The following is a 3rd party contribution.
Struggling with cash? You’re not alone.
There are plenty of people throughout the US today that wish they had a little more money to put into their savings accounts at the end of each month. However, finding the extra money you want for the future is easier said than done.
Fortunately, the new year is here, and that means that it’s time to get inspired and get motivated with some new tips and tactics for saving money. We’ve rounded up some simple tricks that could help you to save more as you move into 2020.
1. Take Advantage of Tech
Businesses around the world know how much trouble most of us have with saving money. That’s why there are numerous fintech forms designing apps and tools to help with everything from calculating taxes, to managing your budget. Consider seeing whether you can sign up with a new start-up bank that comes with the opportunity to track your cash from your phone.
Alternatively, you could consider using an app on your phone or browser that allows you to automatically check for voucher codes and discounts whenever you go shopping online. There’s plenty of tech available to help would-be savers today.
2. Spend Now to Save Later
Saving more in 2020 isn’t just about making sure that you cut expenses wherever you can. You also need to ensure that you’re spending money on products and services that are going to pay off in the long-term. For instance, spending a little extra with an emergency loan on a new car now could save you a fortune in maintenance and expenses in the long-term, compared to buying a pre-owned vehicle.
When you’re deciding how much you can afford to spend on an object or service, make sure that you calculate the long-term costs, not just the short-term price tag. This way, even if you do decide to make a big purchase once in a while, you know that the money you spend is going to be worth it in the long-term.
3. Save Every Dollar
A dollar jar might not be the most new and exciting way to save money, but it’s a strategy that still works for a lot of people. When you have change in your pockets, it’s easy to forget all about it until the next time you’re in a store and you tell yourself you can afford to buy something you don’t really need. We assume that we can spend our spare cash on little things because it’s only a dollar here or there.
However, if you’re placing all of your change immediately into a jar, you’ll be less tempted to spend it. Over time, every dollar will add up into a decent amount of cash that you can put into your savings for emergencies or use towards a crucial expense.
4. Set Small Targets
Big New Year’s resolutions don’t always work. Telling yourself that you’re going to lose several pounds by the end of the month puts you under undue pressure, and also makes it harder to stay motivated when you feel like you’re not making progress as quickly as you would like. However, if you set small goals for yourself, then you’ll be a lot more likely to reach your goals.
The same rules apply when it comes to saving money too. For instance, if you tell yourself that you’re going to give up one pizza a week out of two, then you save around $15 each week. Over the course of a month, that equates to $60 dollars in your pocket. At the end of a year, you have $720 in your savings.
5. Keep Track
Finally, no matter what you decide to do to change your financial situation in 2020, make sure that you’re keeping track of your progress and how much you spend. Keeping a close eye on your finances will help you to determine whether your new strategies are actually working to save you money, or whether you need to try something new. Additionally, when you’re keeping track of your expenses, you’ll find that it’s easier to track down areas where you have the most trouble with your expenses.
You might discover that the couple of dollars you’ve been spending on your takeaway coffee each morning is actually adding up to a lot more than you thought. Alternatively, you could discover that you’re over-spending on fuel, and that you need to cut down on the amount you drive.