2019 has finally taken over and I’m sure you’ve already made a list of things you wanted to do to make this year great. It could be in terms of attitude changes, switching into a healthier lifestyle, being more productive in work, and of course saving up. Now, let’s be honest here, the hardest among these is saving money. With all the amazing sales in shopping malls, latest gadget, and other expensive temptations, it feels like you’re never going to save even a penny. No need to despair! Make saving money in 2019 more effective with the following tips:
You may already have debts that you are trying to overcome, but with a bit of advanced planning, you may be able to avoid debt in the future. Make sure you plan ahead when it comes to managing your money and paying off what needs to be paid. Make a monthly budget and stick to it. Be sure to include $100-$200 in additional funds for last minute, unexpected expenses.
The ‘Need over Want’ Principle
Every budgeting website mentions this statement, but do remember that discipline is the most important thing in order to make things happen; especially when it comes to saving money. Be content with what you have, when something still works, resist the urge to replace it by something new. Choose necessity over luxury. You need to prioritize the things you need before the things you want.
It may happen, however, that a need arises that you are unable to budget for. Unexpected healthcare expenses, loss of employment, or car troubles. Finding a trusted friend or family member to lend you the funds required is a great option. However, if you are unable to do so, there are many online lenders who can cover the expenses quickly and effectively. Make sure to budget the repayment of these loans within your monthly expenses.
Most of the things we buy are priced based on the brand’s reputation. The bigger the brand, the higher the cost. You may want to try a lesser known brand with the same quality. Always remember that spending wisely is one of the most important techniques to effectively save up your money.
Vices such as smoking and drinking alcohol is difficult to completely remove from your routine spending. I know you might be thinking that ‘this is absurd’ or ‘this is a joke’ but think to yourself honestly, vices sometimes cost more than our daily food intake. It may be difficult to avoid completely, but spending towards such things modestly is one step towards saving and becoming a healthier you.
Keep Track of your Expenses
Recording your expenses is a good way to know how much money you are spending for your necessities. This can help you can control your spending in order to stick to your budget. You are also able to identify how much is left after paying necessary bills.
Always remember to set a goal when saving up. Goals are what drive and motivate us. When saving, it is important to know the reason you are saving. It could be a house, a wedding, a brand-new car, a vacation, a college plan, a business, or an investment fund; there must be a reason why you chose to save.
Control your Spending
Self-discipline is the key to saving money. With all the temptations around us, self-disciple in a necessity. Your will power should be strong enough to keep yourself on track toward your goal. I know it is hard to look away from all the sales, marketing offers, discounts, and new releases; but you need to remember why you are wanting to save and its rewards. If you happen to struggle, go back to the first tip; consider whether the item as a Need or a Want. If it lands on the latter, just walk away.
A whole year is long enough to save an impressive amount of money. The first few months may seem difficult, but you will soon see that your hard work will pay off in the end.