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.