9 Resolutions to help you stick to your plan of saving more money
We all often start the new year with big plans, and generally that includes improving our finances. Many people have the goal to save more money in 2020. We want everyone to stick to this resolution so we have put together some money saving tips that should lead to success.
1.Have a savings plan
Have a good reason to not spend your paycheck. That will help motivate you whenever you want to treat yourself. You may also need an emergency fund so you don’t fall into more debt in case your car needs some repairs. You may even want to save up so you can enjoy a nice holiday. Whatever your reason may be, keep it at the forefront of our mind so you always remember why you want to save.
2 Have SMART goals
It’s good to save money but you will be more successful with goals that are SMART: specific, measureable, attainable, realistic, and timely. How much do you want to save? By what date? How much do you need to keep aside daily? Can you do that and still pay for all the required expenses? Make sure you go over the details.
3.Make use of automation
Saving money becomes easier when you just set it and then don’t have to remember it. Adjust your direct deposit so that a part of your salary goes directly into savings automatically. You won’t pay attention to what you aren’t seeing. You can also have automatic transfers to your savings account from your checking account after every payday.
There are money saving apps out there. Technology can help us in s many ways. Find an app that works for you and let the tools help you save extra money, even if you aren’t starting off with a lot. We recommend Chime, Digit, or Clarity Money.
5.Find cheaper alternatives for everything
Reduce your expenses and use cheaper alternatives for whatever is available. Put the difference amount into your savings. Avoid branded items.
6.Reduce recurring expenses
You have to pay bills monthly, get groceries, gas for your vehicle and those necessary expenses aren’t going to go anywhere, however if you can save up some money monthly from these kinds of expenses, you can put it into your savings. Call your cable and internet service provider to get a lower rate. Get a cheaper plan. See if you can get a roommate to reduce housing costs. Use old bank statements to see where you’re spending unnecessarily, like a gym membership you never use.
7.Go cash only
When you carry only cash, you’re forced to spend within the amount you have. However if you use credit or debit cards, you can easily go over your budget. If you only have rs. 2000 you cannot spend rs. 2500.
8.Make extra money
See if you can find a way to make extra money from a side job or work from home job. Ask your manager if you can get an extra shift or work over time. Sell any furniture or items you have that you don’t necessarily need.
9.Add some accountability
Much like having a gym buddy to motivate you, find a money buddy to help you reach your financial goals. Check with your money accountability partner when you need some moral support to walk away from buying a new jacket or pair of shoes. Celebrate your success with your money as you meet your goals within your savings plan.
The bottom line is you must regularly track your spending and be more and more conscious of what you buy. Practice writing down what you spend on daily and you may be less likely to spend recklessly.