in finance "Our expenses always rise up to meet our income."

If you're planning to wait until the end of the month to save what is left from your paycheck more than likely there won't be any money left. 

To avoid that, set up automatic deductions from checking or paycheck. Out of sight, out of mind. 

The "Latte Factor"

Fawaz suggests reading David Bach's book "Latte Factor." Basically, if you live on one less latte a day, you can achieve financial independence. 

The point is that we all have stuff we waste money on. The key is to find where we waste money and try to reduce or eliminate and the only way you can do that is by having a budget. 

There are so many free apps you can download that make budgeting easy or you can do it the old fashion way and write down what you're spending on a daily basis. 

Delay or defer important buying decisions for a week or a month. By doing this, you avoid impulse buying and more often end up getting a better deal or price. 

This is one of the major reasons people retire poor. 

Start an investment account

Start an investment account even if you don't have much. 

Start with 1 percent of your pay and work on a goal to save 10-15 percent. 

A great strategy is to save half your pay raises and make sure you are taking advantage of your company 401-K match. 

With the new tax law, most people should have $1,000-$2,000 a year. 

Put that to good use. 

Holiday Savings Club/Account

You can open one at most financial institutions and start saving. The best part is you can only access the funds in November. This is a great way to save for the holidays. 

As you know, holidays get many people in trouble financially. 

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