As we roll into 2020, most of us have set goals and resolutions to help improve our lives heading into the new year. And while planning for increased exercise is a great goal to set, have you thought about how you can save more money and create better financial security? If not, you should! In the following blog post, we have outlined some helpful ideas for how to help you save a little extra money in 2020. Make it a resolution to start the new decade off on the right track financially!
1. Eliminate Bad Spending Habits
We all have impulse purchases that we accrue throughout the year that cost us a lot of money when we reflect on our annual spending. Identifying what those were for you in 2019 and set goals to improve on those urges. One effective method some have utilized is “No Spending Days”. If you develop the mentality that there are certain days you cannot spend frivolously, you can save plenty of money over a 12 month period!
2. Cable TV vs. Streaming Platforms
One of the best expenses you can re-evaluate in 2020 is spending on TV and cable. Nowadays there are many different streaming options that can help you save money that you currently shelling out to cable companies. Options include: Netflix, Hulu, YouTube TV, Sling TV and much more! When you’re budgeting for the 2020 take a look at alternative options that can help you save significantly in the long run.
3. Get Fit Without Breaking the Bank
While everyone wants to get healthier and exercise more during the New Year, you can achieve this without spending a ridiculous monthly fee at a local gym. Monthly gym payments add up quickly and if your motivation tends to trail off as the year progresses, you aren’t getting sufficient value for your monthly spending. Instead, rely on apps such as: Adidas Training, Fitbit Coach, Workout Trainer and Nike Training Club.
4. Seek Out Financial Advice
There are plenty of excellent resources available today that can help you establish better financial habits. We recommend listening to finance podcasts or investing in a personal finance book that can help you establish good ideas for how to improve your financial security. It’s never a bad idea to continue learning smart spending practices!
Hopefully you have found the above suggestions helpful as you look to increase your savings in 2020. Spending smart and evaluating your current spending habits can go a long way towards an improved financial standing. Challenge yourself this year and save some money!