Make 2019 the year you reach your financial dreams!
As business becomes more global each year, workers knowledgeable in banking and finance continue to be in high demand.
No matter where you are on your financial journey, you need to know that it’s possible for anyone to turn their financial life around. Sometimes all it takes is that first step in the right direction to get things moving in your favor. But, as with most things, sometimes that very first step is the hardest part.
These top 10 ways to save money in 2019 will not be life-changing on their own, but they can make quite a difference over time if you’re able to implement more than one. Some of these suggestions take just a few minutes, while others require a bit of regular effort. Still, they’re all incredibly simple – anyone can do them.
Here are 10 ways to save money and put some extra cash in your pocket this year.
1. Create a budget Instead of trying to recall where your whole month’s salary went: write it all down before your expenses begin. A budget should tell you where the money needs to go, rather than where it all went. Make a financial action plan for each month and stick to it. If possible, make a weekly action plan.
2. Pack lunches for work Over a weekend, make a meal plan for the next week. By shopping according to your plan, it will cut down those little food expenses that crop up during the week. I met my old friend Vanessa this year to catch up on what she has been up to. I noticed she’s getting too occupied with her new demanding job and eats late or sometimes none at all. I told her about Gifty in Canada who makes an effort to take food to work. Cooking your own meals is not only good for your pockets, but your health as well. Commit your cash towards a healthy diet, and save!
3. DIY – Do It Yourself. Be it for beauty treatments, or fixing a broken wall clock at home, the Internet is filled with so many DIY tips! DIY is basically things that you can do yourself at home, rather than paying someone else to do it. Gaining new skills + Saving money=A win-win!
4. Grocery shop smart. Shopping smart means knowing the prices of different stores, buying things only when needed, and stocking up for the whole week. By creating an effective shopping list and avoiding psychological traps (like buy one and get another for half price), you will save quite a bit. You can even take it a step further by growing your own greens, instead of buying packaged vegetables!
5. Exercise at home. You’re into physical fitness and have a gym membership, great! But there are other ways to exercise and save money. From Yoga to regular fitness routines, you can accomplish your fitness goals from the comfort of your home. There’s an app for this too! Currently I use this android app called “Home Workouts,” try it.6. Compare insurance. House, car, life – whichever type of insurance you have, don’t just renew it every year. Once in six months or a year, take some time out and shop around to see if you could be getting better rates with a different company.
7. Have a financial goal. One of the best ways to save money is to set a goal. Having a goal like investing in a house, or paying off your debts, can keep you focused towards saving money. Each time you spend you will think of your end goal, which will motivate you to cut down on unnecessary expenses. Each time you save, you will know exactly what you’re saving for, keeping your end goal on track. What’s your financial goal?
8. Pay in cash. Studies show that people tend to spend more when using a credit or a debit card because it doesn’t give them the sense of excessive spending. When you carry cash, you will stick to spending whatever you have in your pockets. When this becomes a habit, you will plan your expenses ahead of time and carry limited cash based on your needs, giving no room for unnecessary expenses.
9. Pick the right tools. Research and choose finance tools that suit your goal, to help you get the highest interest rates from your savings. For example, if it’s a short-term savings goal, a savings deposit account can lock in your money for a specific time period. If it’s a long-term goal, securities such as stocks or mutual funds might work for you. Talk to your banker.
10. Seasonal smart shop. Buy things when they are least in demand, for the best price. For example, buy festive items ahead of time. January is the best time to buy Christmas decorations, and November is a great shopping month with Black Friday deals.