7 Tips to Saving More Money in 2020

7 Tips to Saving More Money in 2020

Getting all of your regular bills paid each month and having enough left over to save money may seem impossible sometimes. Especially at this time of year when the Holiday bills are, perhaps, catching up and landing in your mailbox.

 

If saving money were easy, we’d all be rich!

 

We’re here to help you figure out simple ways that can make a big difference over time.

 

1. START SMALL

Start with a modest goal, one that you’ll be able to achieve, whether it’s as little as $1 a day, and move up to bigger financial goals over time. You’ll feel accomplished when you start small and are able to meet your target amount.

 

2. CANCEL SUBSCRIPTIONS

It’s easy to subscribe to a $10 a month service and forget you’re paying for that over and over and suddenly becomes $120 per year for a service you may or may not be using. Gym memberships, magazines, streaming services, product boxes or styling services all have recurring charges. Make a list and evaluate which you can live without and cancel them.

 

3. CUT BACK ON NON-ESSENTIALS

When you really want to save and you’ve got an exciting goal to save in mind, say like a sunny vacation, you may be more motivated to cut back on non-essentials like a daily latte or drive-thru stop. Saving just $10 a week will result in $520 over the year.

 

4. WORK WITH A BUDGET

It’s easier to save when you know where and how much you’re spending. People are often surprised when they see how much they’re spending on staples like groceries or fuel when keeping track. Set a budget after keeping track, and be sure to set aside a portion of your budget for your savings account.

 

5. MAKE IT AUTOMATIC

Set up automatic withdrawals from your bank account or paycheck to be directed to a savings account or RRSP on a regular basis. This way you won’t even notice it is gone from your everyday spending and your savings will grow quickly.

 

6. CUT BACK OR SAVE ON ENTERTAINMENT

Use your library for movies, books and magazines. Many libraries even have digital downloads and free e-magazine subscriptions.

Volunteer for local festivals to potentially get free entrance to enjoy your favourite weekends or concerts out for a lot less.

 

7. THRIFT FOR CLOTHING

Buying second-hand clothing, shoes and accessories cannot only save you money, but can also save the environment and is making waves in the fashion world for being eco-conscious. You can often find stylish and high quality brands at small local consignment boutiques at a fraction of the cost of buying new.

 

These are all relatively simple steps to getting you towards saving more money in 2020!

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