Easy ways to save money in 2020
Saving money can feel like a daunting concept. Piling bills, urgent repairs, medical expenses and ongoing expenses are only some of the stressors that can impact your savings account. Regardless of these uncommon factors, it is important to save your money. A strong savings account can help you improve your financial and mental wellbeing.
Here are some easy ways to save money this year.
1. Set financial goals
One of the best ways to start saving is to start planning your financial future. To do this, you need to set realistic financial goals that you can work towards achieving. These goals can be short terms i.e “I would like to save $10000 for a new laptop” or long term i.e “I would like to save enough money for a home deposit”. To set realistic goals, you must be aware of your financial capabilities.
2. Utilise a budgeting calculator
There’s no point setting unrealistic financial goals. These will leave you mentally drained. To set appropiate goals, you must see where all your money is going. Heres where a sound budgeting plan must kick in. Figure out how much money you can actually save per week or per month. To do this, you can use a budgeting calculator. Here you can input your all your essential and non essential expenses, along with your income streams. From here the calculator will help to you visualise your saving capabilities.
3. Start meal preparing
One of the biggest weekly expenses that most people overspend on is food. Whether its breakfast, work lunches or Uber eats, it can be very easy to get carried away. An easy way to save money in 202 is to meal prep. Set aside one night per week to prepare your weekly meals. Now, you dont have to have a set meal for ever single weekly meal, but try to utilise a portion of your week to meal prepared dishes. Some easy options include chicken breast and veges, lasagna or a stir fry. Check out some other handy ideas here
4. Automate your savings
Each month, schedule a recurring payment that is transferred from your checking account to your savings. This will ensure that you don’t need to think about how much you are saving each month. Instead you can concentrate on what your spending and how you can manage that..
5. Stay away from online shopping
One of the easiest ways to save money is to not spend it from the start. Online shopping is so convenient. You can literally have an entire outfit delivered to your doorstep within 4 hours of purchase. Yes – this does sound appealing to many, but what it also means is that you may quickly say goodbye to your saving hopes.
Equally worse is Afterpay – an online platform that allows you buy a product or service before you pay for it. Avoid this at all costs – if you cant afford to outlay the cash right now, then DONT. Like a credit card, you can quickly pile up with debt. The effect on your credit score will be disastrous.
6. Cancel unused subscriptions
It is very easy to save money when your wasting it on subscriptions that you are not using. Go through each subscription and assess whether you are actually using it enough. Create a simple list that outlines that price per subscription. For those that are not a necessity deactivate them. Set aside the additional money towards your savings.