Like all other festivals, New year is a time of fun and celebration and celebration means expenses. Many people make saving money as one of their New Year's resolutions. This is not easy to save money unless you know exactly how to do it.

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Here are some ideas that will help you in keeping up with your New Year's resolution of saving money

1. Divide the incoming money into three parts. One third will be used to pay down your debts. Second third will go into savings or investments for future. And the remaining one will be spent on your present. This will make room for everything

2. Keep an emergency fund so that you do not get out of money in case of any emergency like car repair or medical emergency. Keep some money saved for such times

3. Keep track of your budget and spending. Use some smartphone apps to keeping track of your monthly expenses. This way, you will get alert once you are over the regular budget.

4. Ditch the ATM and credit cards: They force you to spend more than you usually do. Ditch the ATM card and keep some cash always with you. This way, you will think twice before spending extra money

5. Save something every month. No matter how hard your budget is going, try to save some penny every month. You better do it in the beginning of the month

6. Know where you stand and plan your budget accordingly. You must know how much you are spending and how much you should be saving every month.

New Year wishes 2015