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5 ways to save money in 2020
Posted on January 15, 2020

5 Ways to Save Money in 2020

The new year is finally here. Such is a time when everyone is ever ready, complete with pen and paper, to make new year resolutions and set new goals. Bet that one of those goals involves better spending and saving more money, right? But how many of you truly observe this?

With slight changes here and there you can indeed save quite a lot of money. Wondering what ways you can use to save money? Here are five valid suggestions you should try.

  • Track and Tame Unnecessary Spending

Are you notorious for haphazard spending? Consider seriously monitoring your spending habits. At the end of each day, write a list of everything you used money on, separating essentials from non-essentials. If you think you made a rash decision on an item you bought, return it. If this is not a possible plan to sell it to a friend or a colleague to recover and save your money.

Avoid dining out when you have the option of cooking. Avoid peer pressure to go out when you really don’t feel the desire to. When faced with two options, always go for the less costly, similar quality option.

  • Observe the 24-hour rule

Are you an ardent online shopper? If yes, you must be one of the thousands of people who are quick to purchase items afraid that it will run out of stock. Whether you are shopping for clothes, shoes, bags, furniture and so on, if you see something you like, don’t be too quick to press buy.

How about wait for 24 hours first? If, after you still think you need to buy it, then go ahead and place it in your cart. Chances are, the excitement will have worn off and the item doesn’t interest you anymore.

  • Save Gifted Money

Once in a while, you receive money as a birthday gift, a bonus, or even a raise for work well done. Bottom line is that if you stumble across some money, you should save it. Any money that comes your way unexpectedly shouldn’t go to waste through irresponsible spending.

Don’t see this as an excuse to go for an expensive massage, buy yourself a label outfit, or take your friends out for drinks.

  • Automate Savings

Set a daily, weekly, or monthly savings target. Adjust the settings in your bank account to automatically deduct a set amount of money to go to your savings account. With this option, you never have to worry about skipping or forgetting to deposit money to your savings account.

  • Pair up with Someone Else

The good thing about pairing up with someone else is that you can both motivate each other and compete to see who saves more than the other by the end of the year. It’s easy to talk yourself out of saving when doing it on your own. But when someone is doing it with you, you have no choice but to remain accountable.

Don’t just save for the sake of it. It helps to have something specific that you are saving for. Say a house, a car, college, a laptop, or a vacation; you name it. It will keep you focused and fully driven. Every time you hit your target, set an even bigger target. Before you know it, your saving habit will teach you discipline and start you on a journey towards financial freedom.

Hopefully, these tips might stop you needing to take a quick loan out.

 

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