Do you need some simple ways to save money in 2020? There are many ways to save money but the hardest thing to do sometimes is just to get started with the first deposit.
As with any big task that seems a bit too overwhelming to tackle, getting your money-saving routines started can be simpler than you realize. Start with the smallest, most easy-to-accomplish task and move ahead from there. In this case, one of the easiest things to do is to make a list of your financial priorities–key for the creation of any saving plan.
Financial Priorities Are A Must
Establish your goals for just one year. Are you trying to save more money? What for, exactly? The saving plan you make for a big vacation next year won’t be the same as the one you make for a return to college, or the purchase of a vehicle. And what about goal setting that involves added considerations like debt reduction? Choosing the nature and intensity of your money saving plans is crucial to making sure you follow through.
Make It Easy To Save
For some, the biggest hurdle to overcome when trying to save money has to do with the financial bite saving puts on the rest of your budget. And that’s why it’s a good idea to start small with reasonable amounts you can put aside without too much trouble.
Some people gamify their savings by doing things like the Bingo Money Challenge, which makes saving more fun and adds an element of unpredictability to how you save that keeps some people on their toes and more engaged in the process. It’s not for everyone, but for those it DOES work for, it’s an excellent savings tool.
Use Apps To Save Money
Your bank may have some built-in money trackers that can tell you how much you spend and save each month, but there are also smartphone apps such as Mint that do the same thing. Knowing the exact percentages of your spending each month can help you cut corners when it comes to that extra cup of artisanal coffee at Starbucks or spending on that web streaming service to see the latest Star Wars film.
Some people need that extra cup of coffee, and some can’t live without their streaming subscriptions, so apps like these are also great ways to find other corners to cut.
Customer Beware
It is very important to do your research when trying to find the right app for you–some of these money-saving apps (but certainly not ALL) have negative feedback at sites like the Better Business Bureau, while others get rave reviews. Explore apps and their reviews very carefully before choosing.
Use A Calculator
Some are a bit surprised at how the numbers add up on predictable expenses. How much can you save in a month by making certain items at home instead of buying them over the counter? Pick one vice and do the math!
A grande Starbucks Blonde Cappuccino is listed at the time of this writing as $3.85. If you have one a day each day before work, that’s typically 20 grande cappuccinos a month. We won’t count the ones you drink when working overtime or putting in late hours after the business day has ended. But the monthly count for this work-related “indulgence”? $77 dollars a month.
Use A Change Jar
Some people, in the age of Paypal, Venmo, Apple Pay and others, still find themselves carrying a lot of loose change at the end of the day. You could wind up saving more money each month than you might expect just stashing this loose change away in a (very) big jar.
Joe Wallace specializes in personal finance, military affairs, and consumer protection topics. Since 1995, his work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and collects unusual vinyl records, which gives him an excuse to write the vinyl blog Turntabling.net.
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