Seven Tips To Save Money In 2020

Your finances are an area of life you can’t ignore and the more informed you are the easier it is to make important decisions. However, even with good planning money can be limited and in 2020 everyone is looking for ways to save money and cut expenses. Luckily, saving money is not reliant on one solution and there are several different ways to bring down costs and improve your finances.

Saving money can involve a lot of different approaches, techniques, and changes to your lifestyle. With so many options and a high degree of flexibility, it can be hard knowing where to start. Here are some tips for saving money this year that should take some of the mystery out of improving your finances.

Seven Tips For Saving Money In 2020

1. Budgeting: a well thought out though budget is the first step to getting your finances organized and saving money. It’s hard to save money without knowing what your expenses even are and where your money is going. A budget not only gives you a very useful overview it also allows you to see areas where spending can be cut.
2. Plan Your Meals: a lot of needless spending comes from a lack of planning and related impulse buying as it relates to food. By planning your meals in advance you can take advantage of money-saving strategies such as bulk buying, sales, and coupons.
3. Eat Out Less: related to meal planning is cutting back on fast food as it quickly adds up. While you certainly don’t have to give up takeout entirely random trips to the drive-through can be cut down. This is especially true for coffee as a lot of money can be saved by making your own coffee at home as opposed to buying it at a large chain or local coffee shop.
4. Memberships And Subscriptions: while subscription services can greatly improve the quality of your life they can also be a source of wasted money. They are very easy to set and forget and you may be paying for services you never use. Review your monthly subscription costs and cancel the ones that you don’t use or don’t use enough to justify the cost.
5. Cable: one of the most cited areas where people save money is with their cable bill. If you’ve looked at your cable bill recently you know it can be an expensive service. Like with a subscription you should make sure your investment is worth it based on how you use it. You don’t have to get rid of cable entirely, downgrading is certainly an option and many cable companies offer deals if you call them and talk it over.
6. Your Cell Phone: much like with cable your cell phone plan is another area where you can easily overpay. A key area of cell phone expense is the data plan and while it’s certainly convenient unlimited data is expensive and sometimes unnecessary. Depending on how much cellular data you use (and how often you’re on WiFi) downgrading to a lower data amount can be a way to save money. Many cellular phones and apps allow you to track your data usage so you can get an idea of how much you really need.
7. Organizing Your Home: taking stock of your possessions can help you save money in two ways. First, any items you no longer need can be sold at a yard sale or one of many online marketplaces for a small profit. Two, possessions that you no longer use often do have a related cost of ownership expense, this can be the space it takes up, upkeep expenses, storage fees, and related moving costs when you get a new home or apartment.

Final Thoughts

As the above list shows there are many different areas of your life where you can cut costs. Also, the above is only a few of the many different ways you can save money. In 2020 there are numerous lists and entire books devoted to the subject, many of which you can apply right now in your own life. So don’t be afraid to sit down, start looking at where your money truly goes, and see how you can cut down on those unneeded expenses.