New Year Resolution: 7 Ways to Save Money
This year got us all surprised with the Ukraine war and the gas shortages in Europe. It wasn’t as bad as Covid, but the economic crisis did hit us hard. The sudden rise in inflation also caught us off-guard and the consequences have been severe for many.
At Finnt, we don’t want to let this economic shift prevent us from changing and impacting the lives of families. We want to continue providing better and more appealing saving and wealth building solutions for all. We know bad habits are thick-skinned, but we believe we can change this, one step at a time.
In this article, we’ll see 7 ways to keep your saving money resolution.
1. Create a plan
There is no need to rush in. Managing personal finances is a step-by-step process. Plus, you’re more likely to keep your resolution if you make changes progressively.
What is your saving goal? Decide on a number, then divide it by 12 to target monthly savings goals. Once the goal is set, make sure to transfer the money directly to your savings account prior to making any expense.
2. Determine money waste
In most cases, it is easier to spend money than to earn it. Each month, the average American wastes about $139. If saved, this wasted money could represent an additional $1,668 per year.
Check which area of your life you are spending useless money on, and make a change there. Cutting expenses can also work by changing brands or lifestyle.
3. Monitor expenses
Your expenses may not be as optimized as you think. There are probably ways for you to reduce daily expenses, such as groceries.
For each spending category, try to figure out a way to reduce expenses. It can be by buying from cheaper brands or limit yourself to certain amounts.
4. Establish a budget
Once you keep track of your expenses and know your sources of income, you can start creating a budget. Budgets are practical to target precise savings goals.
To learn how to create a first budget, you can download our free resource here.
5. Generate more revenue
Another way to save money is to increase revenue. You probably have your main source of income, but by starting a side hustle or investing you can generate one or two more.
Beware to educate yourself prior to risking your funds. Remember not to invest too much time or money prior to receiving the first results.
6. Treat yourself
Saving money is complicated and can quickly become frustrating. In turn, frustration can become overwhelming to the point where you give up.
To avoid such situation, make sure to treat yourself a few times without considering it as “wasted money”.
7. Keep your habits
Changing habits is useful only if it can improve your life on the long-run. Therefore, saving money for a year is good, but the best would be to keep these new habits ongoing.
To help you keep your savings habits on the long run, we recommend you download the Finnt app.
If yourself, or your loved ones have as a New Year’s Resolution to save more money or increase their revenues, start using Finnt. On Finnt, you start generating money the minute you deposit it on the app.
Try Finnt today. Happy New Year.