20 Tips to Save Money in 2020
A lot of people wonder how to start saving money, and while there are tons of ways to save money in 2020, here are some saving tips that can help you.
The trick to making your money pay you is by putting in extra effort at saving.
It is, however, important to note that your money isn’t the key player here, you are.
How To Save Money in 2020
1. Download Smart Money Apps
In this highly digital age, saving money is as easy as tapping your screen a couple of times.
These days, money-saving apps like clarity money and chime are amongst the best money-saving apps.
Download apps for your favorite stores and apps that give you the best prices available for items on your wish-list.
Besides savings apps, another easy way to save money is to look into reward programs, sales and nab coupons.
However, be wary about the pull of online shopping due to Amazon or Target being right in your face each time you turn on your phone.
2. What Are You Subscribed To?
How many television and music streaming services are you subscribed to?
How many magazines are you subscribed to?
These subscriptions attract weekly or monthly fees.
Take stock of all these and cut out the ones that are unnecessary or the ones you haven’t used in a while.
This will go quite the way in helping you free up extra cash to save.
3. Save Green by Going Green
Going green is among the best ways to save money in 2020 because it is incredibly easy to achieve.
Turn off the lights when you leave a room, purchase light bulbs that have the ENERGY STAR approval, and take faster showers.
To cut down on transport costs, start biking, carpool or use public transportation.
All these changes may seem difficult, but they will pay off, not just in terms of you having more to save, but for the environment as well.
4. Purchase Second-hand Items
In this case, be careful while buying.
Used tires and toothbrushes are a big no.
Items such as used books, tools, and cars are a yes.
You can also buy pets from the shelter.
However, in buying used items, be sure to use your discretion so you don’t end up with a liability.
5. Plan Cost-Effective Dates
This is a great money-saving tip.
Dates do not have to break the bank.
There are ways to have amazing yet cost-effective dates.
Get Chinese takeout and stay home while watching your favorite show.
Fill up a picnic basket with snacks and go for a nice hike.
Remember that the company and bonding are more important than the cost.
6. Check Your TV Cable Package
What cable package are you on? How many channels do you watch?
Answering these questions will help you decide if you should switch to a different choice better suited to your budget.
7. Use Online Workouts
If you want to stay in shape without having to spend too much, there are tons of home workout options.
From YouTube videos to exercise streaming services to workout apps, you can surely find a cost-effective service for you.
8. Limit Your Credit Card Usage
Credit cards can hinder your financial growth.
They pile up debt and give you the false illusion of ownership.
Drop your credit cards and watch your debt payments reduce.
This will help you save lots of money and start actually owning things.
9. No More Impulse Buying
Impulse buying will be the death of most of us.
The best thing to do before buying is to check out your options.
Weigh the pros and cons.
The time you spend before buying will make a great difference in your finances.
You will find that you have saved money by waiting and checking.
10. Nature Is Your Friend
Go out into nature more.
Exploring can be cheap.
Activities such as biking, kayaking, backpacking, stargazing, and flapjacks are all ways to have fun outdoors without spending a ton.
11. No More Starbucks
The money you spend every day on your preferred barista blend may seem small as it’s going out in bits.
However, when you calculate the overall cost, it adds up to quite a lot of money.
A way out of this is to brew your own coffee; it’s cheaper and will help you save money.
Clutter is very deceiving. It makes you think you have a lot, but how much of what you have is actually useful to you?
Monetize the clutter by selling off stuff through yard sales or online selling.
13. Find Free Entertainment
Free entertainment in terms of books, eBooks, movies, and performances from talented artists.
You can get all these at your local library by getting a library card.
You can also get minimal costing entertainments at free museums, parks, playgrounds, farmer’s markets, community events and the like.
14. Delete Your Card Information From Websites
One of the quickest ways to spend money these days is that “one-click” feature or by having your debit card information stored on your favorite sites.
When purchasing takes moments and little thought, it’s too easy to overspend.
Take off your debit card information from your favorite websites.
The temptation to overspend is heavy when you can just click and buy.
If making an online purchase always means taking out your card to enter the numbers, you would think twice before buying anything.
15. More Water, Less Soda
Ordering water rather than sodas when you go out will not only help your finances but your health as well.
Get a refillable water bottle to keep yourself hydrated and your account safe from unnecessary spending.
16. Eat Out Smarter
Reduce how much you eat out, or eat out smarter.
Take advantage of happy hour specials and appetizers.
They would help reduce your hunger and make you buy smaller entree portions.
Use eat apps. Subscribe to your favorite restaurants’ email services to learn about promos and coupons.
In addition, you should unsubscribe from restaurant or food store emails that might push you to spend more.
A great way to earn food discounts is by filling out the surveys at the bottom of your receipt.
17. Generic Is Good
Brand name goods are nice.
However, they aren’t always a necessity.
You can look at other generic options.
Generic brands of items such as cleaning supplies, trash bags, and basic pantry stuff would do the job just as well.
Sometimes, the generic items perform better than brand-name ones.
18. Make Meal and Shopping Lists
Plan for your shopping by making a list.
This will help you stop forgetting the things you need to buy and help you buy stuff that will serve you in the long term.
Stick to the list so you don’t go over your grocery budget.
Additionally, plan your meals and write up a list of the ingredients needed for their preparation.
19. Grab Those BOGO offers
Stores that have BOGO offers are a savings lifesaver.
They have offers that your savings account will thank you for grabbing.
Make your meal plans based on what your grocery store has in stock.
That way, you can fill up your freezer and pantry for future use.
However, make sure you remember what you bought if you’re cooking weeks after, so they don’t get wasted.
20. Budget, Budget, Budget
This is the mother of all money-saving ideas.
You’re less likely to hit your saving goals if you have no budget.
Once you are able to balance your income and expenses, you’re well on your way.
The best tool to assist you in this is EveryDollar.
These tips will help you achieve your savings goals and take some pressure off your checking account.
And if you’re saving for retirement or saving to pay off student loans, you should definitely look into this.
Also, research the best saving apps and use them, as they will help you save a great deal of money.
Once you can stay away from impulse buying, credit card debts, loans that come with high-interest rates, you will notice that your income will serve better purposes.