It’s the beginning of a brand-new year and even a new decade. That means that the resolutions that you make now could have an even bigger impact on your life than usual if you’re willing to commit to making them successful.
As easy as it is to tell yourself that you’re going to accomplish incredible things in 2020 when you’re a few glasses into your prosecco, the truth is that many of us should be thinking seriously about how we can improve our financial situations in 2020. If you can get to a point where you feel more comfortable with your cash this year, then you could find that you’re facing a lot less stress.
Here are our top saving tips that are worth a try.
We’re not saying that you should stop exercising or trying to lose weight if that’s another of your New Year’s Resolutions for 2020. However, you don’t necessarily need to be part of a local gym to make a difference to your health. While it’s true that you do get more fancy equipment if you sign up for a gym membership, you can still get a lot healthier by going for regular runs or exercising at home.
If you need some structure and someone to hold yourself accountable to, consider joining a free class with a friend that gets you to burn some calories. For instance, you could take swimming lessons, or learn how to dance.
Sometimes, saving money isn’t about reducing the amount you spend in every aspect of your life. While it is a good idea to ensure that you’re not spending extra cash on things like takeaways and luxuries when you can’t afford it, there are times when you should spend a little extra on the things that you need.
For instance, if you need to invest in a new laptop so you can take an online course and earn some certifications to make more money long-term, then take out a small personal loan. You can pay back what you owe over time this way and make a crucial investment in your future.
Being able to flash a piece of plastic and buy anything up to a cost of £30 without your pin number is very convenient. It means that you can get through most transactions a lot faster – but that’s not necessarily a good thing for your bank balance. Ultimately, giving up little conveniences could save you a lot of money in the long term.
In 2020, try leaving your contactless card at home and taking cold hard cash with you on the go instead. That way, you can budget to only spend exactly what you can afford and nothing else. You can always go back home for your card if you really need it later.
One of the biggest reasons why people don’t follow through on their financial resolutions is that they try to change too much too fast. However, the truth is that spending money is a habit, just like smoking or drinking. You need to cut down slowly. Think about how you can make small and regular changes to your life instead, by doing one big adjustment each month.
For instance, in January, you might decide to cancel your gym membership, and start working out at home. In February, you could get rid of your weekly pizza and commit to ordering food only once every two weeks instead. In March, you might decide to start walking to work once a week or cycling to cut fuel costs. Not every change will stick, but you should end up with a few things that help you to save money long-term this way.
Finally, as we progress into 2020, the weather is still pretty miserable. With that in mind, ensure that you know how to stay warm without blowing your budget. You can save on heating costs by keeping an extra jumper on when you’re at home and plugging extra gaps around your house. You can also consider closing the curtains in your house to hold more of the warmth that you create indoors, rather than letting it escape outside.
Hot water bottles can make a huge differences to your comfort levels when you go to bed at night too. Give them a try before you start turning the heating up and ramping up your bills.