How to Save More Money In 2020
Many people have quite rightfully written off 2020 as a disaster year, thanks to a global pandemic that has sent the world into a spin. Countless jobs have been lost, employees being stood down and made redundant, as social-distancing and self-isolation are the new norms for society. It means more of us are tightening our belt buckles to make ends meet and wondering how to save more money in 2020. The good news, it is possible. All you need is to realign your priorities and take a good hard look at where your money is currently going. With just a few changes, you can start saving even more money.
How To Save More Money In 2020
Are you ready to kick your savings habits into gear? Whether you have been affected by the recent recession or not, there is never a bad time to reassess your savings habits and fine-tune them. The more we are aware and across it, the more chance we have of learning how to save more money in 2020. Remember, forming good habits can take time and you need to be committed to them.
Here are 4 top tips to help you learn how to save more money in 2020:
Set a budget
Let’s be honest, saving money always starts with a budget. It’s the best way to see how much money you have coming in, what expenses you have, and how much you are left over with at the end of it. If you find your expenses are more than you are making, then it is time to cut down. If you have been affected by COVID-19 and lost a significant chunk of your income, then ring around your providers and let them know your situation. Many are currently freezing payments and helping out as much as possible. It never hurts to ask! You can also request to take out up to $10,000 of your superannuation early. This applies if you are in a state of financial hardship as a result of COVID-19.
There are many ways of how to save more money in 2020. But if these options aren’t a possibility, then consider where you might be able to cut down. Understand which expenses are non-essentials. Can you forgo these expenses for the time being to get you in a better financial position?
Have a goal
While saving money is a great goal in itself, it is good to set the bar high. By knowing how much you want to save in a certain amount of time, you are more likely to stick to it. This makes you less likely to spend any ‘extra’ money you may have leftover at the end of the month. Instead, you can put it straight into savings to help you reach your goal even faster. Separate it into short-term goals and a long-term goal, as this will help keep you focused. For example, you could have a short-term goal of saving $200 a month, with a long-term of reaching a safety net of $10,000 in your savings. Celebrate the small wins along the way to keep you motivated.
Pick up a side hustle
The job market is not the best at the moment. Therefore, it is a good chance to set your sights on a side hustle. This can help to keep you going while hunting for a job at the same time. In this digital age, there are so many opportunities to choose from. Many side businesses can even be run from the comfort of your own home. Some ways to make more money include:
- Becoming a VA (virtual assistant). This involves helping out with social media for businesses (there is a huge need for this right now).
- Copywriting for businesses. Again, there is a huge need for this right now as more businesses turn to the online world.
- Delivery services. These are in great demand at the minute with many people staying home. Think about your skillset and how you might be able to use it in a small side hustle to help tide you over.
Track every dollar
One of the best ways of how to save more money is to write down every time you spend money. Every coffee, every meal out. This way, you can help to prevent spending above your means each week. You can look at what you have bought and highlight key areas where you can cut down. This is so easy to do and so effective. Seeing it all written out means you can clearly see how those small-dollar values add up quickly. While at the time you may think it’s only a couple of dollars, if you are doing this every time you go out, then it becomes a lot more than that.
Need A Loan?
You may be aware of how to save more money, but perhaps you don’t have enough cash to get you started. If this is the case and you have a bad credit history, there are still options. The experts at Bad Credit Loans have helped thousands of Aussies in need of financial support. We will be able to help you out, no matter what financial situation you find yourself in. Get you back on your feet and ready to save money.