6 ways to save money in the New Year

Dec 24, 2020 | Personal Finance, Saving Money | 0 comments

100-dollar bills

Consistently one of the top New Years Resolutions in America, saving money is top of mind for many and we’re here to help you be as successful as possible! So we’ve put together 6 ideas to help you reach your money-saving goals:

#1♻️ REDUCE

Do you usually pay for a bottle of water, a cup of coffee, or lunch on a daily basis? Bring a reusable water bottle with you, make your own coffee, prep your lunch a few times a week. Simply cutting down on any or all of these will save you a ton of cash.

#2 🤓 BE PRECISE

Going to the grocery store? Only buy as much as you need for the week and stick to the budget by weighing out fruits, vegetables, and buying bulk. Not only will you save money, but you will also reduce your food waste.

#3 🚗 BUY USED

Don’t get us wrong, not all things should be purchased used, but many things can and should! This is a great way to be a savvy shopper, get a great deal, and keep items from hitting the landfill. Some of our favorite places to shop used: Car dealerships, eBay, FB Marketplace, ThreadUP, Local second-hand stores, Gear Exchange shops, even Craigslist, or Garage/Estate Sales!

#4 🛒 SHOP TIL YOU DROP

…for insurance. If it has been a while since you last shopped for insurance of any kind, consider revisiting your policies and talking to an agent about getting a better deal. Been with a company for a while? They may get you a better deal for being a good customer. Over insured? Reduce down to exactly what you need and nothing you don’t! The same can also be done with your phone service and data plan.

#5 💵 PAY CASH

You can often get a discount for paying cash. Most commonly, at the gas station. Not only can you get a discount, but it is more difficult to part with cash than to swipe a credit/debit card. Studies show there is a difference in how your mind processes spending cash vs. using a card which tends to lead those who pay with cash to spend less and save more.

#6 💰GROW YOUR INCOME

Saving money isn’t only about reducing expenses, which can only take you so far…make a plan this year to grow your income to help you get to your financial goals faster! Whether you negotiate a raise or start a side hustle, more income increases your ability to save!

Want more ways to save? Read our other blog How to Save Money and the Environment

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