12 Ways To Save Money In 2020
If you’re looking for ways to start saving more money in 2020 but you don’t know where to begin then don’t worry, you have definitely come to the right place.
Whether you’re saving for a special occasion or you’re just looking to improve your finances, saving money should be a priority.
Whilst it may seem difficult at first (especially after the holidays), there are lots of ways to improve your spending habits as we go into the new year.
From setting yourself goals to opening a savings account, the more you’re doing the better.
With that in mind, here are 12 ways to save money in 2020.
1. Set Yourself Savings Goals
One of the best ways to save money as we go into 2020 is to set yourself some savings goals.
Whether you’re thinking about how much you want to save on a monthly basis or coming up with the amount you’d like to save each year.
Having a clear set of numbers in mind is a great way to keep yourself motivated.
Although it won’t force you to save money each month, it will feel incredibly satisfying when you see yourself getting closer and closer to the goals you’ve set.
For a guide to setting yourself savings goals, you can visit this site here.
2. Make A Monthly Budget You Can Follow
Another great way to look after your finances in the new year is to ensure you’re setting yourself a monthly budget that you can easily follow.
Although it may sound complicated at first setting a budget simply means making note of both your incomings and your outgoings.
Leaving you with the total disposable income you have left.
Whether you choose to spend your disposable income or save it, seeing everything written down clearly will help when it comes to making purchasing decisions.
The best way to make your budget is by using a spreadsheet. This will do all of the math for you.
3. Open Dedicated Savings Accounts
If you don’t already have one, opening up a dedicated savings account is a great way to encourage yourself to save.
Although having a savings account doesn’t necessarily mean you’re going to start saving, it is definitely a step in the right direction.
If you’re saving for several different things, you might want to consider opening a savings account for each thing individually.
Whether you do this through your bank or you sign up to online banking services like Revolut and Monzo.
Having separate accounts will allow you to see where your money is going and why.
For a guide to using Monzo to save money, you can use this site here.
4. Set Up Weekly Or Monthly Direct Debits
If you want to encourage yourself to transfer money into your savings accounts, setting up a direct debit for the day you’re paid is the best way to go.
Whether this is weekly, fortnightly or monthly – if the money leaves your account before you get to see it, chances are you’re less likely to miss it.
If you find you’re struggling to contribute every time you get paid, decrease the amount you save when it suits you.
5. Think About Ways To Reduce Your Monthly Bills
If you have lots of monthly bills that you need to pay, you might want to consider ways in which you can reduce them.
Although you have to pay your bills in order to improve your credit, there are ways in which you can reduce the amount you pay.
Whether that means switching to energy-saving electricity or paying for your gas on a meter, it might be worth speaking to an expert who can help you.
6. Think About Subscriptions You No Longer Need
Another great way to cut down on your bills is to think about the subscriptions you no longer need.
In this day and age, it is all too easy to sign up for various different services. Most of which we do not need.
Whether that means cancelling your subscription to Netflix or cancelling your premium Spotify account, looking at each of the subscriptions that come out of your account on a monthly basis could be eye-opening.
Services you could consider cancel include TV streaming, magazine subscriptions, recipe kits and snack boxes.
It will be hard at first, but you’ll soon start to appreciate the money you’re saving.
7. Consider Reducing Your Phone Contract By Going SIM Only
Another great way to cut down on your monthly expenditure is to consider reducing the cost of your phone contract.
Whether you’ve been with the same company for years or you’ve only recently started a new contract, switching to SIM-only could be a great way to cut costs.
Not only will it mean you’re not paying for a handset on a monthly basis but it also means you’ll only be paying for the services that you use.
For more information, you can visit SMARTY SIM-only deals here.
8. Cut Down On The Non-Essential Items
If you’re looking for a simple change that could allow you to save money on a daily basis, why not consider cutting down on the non-essential items you usually purchase?
That may mean cutting down on the number of coffees you buy on your way to work or taking a packed lunch with you every single day.
You may be surprised at the difference it can make to your bank balance.
Small changes such as walking rather than getting the bus can also make a huge difference.
Providing it’s a change you can comfortably make, of course.
9. Use The 30-Day Rule
When it comes to saving money, you will often hear the phrase ‘30-day rule’ being used.
For those who love to shop, this is actually a great rule to apply to all of your unnecessary purchases.
Basically, all you need to do is wait 30 days before purchasing anything. If you find you still want it after 30 days, it’s probably going to be a worthwhile investment.
Although you may risk an item selling out, it is the perfect way to practice self-control.
10. Think About Ways You Can Earn Money Outside Of Your 9-5
Another great way to save money is to think about ways in which you can earn money outside of your 9-5 job.
Whether you start your own blog or you create your own products to sell online, having a second source of income is a great way to put money aside.
While you may not start to earn money right away, it’s a great choice for those with a little bit of determination and perseverance.
11. Consider Taking Part In A Savings Challenge
If you want to find a fun way to save money, why not take part in a savings challenge?
With hundreds to choose from, you’re bound to find one that suits you.
From saving a dollar a day to trying ‘no-spend’ months, there are fun lots of ways to encourage yourself to save money.
If you’re competitive, this might be a good approach to take.
12. Find An Accountability Partner
Finally, if you really think you’re going to struggle then it might be beneficial to find an accountability partner.
Whether this is a friend or a family member, saving together will definitely increase your chances of success.
You May Also Like:
- Best Ways to Make Money from Home
- Saving Money While Living Paycheck to Paycheck
- 5 Ways to Give Your Savings Account a Boost
Now you have a starting point for changes you can make to your lifestyle to ensure you’re saving as much as you can!
Are you looking for ways to save money as we go into 2020?
Let me know, til then–cheers m’deres!
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Nancy Polanco is a freelance journalist, lifestyle content creator, and editor of Whispered Inspirations. She is a proud Mom to Gabby and Michaela, and wife to Darasak. They all share her insatiable wanderlust, enjoyment of good food, and sharing their adventures with the world. Nancy is a contributor to the Huffington Post, TODAY’s Parents, and an Oprah Magazine Brand Ambassador.