Ways to Save Money in the New Year
With a resolution to spend less and save more, you have your work cut out for you. It’s not always easy committing to this frugal way of life.
If you need some help translating your ambitious resolution into your day-to-day reality, here are four simple money management tips to help you meet your goal.
1. Make Credit Take a Back Seat
If you tapped into a line of credit or credit card to spread festive cheer, you wouldn’t be alone. The average shopper took on $1,230 in holiday debt last year.
As you pay off what you owe, consider sidelining your line of credit in the new year. This will help keep you from adding to the debt you already owe.
Once you pay it off, don’t dip into again for everyday expenses. Financial institutions like CreditFresh recommend leaving your line of credit alone until an unexpected emergency occurs.
If in the new year your savings fall short of your next unexpected emergency bill or repair, you can learn more about your options at CreditFresh. Until then, make everyday purchases using debit or cash.
2. Ignore Strangers on the Internet
That powerful computer you call a phone is one of the best conveniences of the modern age. It’s also one of the biggest annoyances.
Between Instagram feeds and 24-hour access to news sites, there’s no stop to vacation pictures, unboxing videos, and other envy-inducing stories about the rich and the famous.
You may only be able to live vicariously through them for so long before you start traveling and shopping to keep up.
Curate your online experience to eliminate these temptations and save some money.
3. Cut the Cord — Finally!
Bored by the boob tube? Time isn’t the only thing you’re wasting by watching cable. When the average monthly cable bill costs $107, you’re also wasting your money.
Luckily, you don’t have to give up watching everything to save some dough.
In November, The Walt Disney Company launched Disney Plus, making it the latest conglomerate to throw their hat into the streaming services ring.
It joins Netflix, HBO, Hulu, and several others that offer on-demand video streaming of your favorite movies and shows. Stick to just one or two, and you’ll save money without losing out on what you can watch.
4. Adopt a Greener Lifestyle
If you’re to believe Kermit the Frog, it ain’t easy being green. But in this day and age, that simply isn’t true.
While it’s true, upgrading to solar panels and buying an Energy Star furnace involve big investments, huge gestures like these aren’t the only way to lead an eco-friendly life.
You can make minor changes to your habits to see green energy savings with practically no upfront costs.
- Try using your dishwasher, washing machine, or dryer during off-peak hours when energy costs less per kWh.
- Cut down on shower times and turn the faucet off when brushing your teeth.
- Next time you’re chilly, pull on a sweater before touching your thermostat.
These subtle changes may have a big impact on your utility bills.
There’s no doubt saving more and spending less is a big challenge. But it’s not impossible. Sometimes, even these plain and simple ways can help you achieve your New Year’s resolution. So give these tips a try to see how you can keep more money in your pocket.
