Tips to Save Money in the New Year

ZANESVILLE, Ohio–The new year is days away, and a new survey shows people are looking to save money in 2025.

The Ohio Department of Commerce has tips to make saving money easy.

Like creating a budget–especially after the holidays when budgets are stretched.

Deputy superintendent from the department of commerce Rob Rutkowski said it’s a way to manage and build accounts.

“A lot of commentators that talk about establishing a budget suggest that you should put 5% of your money into a safe account for unexpected expenses,” Rutkowski said. “Fifty percent of your money should go toward your big expenses that establish your way of life–your rent, your utilities.”

He says you should also consider putting 15% into retirement accounts.

The department of commerce suggests thinking of budgeting as a tool and not as a restriction.

“Starting the budgeting process in the new year gives you all data from the last year and you can maybe lock some of these concepts so that you’re tracking every dollar, if possible, toward your expenses,” Rutkowski said.

People should also prioritize paying off debt and focus on long-term and high interest debt.

That could mean looking into debt consolidation or student loan forgiveness programs.

This story was submitted by WHIZ News Intern Alison Patton.