5 Money-Saving Hacks To Start Your 2020 Right

Now that Christmas is over, it’s a good time to get out your bank statements (or print them off) and go back through every account – even the rarely used checking account, to figure out if you have a spending habit that’s wasteful. If you notice that by the end of the year you’ve spent more money at uber or coffee shops than the grocery store, you might have an idea as to why you haven’t reached your savings goals. Tally up the amount of money you spent in a variety of broad categories like:

Budget apps can be super helpful because they may automatically give you information about how much you’ve spent at online stores or in particular categories.

Using the list of what you spent last year, figure out what you need to spend money on this year. If you know that you’re going to have to pay car insurance in July, include this and how much money it will cost. If you have anything that costs a monthly fee, like subscriptions or memberships, or if you regularly donate to a charity, include it on the list. That way you know how much you should be spending. Then figure out how much you make in a year to the nearest dollar and start making cuts until you get to your savings goal. For example, if you know you want to watch The Americans but every episode is costing you $12.99, and you’re still a few hundred dollars off your savings goal, it might be time to reconsider the necessity of that purchase. Meanwhile, if you’re a student you may know you’re going to have to spend money on textbooks, so include that as a necessity. 

If you chose your bank because they had a childhood savings program or an insurance company because your parents were with them, it might be time to reconsider. Often, especially if you’re a student, you can get better deals with another bank or company, and if you can’t, at least you know you’re not wasting money. If you have a credit card, are you also paying for an insurance policy, even though you’ve got health insurance through your parents? Asking these questions of your bank or insurance company can seem scary, but in reality, the companies are keen to keep you or get you, so make sure you’re not spending too much money just because you didn’t ask questions. Some banks and insurance companies offer a consult with a financial advisor as a part of their service which can be a real help – just remember that they’ll always recommend their own company’s services over everyone else.

Many banks offer automatic transfers to different accounts, which is one of the best life hacks around. If you know you want to save 30% of your income so that you can go to Europe and New York, or buy your dad a fancy slow cooker for Christmas, see if your bank will automatically transfer 30% of your income into a savings account. This means that you don’t even have the opportunity to spend the money because it’s not in your spendings account.

Sometimes, the oldest way is the best way. Coupons sound outdated and old fashioned, but there are some amazing coupon sites out there – especially for entertainment purposes. If you’re looking to spend less but do more, this is an awesome option. Go honey tasting with your friends, or on ghost tours or to the cinemas all for a fraction of the usual price. Ebates and cashback sites are also an option which can mean you save serious cash. Websites like Kroger are a great place to get started.
And don’t forget about options like a garage sale – you can get things like furniture at a really good price if you’re happy to search. And if you’re worried that it’s too much work, make it fun. Find a friend whose looking for simple hacks to save money and make it a bit of a competition to find the best deals, search eBay, or go to garage sales and estate sales together.