Everyone is looking to save money, whether it’s to put more money away for your child’s education, to afford expensive diabetes supplies, to take a big trip, or even if you’re trying to buy your first home. Here are our top 10 ways to save money in 2020 (and you won’t even feel the pinch, promise!):
Check Your Automatic Donations
Remember that donation to your favorite diabetes organization or research institute that you made in 2009? Or that rogue political candidate you never heard from again? Double-check to make sure your donations were for a single time sum, and not recurring. A lot of organizations make “recurring” donations the default, and their sticky fingers find their way into your bank account on a monthly basis! Double-check to save yourself some cash.
Buy an Instant Pot
You can save so much money by cooking in bulk, and an instant pot is a game-changer for saving money. Buying rice, beans, potatoes, and vegetables in bulk and then batch-cooking them in an instant pot can save you hundreds of dollars over the years.
Take Public Transit to Work
Use public transportation at least half of the week, if possible. Better yet, negotiate to work from home one day a week to save money on gasoline and car maintenance. Alternatively, if you can carpool with a family member or friend, your gas money goes a lot farther!
The Happy Hour Rule
A fun rule to implement in 2020 is to only go out for drinks if there’s a happy hour. Going to a bar for a glass of wine can cost you up to $15 in some cities (for a single glass!), and limiting your imbibing to only happy hours can save you loads, while still having fun.
Try No Coffee Meetings for a Month
The average latte now costs $5, and if you have a daily coffee meeting that’s over $25 per week, and over $1200 per year! Challenge yourself to have a month without coffee meetings, and instead bring your coffee from home to the office. See if you miss the taste, but enjoy how much better your wallet feels!
If Able, Contribute to Your 401k
When you contribute to your 401k, you’re taxed on a smaller salary, and thus your tax burden will be less in the coming year, which could save you hundreds of dollars. Additionally, many employers will match contributions, and if you’re not investing in your employer’s 401k, you could be walking away from free (!) money. According to Investopedia, the ideal amount of contributions is between 15-20% of your earnings.
One of the biggest costs in monthly expenses can be the cable bill, and with the countless streaming services available nowadays, it doesn’t make sense to add another $100 a month to your bills. Opt for more wallet-friendly ways to get your TV fix, like Amazon Prime, Netflix, or HBO Go, that are a fraction of the cost of cable.
Be Wary of Fancy Gym Memberships
If you have a resolution to lose weight in the new year, be wary of joining a gym in January. Studies show that 80% of people who have a gym membership don’t go! If you want to lose weight in a sustainable way, focus on diet and natural ways to get exercise, like walking outside or adopting an active commute to work. You don’t need expensive gym memberships to get or stay fit- most of the time, it’s just a waste of money.
Sign Out of Amazon.com
Having a superstore in your pocket (with free, two-day shipping!) is dangerous. Simply deleting the Amazon app, or signing out of your account, will help you curb mindless, spontaneous spending. Instituting a 24-hour waiting period rule before purchasing something is an easy way to determine if you actually need the product you wish to buy.
Make Saving Automatic
Every month, schedule a recurring amount of money to be transferred from your checking account into your savings account for painless savings. Even better, some employers can arrange for a portion of your paycheck to deposit directly into savings, so you never see the money at all. And once you get accustomed to living on less, you’ll find that you don’t even miss the cash that you used to aimlessly spend anyway.
What are some of your favorite money-saving strategies? Share this post and comment below!