New Year’s is approaching, and we all know what that means.People are going to set goals to improve themselves and to improve their quality of life. One kind of New Year’s resolution is saving more money. Maybe you’re saving up for a trip or a new car, the reasons can vary. Still, it’s not an easy task. Here are some tips that will help you keep your financial resolutions.
1. Smarter purchases are key.
Shopping is an essential part of your expenses. It’s inevitable that you will go out and buy things that you need. For starters, you can’t go without food. But just because it’s a must doesn’t mean you can’t save a few bucks during grocery shopping. Try buying more in bulk foodstuffs, as this will naturally reduce the price per kilogram, and it will give you a longer-lasting supply and make trips to the store less frequent. Things with along or indefinite shelf life are a frugal dream. If they never spoil, you can’t really go wrong with them.
Appliances and technology follow a similar logic. You buy something to last. Cheaper knockoffs of cookware and clothes won’t last you as long and you’ll end up paying more money in the long run. This doesn’t mean you should only aim for brands, though. Do some research into things you can buy for life, they will most certainly make up for the large initial price.
2. Walking might save you a lot.
Getting around on foot isn’t the easiest thing to do in a big city, but it can be manageable. The amount of money you spend on gas or Uber can be mitigated to a degree. This doesn’t mean disregarding your long commute to work, but rather for more trivial things. During a night out, you could try picking a location closer to you.
If you have a habit of visiting friends that are a couple miles away, walking is not only feasible but also probably good for you. Using a bike could solve most transportation problems. It’s not as fast as a car, but it’s certainly more efficient and way healthier. Not to mention parking becomes a non-issue.
3. Cover your bases when it comes to debts.
Debt is an inevitable part of making financial progress. Businesses and banks cannot function without having some degree of debt. It’s necessary for growth. As an individual, debt is more straightforward and somewhat more stressful. You have to pay your bills and mortgages on time. Problems arise when tough times arrive and wallets are stretched thin. Interests can accrue and balloon over time and knowing what to pay first and when isn’t an easy decision.
Luckily there are some things you can do to mitigate this. If various debts become unmanageable, you can combine them into one solid debt with lower interest. You just have to find a debt consolidation loan with better rates and you are in the clear. This method is becoming increasingly popular as it lets your debts be more manageable. You have longer to pay them off and you don’t have to worry about which one to finish first.
4. Set concrete goals when saving.
Just because you’re saving money doesn’t mean you should stick to just food and shelter. Some things are a necessity without being essential to life. Buying coffee is more than just a luxury, it’s part of how some people function. So how do you cut down on spending some less-than-essential things? You can start by setting a quantifiable goal. If you usually buy enough to give you three cups a day, try changing that to two cups per day.
Moderation in everything is good. Treating yourself is a good thing, but you have to check if it is within your budget. If you eat out semi-regularly, calculate how much it’s going to cost you and limit it to an exact number of times.
Saving money can seem like a ridiculously difficult task when you start out. It’s a mix of balancing payday and expenses that just never seem to go away. Once you get in the habit of thinking a certain way,micromanaging your budget becomes a breeze. Using these pointers, you will be sure to reach your goals this time next year.
Leila Dorari
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