5 Easy Ways to Save Money in 2020
Did you make a New Year’s resolution to save money? Have you been successful? Below are a few very simple ways to help you curb unnecessary spending and save more money this year without making huge changes or sacrifices.
Track your spending. If you don’t know how much you’re spending, how will you know how much you’re saving? Whether you track your spending by hand or by app, the act of recording your spending can help you be more mindful of what you’re spending your money on.
Bring your morning coffee and lunch from home. It may not seem like a lot in the moment, but buying these items every workday can really add up. Let’s say you spent $20 on lunch and coffee every workday; eliminating this expense would save you about $5000 per year. Taking a few extra moments at home to prepare these items for the workday isn’t just good for your wallet; it may be healthier as well.
Automate your savings. Whether you have a bank account that rounds up each transaction to the nearest dollar and saves it, or you set your paycheck to automatically deposit a set amount into a savings or investment account every month, the idea is the same. Having your money saved automatically, without you having to manually move it each time, makes you more likely to save consistently.
Make money from spring cleaning. Do you have clothing you no longer wear, books you no longer enjoy, or DVDs or furniture you no longer want? There are a multitude of apps and websites that make it easy to profit from items that would otherwise be cluttering your home. Even if you choose to donate these items instead, decluttering makes you less likely to repurchase an item you already own but can’t find.
Reassess your recurring bills. Would switching carriers lower your cell phone bill? Is there a cheaper electric provider in your area? Is there a membership you aren’t using? Reviewing what you spend money on regularly—and in some cases, who is providing that service—can often reveal an area you’re overspending. Switching gyms or service providers may help you save money every single month
Spending money may be more fun in the short-term, but reducing spending will definitely make you feel better in the long run. Saving money puts you one step closer to achieving the financial goals you’ve set for yourself.