Latest News / 7 Quick Tips To Save More Money in 2020
7 Quick Tips To Save More Money in 2020
December 30, 2019
A recent study revealed that 69 percent of Americans have less than $1,000 in savings, let alone money to cover an emergency. Year after year, saving more money is consistently at the top of New Year’s Resolutions lists, and if you are strategizing ways to improve your financial health and boost your savings in 2020, here are a few easy ways you can save more and set yourself up for a successful new year.
Budget. Creating a budget is one of the first steps you should take to saving more money. Without a budget, you won’t know where your money is going and where you can find room to improve. Furthermore, a budget is imperative to helping you keep track of your spending and planning for unexpected expenses. Centier’s Money Management program can help you understand the health of your finances and keep your budget on track for a brighter future.
Automate Your Savings. Consider setting up an automatic transfer from each paycheck into your savings account. The “set it and forget it” approach is helpful as it does not require you to remember to transfer money into your savings account or expend any extra effort. This can also reduce the temptation of spending that money before it gets saved.
Save Your Holiday Bonus. It can be tempting to take a holiday bonus and treat yourself to something nice, but if you put it away in your savings account, it can help you retire earlier. The same thing applies if you earn a raise at work; putting that money away into savings will help you reach your financial goals.
Eliminate Debt. When you must pay interest on credit card balances and loans, you’re throwing away money. After paying off your loans and debts, you’ll have more money to save. Figure out a plan to tackle your debt – try tackling high-interest debt first. The faster you pay it off, the less you’ll have to pay in interest. Once your debt is paid off, consider putting the money you were paying each month into your savings moving forward.
Take a Look at Your Shopping Habits. Are you subscribed to too many marketing emails? Are you an impulse shopper? Take a look at your spending habits and find ways to make small adjustments. For example, use the 24-hour rule when shopping. If you find an item you want to buy, think it over for 24 hours before purchasing. After considering it for a day, you might decide you don’t need it after all.
Increase Your Contributions. Increasing your 401(k) contributions by only one percent annually can make a difference! If your employer offers a 401(k) match, take advantage of it – it’s free money.
Ask for Help. You don’t have to dive into savings all alone! We have a dedicated group of individuals to help you understand your finances and make recommendations regarding your financial plan. Contact us today to get started!