If you’ve been having financial troubles, the new year is one of the best times to get things in order. A new year is usually looked at as a fresh start and that is never truer than with your finances.
6 Tips For Saving Money in The New Year
If you’re looking for ways to save more money in the new year, these 6 tips are a great place to start. They will help you both fill your savings account and cut your expenses at the same time. When you’re first starting to find new ways to save money in the new year, don’t get discouraged if you don’t see results right away. Some methods will give you immediate results while others will take some time. When you get discouraged, keep reminding yourself that every penny saved is one more penny saved than you had before.
Pay Yourself First – First things first, you need to be actively making deposits into your saving account in order to save money. To do this, make sure you pay yourself first if possible. The recommended amount to save out of each paycheck is around 20%. If able, it can make things very easy on yourself to have it automatically deducted and saved from your paycheck. You can’t miss what you never had and if it is automatically put into savings, you never had it to spend.
Have a Plan – Like anything in life, having a plan is better than having no plan. You should plan out not only how you will save, but how much, any goals you have and so on. When you know what you’re working toward and the steps you need to take, you are more likely to have success in doing what you’re trying to do.
Do a 52 Week Challenge – Have you seen those weekly savings challenges? They’re popular for a reason; they work. There are a couple of different versions available and each one works differently. At the end though; your savings account is filled with money you never even realized you were saving.
Work on Cutting Utility Costs – Utilities are the second highest expense a family can have so it makes sense to work on paying less for those costs. Start with finding ways to lower your power bill and then move on to your gas bills, water bill and so on. With each one that you find new ways to lower, you’ll be putting more money into your savings account.
Commit to Not Buy New – On major goal for the new year that will save you quite a bit of money is to commit to buying nothing new. Instead, you either find new ways to reuse your old stuff or buy secondhand if you must buy something. If you choose to do this one, you will very likely be pleasantly surprised at just how much money is wasted buying things each year.
Eat from Your Pantry More Often – Another way to save more money in the new year is one that provides quick results. Instead of running to the grocery store once a week, try eating from your fridge, freezer, and pantry at least one of those weeks. You’ll save money simply by not being in the store, by not buying groceries you don’t need and by avoiding food waste.
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