Money-related goals are becoming more and more common for the start of the year. Thanks to the popularity of online money-saving sites, it’s now easier than ever to be inspired to save money, and find great ways of doing it too.
An obvious way of saving money is to cut back. We all know this, but do you ever really cut back on your spending? With no-spend weeks, months and even years getting more attention than ever, it’s a great time to do more to cut back.
Ready for the challenge? Take a look at the following tips to cut back in 2020 for your biggest year of savings yet.
Switch to a more affordable car
Aside from your mortgage payments or your rent, your car can be your biggest expense. Between the car finance, insurance and your fuel costs, you could be spending a lot of money that you could be saving instead. If you can go without your car completely, great, but that’s not always realistic is it? Instead, why not check out car sales and trade yours in for a more affordable model? You could significantly reduce your car payments, as well as your insurance costs.
Slash your food budget
We spend a lot of money on food each month, with a significant portion being wasted each week. Why not reduce your food budget and stick to it? You could be surprised at how easy it is to cut back on your food spend, and could help you waste less too. Be more frugal with your food and see the difference it could make to your savings.
Make staying in the new going out
Times are changing, and now thanks to Netflix, Amazon and all of the other video-on-demand services available, who needs to go out anymore? A night on the town leads to an empty wallet and a sore head in the morning! There are plenty of things you can do to have a great night in by yourself, with your partner or your friends that will make going out an expensive thing of the past! Embrace nights in and start saving this year.
Try some of those no-spend days
There are a lot of blogs and Instagram accounts dedicated to no-spend days. These are great because they have all kinds of useful advice about how to have a no-spend day, week or month. If you can do several of these throughout the month, you could soon see your savings increase. Take your food to work with you, leave your purse at home and avoid the temptation to spend on impulse buys you certainly don’t need.
Whatever your financial goals for this year, you can make them possible. Change your approach to spending and develop better habits to help you save money and say goodbye to debt once and for all in 2020.