The new year is on the horizon, and that means that today’s shoppers have an excellent opportunity to start making a change to the way that they manage their finances. If you want to have more cash to spend in 2020, or you just want to make sure that you’re making a dent in your savings strategy, then this is the article for you.
After all, we all know how important it is to save money whenever we can. However finding the cash to put aside after a month of paying for bills and extra expenses can be difficult. The following monthly money-saving tips will give you the help you need.
Reduce your Car Payments
There are a lot of expenses that we all need to deal with on a monthly basis. For some people, the biggest expenses of the month are food bills and electricity costs. For others, car payments take up a huge chunk of their monthly wages. Fortunately, you can reduce your car payments in a number of ways. One option is to make sure that you get your car maintained regularly so you’re not overpaying on things like excess fuel for a car that struggles to run.
Another option is to make sure that you take out enough money with your loan to buy a car that you can rely on in the first place. While purchasing the cheapest second-hand car you can find might save you some money at first, it won’t help much in the long-term.
Monitor your Electric Bill
Another major expense that you’re likely to deal with every month is your electric bill. With so many appliances demanding our attention every day, electricity is something we all have to spend a fortune on. Fortunately, you can cut the costs of your electric bill a little bit too, by switching to electricity-efficient appliances and reducing the amount of tech you leave on around the house.
Find out whether your electricity provider can give you a system that you can use to monitor your electricity use over time. A smart meter should be easy enough to get hold of these days, and it’s great for pinpointing your problem areas.
Switch your Subscriptions Off
We all love our subscriptions to everything from streaming services to surprise boxes that arrive in the mail every month. However, if you can switch your subscriptions off – at least for some of the things that you’re not using, then you could save a fortune. Consider turning off your subscriptions for some of the movies and television streaming services that you have access to.
While you’re at it, search through your bank statements for evidence of any long-term services that you have been paying for that you don’t use, such as your gym memberships.
Track Your Spending
Tracking your spending is one of the easiest ways to make a significant long-term difference to the way that you manage your money. With apps on your phone that link to your bank account, you can see exactly what you’ve been spending each day. Make sure that you keep a close eye on your money and highlight anything that you have a tendency to spend too much on. You’ll be able to put strategies in place to reduce your chances of overspending in those areas in the future. For instance, if you know you spend too much on clothes, try to avoid window shopping at your favourite stores for a little while.
If you know that you tend to over-spend when you’re online, you can remove your payment details from certain websites so that you need to track down your card before you can buy anything.
Finally, remember that your budgeting strategy will change as you move from one month to the next. Every month comes with its own challenges and expenses to consider, including things like Christmas presents, and even birthday gifts. What’s more, as you learn more about your spending habits and the money you earn, you’ll be able to come up with better strategies for making your money stretch further based on what you need.
Make a plan to update your budget once a month based on what you learned the month before. From there, you can begin to make notes on how to adapt your spending, and even track your little wins. Remember not to give up hope if you have issues from time to time too.