Save Money in 2020

Save Money in 2020

Realistically Save Money in 2020 with These 5 Easy Tips

Do you find yourself waiting for the next paycheck because you already maxed out your cash this month? Have you needed something so badly but you can’t afford it at the moment? Don’t worry just yet because you can still turn things around!

People perpetuate myths about saving money, but it’s time to get the facts straight. We all need to admit that saving money is, in fact, difficult. However, it is easy and manageable if you have the determination to see it through.

The truth is, there are plenty of ways to save money consistently:

  1. Stick to a budget.

Making a budget is of extreme importance. You would not be able to save money if you don’t know where you’re spending all that money anyway. Compute all the necessities such as the power, water, phone, and credit card bills, and set aside a fixed monthly budget for those.

For insurance, ensure that you get the best one by comparing policies and costs. The money that’s left after the essentials should be allocated for the savings and cash on hand.

  1. Cancel the non-essentials.

More often than not, you have subscriptions that you always say you’ll cancel but you somehow never get around to doing it. You’ll only remember when it comes again, and it becomes a cycle you can’t get out of.

This 2020, actually take time to list down all the non-essentials that you keep paying for. Cancel those magazines, end the gym contract that you aren’t utilising, and put all the money towards your savings instead.

  1. Stop ordering online.

Whether it’s online shopping on Amazon or ordering food through various mobile apps, it’s best to just stop ordering online. Some items may look cheap, but it’s truly the shipping fee that will use up your money more often. Just call the restaurant on the phone because their delivery fee is probably much cheaper.

To deal with an online shopping hobby, practice self-restraint. Before buying something, wait for a week to see if you truly need it.

  1. Be open to buying second-hand items.

It’s best practice to second-guess yourself before buying anything. If you do decide that you absolutely must have something, assess whether you can buy a second-hand.

Usually, when it comes to sports gear and exercise equipment, it’s best to buy second-hand. For furniture and clothes, only those in excellent quality will be a good buy. The thrill of having something new in the house is still there even if it’s not brand new, so focus on the money you’ll save.

  1. Declutter and sell things you don’t need.

By simply decluttering and cleaning the house, you will stop yourself from buying unnecessarily. You may find things that you thought were lost, and now you won’t have to repurchase them.

You will also realise that you have a lot of things that you don’t need anymore. Sell them online through various platforms, and save all the money that you get out of it. You can either put it all towards the emergency fund or maybe set it aside for personal or family adventures.

It’s the Best Time to Start Saving Money

In following these five simple tips, you won’t believe how much you’ve actually saved by the end of the year! Small sacrifices lead to big treats, so keep your goal in mind and don’t let yourself go astray.

The next question is; Where do I put my savings?



Understand the mortgage lingo using our Mortgage Dictionary >

Latest Posts