7 TIPS TO SAVE MONEY IN 2020

 

 Need some advice regarding saving money? This need is an excellent resolution. As at some point in our life, one needs to think about how to prepare for the future, financially. People have different reasons to save money; it could be for raining days, for emergencies, for retirement. One might want to save, And if you are not naturally a savvy person, you might want to think about ways to make the habits. There are many different ways to save money, implement some or all of these ways will undoubtedly improve your financial life. Here are 7 ways you can save money.  

Here are 7 tips to save money in 2020 and get rich.

1 – ESTABLISH A BUDGET   

First thing to do is to know how much is coming in, the incomes. And how much is going out, the spendings. Know your spending habits, from that establish a budget, a financial plan that suits your needs, and try to stick to it   

2 – STOP WASTING MONEY ON THINGS YOU DO NOT NEED  

Once you establish your budget, you should only spend on things you need and not things you want. It would help if you refrained from following the trend, that always incite, encourage spending on things you do not necessarily need. Only buying things you genuinely need will surely increase your savings.  

3 – LIMIT USE OF CREDIT CARD, STORE CARDS  

You should limit your use of credit card or store cards as usually, interest could be high, especially if you fall behind your payment. If you still want or need to use a credit card, consider Moving credit card debt to an interest-free balance transfer credit card means you are not paying high interest and can concentrate on paying back the money you own.  

4 – USE MORE DIRECT DEBITS, CONSIDER CARRYING CASH  

To avoid penalties, late payment fees, which could be quite a substantial amount, consider using direct debit for your essential bills such as energy, water, car insurance.  It is a good idea to carry cash for your shopping; this will somehow motivate you to stick to the amount of money you only have. Therefore help you to save.  

5 – SHOP WISELY, USED SECOND-HAND ITEMS

lt would help if you were wise when spending on things. Only spend on things you need, stay away from offer or promotions such as buy one get one free, half-price sale, that sometimes encourage you to purchase things you do not need.   It is a good idea always to make a shopping list when going on groceries shopping, make sure to stick to your list.  Consider buying some items second hand, such as household items, car… There are most of the time very good, and you will save a ton of money.  

6 – OPEN SAVING ACCOUNT IN A DIFFERENT BANK  

Another thing to do is to open your saving account in another bank especially if you are someone who likes to do online banking; as this will take the temptation away of you seeing what you are saving and wanting to use those savings. By doing so, check different saving rates and chose the best one.  

7 – CHECK YOUR BILLS 

Know when your bills contracts with providers are ending. After initial deals, prices usually increases. Understanding your energy, broadband, car insurance, home insurance terms of agreement is essential. Knowing when a contract will allow you to switch providers or haggle with your existing one.