The new year is here, meaning you’re probably looking for ways to improve your life for the better. Saving money is one of the most popular resolutions, but it can be hard to accomplish without the right strategy. Check out some savvy ways you can save money in the new year and beyond. Then, you’ll get off to a fantastic start this year.
Use the Snowball Method to Get Rid of Debt
It’s hard to save money when you have lots of debt, so tackle your outstanding balances this year. First, arrange your debts in order of the smallest to the largest. Then, use the snowball method to pay them off. Use all your extra money to pay the smallest debt first, and then take on the next one. Continue moving up the debt ladder until you don’t owe any money.
Consider Cutting the Cord
Cable subscription costs are becoming increasingly expensive, so you might be spending a ton of money to watch your favorite shows. If that’s the case, consider canceling your cable and replacing it with a streaming service. Just make sure you don’t sign up for numerous services, or you’ll end up overspending instead of saving.
Borrow Books From the Library
Reading is a terrific hobby, but it can be quite expensive. Instead of buying books, check out the local library. You can rent physical books from the library and even download digital copies of e-books. If you read a book or more a month, this can equal nice savings.
Spend Less on Groceries
If you’re like most Americans, you spend a large portion of your paycheck at the grocery store. You can cut down on what you spend by planning meals in advance. Then, see what ingredients you already have and what you need to buy from the store. This will prevent you from spending money on items you don’t need. Then, consider ordering your groceries online so you don’t end up buying products that aren’t on your list. You can save a bundle with this tip.
Deposit Money Into Savings Each Month
You can grow your savings quickly by having your bank automatically transfer a percentage of each paycheck into a savings account. Something as small as a 10 percent transfer can add up over the year.
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Audit Your Memberships and Subscriptions
Do you have monthly subscription and membership fees coming out for services you don’t use? That’s a common problem, but it’s easy to fix. Go through all your recurring payments and cancel anything you aren’t using. Then, instead of donating that money to a business, you can put it in savings or pay down your debt.
These tips are easy to follow and can help you get on sound financial footing this year. You can even end up with more disposable income to use to take a vacation, make upgrades to your home, save for college for your kids, and more.