Maybe you’re trying to buy a car? Perhaps you’re looking to eliminate debt? Whatever the case may be, you’re attempting to save money.
The only problem is that, as of yet, you’re having some trouble with it. That’s why you’re here. You’re looking for help.
Look no more! Here are 5 money saving tips for 2020!
1. Save for Something
Saving money to save money is all well and good. In fact, it’s advised. However, it doesn’t offer much motivation.
For this reason, you need to save for something. You need to set a monetary goal and seek to meet it. Work toward a downpayment for a house, plan to pay off a credit card, or save up to purchase a new car.
Do whatever you have to do to motivate yourself. But if you aren’t saving for something in particular, you’re bound to spend your would-be savings on junk.
2. Create a Budget
Next, you need to create a budget. This way, you’ll know exactly where your money is going. If you don’t do this, you’re likely to spend money on things that you don’t really need, like fast food or beer.
When creating your budget, lay out all of your necessary monthly expenses. Then, subtract them from your monthly income and see what’s leftover.
Keep a small portion for miscellaneous spending, just to keep you sane. But allocate all of the rest toward your savings.
3. Save Your Change
It’s rare for anyone to buy anything with cash these days. As such, we rarely get our hands on spare change. But that doesn’t mean you can’t save it.
There are phone apps available that will round your expenses up to the nearest dollar, putting all of the remaining money into a savings account. Over time, this can result in quite a bit of money.
4. Take Advantage of Tax Breaks
There are all sorts of tax breaks out there, many of which you might not be taking advantage of. If you want to save as much money as possible, you need to take advantage of these breaks.
For instance, if you put money in a Health Savings Account, none of that money will be taxed. The same goes for a retirement account; none of it will be taxed. For more information on tax breaks, speak to a tax accountant.
5. Start a Side Gig
One last method for saving money is to pick up a side gig. This way, you can bring in a little extra income in addition to your day job.
For instance, you could become a freelance writer or a virtual assistant, or a mortgage note buyer. For information on the last suggestion, visit https://www.zellermedia.com/blog/best-ways-to-market-your-mortgage-note-buyer-business
Use These Money Saving Tips for 2020 and Beyond!
These aren’t just great money saving tips for 2020. They’re great for all years and should be used consistently from here on out. Put them to good use and you’re sure to save the money you need.
If you’re looking for more financial advice, our website can help. Browse our selection of articles now!