Want to boost your savings, build your credit history, and finally start spending less? It’s all doable, but it might require some serious reconfigurations. From what you buy, to the tricks you use to save, these are the top financial tips to know in 2020:
1. Buy in Bulk
If you want to save big then you need to go green and buy in bulk. This applies to anything from grain to soap. When buying in bulk, it is naturally far better to focus on items that won’t go off, or items that can be used in a wide variety of items.
However, it is important that you set a budget for each time you shop. As a couple, you could spend anywhere between $387.30 per month to $617.70. This is a lot of money when you consider you’ve still got the rent or a mortgage and bills to pay for. So, if you are serious about saving money, start putting a budget together and finding alternative means to bring down the cost. Instead of using flour for example, opt for grain. Grain doesn’t stay fresh long, but because it can be used to make flour, pasta, and cakes once milled, you can easily start making fresher, cheaper food right away.
2. Make Food at Home
Ready-made meals that can be put into the oven, or other pre-portioned foods, are not considered something you have made at home. You are still paying for convenience on these items. Instead, opt for fresh foods from the farmers market, butchers, fishmongers and bakery. The upfront price might be higher, but once you make what you have purchased into multiple meals, the price will be spread out and you’ll be eating like a king.
Apply this to lunches you bring to work right down to the coffee you usually have on your commute, and you will save a lot over time.
3. Go Through and Drop Any Unused Subscriptions
Subscriptions are sneaky devils, so you might need to follow these tips from Good Housekeeping. Generally speaking, you will want to make sure that what you are subscribed to actually matters and get rid of any that can reduce your overhead costs in the future. If times are tough, then cut down on what you are subscribed to and make do without until you are more comfortable.
Take this concept and apply it to digital subscriptions as well. The newsletter from that store you subscribed to ages ago is nothing but temptation. Rid yourself of it and save.
4. Take Advantage of Tax Rebates and Other Government Benefits
If you go through the government website, you can find information about tax relief criteria and what other benefits that you might apply for. You’d be surprised at how much money you could save or make back by taking advantage of your options.
5. Know the Best Place to Go in an Emergency
Emergencies are going to happen, and not having enough savings to cover that emergency is okay. The only thing that you need to do is find out where to go. For a quick, no-nonsense short-term loan, for example, Cashlady is a great option.
It’s important to think critically about the cost and your needs. Sometimes, even if you have the cost in savings, it is better to get a loan to keep your emergency buffer just in case, and to spread out the cost of your emergency over time.
If you can barely make ends meet, it’s time to either have a good long look at how and where you are spending your money, or seek out help. Living paycheque to paycheque and potentially going into debt every month is not a way to live. Something has to change, so make 2020 the year you finally get out of the red and back into the black. You’ll be more stress free, happier, and healthier.