Financial Resolutions for 2020
Financial Resolutions for 2020
The New Year is right around the corner, and that means it is that time of year for New Year’s Resolutions. For a lot of people, a resolution may include a financial resolution. Lucky for you, if you are looking for ways to save money in 2020, I have some quick and easy tips that you can use to help you reach your goal!
Review what you spent in 2019. Being able to see where most of your expenses went to in 2019 can help you better prepare and plan for 2020. You can see where you are over spending and how much you need for necessities.
Create a budget. This sounds repetitive since every single financial advice begins with a budget, but preparing and planning out essential costs can help you avoid debt and plan where you can save! Even just a small list is a great start and can seriously help you avoid too much debt.
Set reachable and flexible goals. Know what you want out of 2020, but don’t be too hard on yourself if your finances don’t quite add up! Things happen and that is okay! An easy goal to set could be something like saving as much as possible. Having a flexible goal such as that gives you some wiggle room, but also keeps you in the mindset to save!
Write down everything. This will help you in the future when it comes to new budgeting and planning. It also helps you keep receipts on what exactly you are spending your money on.
Cancel automatic subscriptions and memberships. That membership you haven’t use in a few months? Cancel that! Cancel anything you don’t use on the regular. You can always subscribe again if you feel you need that service!
Reduce energy costs. Do what you can to lower your electric bill. Check out our "How to Save Money On Energy Bills this Winter" blog from two weeks ago to learn more on how to do this!
Pack your lunch. Bringing your own lunch is so much cheaper than going out for lunch every day. In fact, you could probably buy yourself a week’s worth of lunches from the grocery store with the amount you would spent on going out to lunch a few times a week.
Try a staycation instead. The cost of traveling is high, so why not try staying in your hometown. Be a tourist in your own city. It is a lot cheaper than going out of state and it is still a fun break from work.
Try a spending freeze. Don’t buy anything you don’t need for a week. Or two. Avoid impulse buys and only get what is necessary for you to survive during this time.
DIY what you can. Making your own decorations and gifts can help you avoid costly transactions and affordable and DIY items are often just as great as store bought items!
Here were just some quick ways that you can start saving in 2020. If you are looking for more ways to save, click here: https://www.unitycatholiccu.org/financial-resources