Did you save more than 20 percent of your total yearly income in 2019??
If the answer to the above question is yes, then congratulations, you are on the right path. If not, then there is work to do in 2020. Whether you can successfully save the recommended percentage of income each month or not, it never hurts to learn new and inventive ways to save your hard-earned money.
Here Are the New Ways to Save More Money in 2020
1) Adhere to a Budget
If you were not able to stick to a budget in 2019, this year, you have a great opportunity to save some more money from your monthly wage. Creating a budget is not easy. Also, it is difficult to lay a one-size-fits-all budget that can be used by every single person. Creating a budget is a personal thing and the best way to start is by transferring a set amount from your salary account to a savings account.?
2) Keep the Expenses to Minimal in the First Three Months
Like myself and everyone else, you too must have splashed more cash during the holidays that you initially planned. A festive season is known to make you spend more. Sometimes even to an irrational and absurd level. I am hoping you will be able to recuperate the extra spending by keeping the expenses to the minimum in the first three months of the year 2020.
3) Let go of Unhealthy Habits
In the coming year, you can save more money by letting go of unhealthy habits. Did you know that smoking a pack of cigarettes a week can cost you around $624 a year? According to a trusted source, a pack of cigarettes in a place like New York City costs $13. I have already done the math for you. In addition, you can also save a ton on medical expenses by enrolling in a $10 per month gym. Stay healthy, stay disease-free in 2020!
4) Switch from CFL to LED lights
This one trick can save you $75 each year. Also, it is criminal to still have traditional incandescents running in your home. According to a US government website, light-emitting diodes (LEDs) use about 25%-80% less energy than traditional incandescents.?
In addition, they can last about 25 times longer than any other form of an artificial light source. The report also concluded with a mind-boggling fact. A traditional incandescent bulb’s life is about 1000 hours, whereas, a 12 watt LED can last for about 25,000 hours. See the difference for yourself!
Before you begin your money-saving journey in this new year, I would like to remind you something that you already know. There are some principles of personal finance that are not going to change regardless of the year.?
Surely, in 2020, due to technological advancements, you can make some shifts here and there. But make sure you do not divert from the core principles of saving money.
- 8 Investing Tips That All Beginners Should Know About - May 11, 2021
- 5 Reasons Why Freelancing Should Be Your Next Career Move - March 9, 2021
- 5 Ways to Improve Your Sales Pitch and Get Funding - February 22, 2021