Photo credits: @RawPixel
6 ways to save more in the New Year.
Out with the old and in with the new! 2019, we welcome the NEW and improved YOU!
The new year often inspires us to aim for fresh look, and a fresh set of new goals, which include finances… a.k.a saving more money. If growing your bank account is one of your ambitions for 2019, these few ideas will help get you on the right path.
If you’re still not 100 percent confident discussing some aspects of personal finance, from compound interest to the stock market, then commit to familiarizing yourself with money topics by reading up on financial news every day. Even spending five to ten minutes a day browsing the headlines and catching up on personal finance articles can help build your financial “know-how”.
Stay focused on goals and actually write down goals.
People tend to be most excited about their new goals and spending plans early in the year, but you can keep the motivation going by writing out your goals and even creating a visual representation of them. If you want to travel to New Zealand, for example, keep photos of your potential dream vacation handy so you can pull them out when you’re tempted to spend money on something you don’t really need.
Unload expensive debt.
It’s hard to direct money into savings when you’re still weighed down by high-interest rate credit card debt. That’s why paying off debt especially credit card debt, needs to be a top priority in the new year. Start with the accounts that carry the highest interest rate, and work your way down from there.
Team up with friends, set goals together.
If you have friends who share similar financial goals, like saving more money, then getting together regularly to discuss your progress can help keep you all on track. You can learn from each other’s mistakes and take inspiration from the progress you each make.
Cook more, avoid eating out at restaurants.
Money spent outside the home on food is one of the most flexible aspects of budgeting, and that makes it a prime category to cut back on when trying to save. Adding a few more low-cost meals to your routine, such as soups salads, sandwiches or pastas, could help keep your food costs in check.
Having said that….
Become a smarter shopper.
Putting effort into comparing prices is especially important on big-ticket items, but discounts on smaller purchases can add up, too. Take some time to compare prices and always make sure you’re getting the best deal possible, whether it’s grocery shopping, electronics or clothings.