There's no doubt that almost all of us have big plans of saving money at the start of the new year. But then as the days go by, it turns out to become more and more difficult to stay focussed and keep a check on excess spending. As they say that nothing is impossible, it is really all about making smart changes to turn things around for you. Saving good amount of money is very much possible with the right tricks. So here are five easy ways you can save money in 2020:
The first step to start saving money is to figure out how much money you spend. Keep a track of where your money is being spent, even while ordering coffee, household items, snacks, home deliveries or other small spends.
Budgeting can be completed and hard to follow through, but it is one of the best ways to save money. Create a budget list for your recurring monthly expenses, including any random purchase that can come up.
Find ways to cut unnecessary spending. Start by cancelling subscriptions and memberships you don't use. It would be a good idea to limit the number of times you eat out, shop online or other such splurges.
Set short term or long term saving goals. For some motivation, think of what you may want to save for and plan accordingly. It can be anything - from an emergency fund to a life event like a wedding. It's always smart to plan ahead and prioritise your goals so that you stay focussed. If you know you are going to need to replace your car battery or your phone in the near future, you could start putting money away from now on.
Make it a point to review your budget and check your progress every month. This will help you stick to your personal savings plan and allow you to watch your savings grow.
With these simple money saving tips, make 2020 a fruitful year.