While there are plenty of new year’s resolutions out there, money-saving challenges are probably the biggest ones. Many of us want to get out of debt, have a budgeting system, and make more money. There’s no doubt, no matter what time of the year it is, that saving money is always a valuable idea.
Having said that, there are plenty of amazing money saving ideas. And I’ve gathered some great money-saving tips and hacks that will help you get started towards your 2018 financial goals. These are money saving ideas that are easy and worth applying to your life. They are the little steps that can definitely get you ahead. So check them out and let me know what you think!
Implement the 50/20/30 Rule
One of the simplest ways to effectively budget your money is by implementing the 50/20/30 rule. Here’s how it goes.
The first half of your income (50%) should go to your essential living expenses. This includes food, housing, utility bills, and transportation expenses.
The 20% should then go toward financial goals, like paying off debt or saving for retirement.
And finally, the last 30% of your income can be put towards your personal wants. Things like a traveling fund and vacation plans.
Have a Spending Log
By simply journaling and writing all your expenses, you can easily track all of your spendings.
Make it a habit to have a journal or if you have some excel skills, go ahead do this instead. Write down and record all your expenses from the smallest to the biggest, and you’ll know quickly where all your money goes.
Try Having “No Spend” Days
Okay, this one might sound impossible to do at first, but give it a try and you’ll be surprised at how much you can save.
And if you freeze your spending for days, weeks, or months on things that you don’t necessarily need (such as eating out, getting coffee, ect.), you’ll generate more savings.
The money you’ll save can be added to your emergency fund or towards debt.
It may be convenient to use your credit cards at all times, but the downfall is that you’ll have to pay interest at a high rate. So why not try using just cash to limit your spending and avoid fees.
When you carry cash instead of a card, it’ll keep you from overspending since you’ll have to rely on what you have on hand. Also, using cash for your purchases can minimize the risk of going into debt.
DIY What You Can
Instead of buying cleaning products from the store, why not make your own homemade cleaners. They’ll help you clean your home cheaply without the chemicals.
You can also upcycle things in your home and turn them into something better.
And consider doing home repairs and maintenance on your own. You can find plenty of tips and hacks online, so there’s no need to worry.
Grow Food, Not Lawns
Wouldn’t it be great to have freshly picked fruits and vegetables from your garden? They wont’ just taste fresh, but they can also save you a lot of money. If you have produced in your backyard, you won’t need to buy them at the grocery store.
Make Savings Automatic
Make it a habit to save money every single time you are paid and put it in your savings. The key to consistently and regularly putting money back is to have an automatic savings program. Most banks now offer them so it’s less of a hassle.
Shop Smarter with Coupons
Whether it’s for restaurants, the grocery store, retail stores, or entertainments, using coupons can save you a lot of money. There are plenty of sites and apps that will give you a ton of coupons, and help you save money every week.
If you’re looking for a way to make meals easily and you want to improve the health of your family, meal prep is a great way to do this.
By making your meals in advance, you’ll have something ready for busy nights (and you’ll be less tempted to eat something that’s easy but unhealthy).
Stick to Your Grocery List
Creating a list before going to the grocery store is a good idea but sticking to your list is best. If you only get things that you need, you’ll never have to worry about overspending and you might just cut food waste as well. So end your unplanned and impulse purchases so you can save a lot of money.
Whether you’re reading this in the new year or at any other time of the year, now is always the best time to save money and get your finances on track. Though you won’t achieve financial independence overnight, taking a step towards your goals makes a big difference.
So implement these tips and hacks from the list above and let me know what you think.
Now, if you have any questions about these money-saving hacks for 2018, let me know in the comments down below. I’d love to help you out!