Guide to Saving More Money in the New Year

Are you ready to save some serious cash in the new year? Here are a few practical and easy tips to help you keep more money in your pocket

Make a budget and stick to it

Want to save some cash this new year? It’s simple, just follow these tips:

• Track your cash flow: Write down all your income sources like your salary, side hustles, or any other forms of income. Then, list all your expenses such as rent, bills, groceries, and entertainment. Subtract your expenses from your income to see if you’re in surplus or deficit.
• Cut back: If you’re in the red, look for ways to cut back. Spend less on entertainment by staying in more or lower your grocery bill by planning your meals and sticking to a list when shopping.
• Stick to a budget: Once you have a budget, make sure to stick to it and review it regularly. You could use apps or software, or simply keep a notebook to help you with this.
• Keep it fresh: Creating a budget is not a one-time task, it requires regular review and adjustments as your income and expenses change. Stay on top of your finances and make adjustments as necessary to ensure you’re saving as much as possible.

READ MORE: Take A Look At These Budgeting Apps

Automate your savings

Set up automatic transfers from your checking to your savings account so you can save without even thinking about it.

Automating your savings is one of the easiest and most effective ways to save more money. It’s simple – you set up automatic transfers from your checking to your savings account, so you can save without even thinking about it.

Here’s how to set it up:

1. First, decide on how much you want to save each month. It could be a fixed amount or a percentage of your income.
2. Next, log in to your online banking account or visit your local bank.
3. Look for the option to set up automatic transfers and schedule the transfer for the same day each month.
4. And that’s it! You’ll be automatically saving without even thinking about it.

The beauty of automating your savings is that you won’t even miss the money you’re saving because you’re not seeing it in your checking account in the first place. And, it’s a great way to save for your short-term and long-term goals, be it an emergency fund or a vacation.

Another tip is to set up automatic savings plan for big expenses like Christmas or birthdays, this way you can spread the cost throughout the year and not feel overwhelmed.

Just remember, the most important thing is to make sure the savings amount is manageable for you and your budget, don’t overcommit and find yourself struggling to make ends meet. With automatic savings in place, you’ll be surprised at how quickly your savings account will grow.

Make sure you’re earning a high yield

Finding high-yield savings accounts is another effective way to save more money. A high-yield savings account is a type of savings account that offers a higher interest rate than a traditional savings account. This means that your money will earn more interest, and your savings will grow faster.

Here’s how to find a high-yield savings account:

1. Research different banks and credit unions to find the highest interest rates.
2. Compare the interest rates and fees of each account.
3. Look for accounts that have no or low minimum balance requirements and easy access to your funds.
4. Consider the account’s features such as online banking, mobile banking, and ATM access.
5. Once you have found a high-yield savings account that meets your needs, open an account and start saving.

It’s also important to note that online savings accounts often offer higher interest rates than traditional brick and mortar banks, so you might want to consider those as well.

By choosing a high-yield savings account, you can potentially earn hundreds or even thousands of dollars more in interest over time, which can make a significant difference in your savings. Remember to check the interest rates periodically, as they may change over time, and always read the terms and conditions of the account before opening it.

READ MORE: Best Online Savings and Money Market Account Rates

ADVERTISEMENT

Cook at home more often

Cooking at home is a simple but effective way to save money. Eating out can be a major budget buster, and it’s easy to blow a lot of cash on takeout and restaurants. By cooking at home more often, you’ll be able to save a ton of money.

Here’s how to cook at home more often:

1. Plan your meals ahead of time. This will help you avoid last-minute takeout or eating out.
2. Make a grocery list and stick to it. This will help you avoid impulse buying and overspending at the grocery store.
3. Invest in some basic kitchen tools. Having a good set of pots and pans, a cutting board, and a few good knives will make cooking at home a lot easier.
4. Learn some basic recipes that are easy to make and delicious. You don’t have to be a master chef to make a great meal at home.
5. Learn to cook in bulk. Cooking large batches of food and freezing leftovers is a great way to save time and money.

Cooking at home also has the added benefit of allowing you to control the ingredients you use and thus making healthier choices for you and your family. You could also try out meal prep, which is preparing meals for the week in advance, so you don’t have to cook every day.

By cooking at home more often, you’ll save a ton of money and you’ll be able to enjoy delicious, homemade meals. Plus, it’s a great way to bond with your family and friends. So, next time you’re tempted to order takeout or eat out, remember that cooking at home is a much better financial choice.

Look for freebies

Taking advantage of free stuff is a great way to save money. There’s always free stuff to be found if you know where to look, from free events and activities to free trials and samples.

Here’s how to find free stuff:

1. Follow our best freebie deals page.
2. Check out local events calendars and websites. Many cities offer free concerts, festivals, and other events that are fun and budget-friendly.
3. Look for free samples and trials. Many companies offer free samples of their products as a way to attract new customers.
4. Take advantage of free trials. Many subscription services offer free trials, which can be a great way to try out a service before committing to it.
5. Check out free resources online, such as free e-books, courses, and webinars.
6. Take advantage of free memberships and discounts. Many organizations offer free or discounted memberships to students, veterans, and other groups.

It’s also worth checking out free classified websites or online marketplaces where people give away or sell items they no longer need, you might be able to find something you need for free or at a low cost.

By looking for free stuff, you’ll be able to save money on entertainment, products, and services. And who doesn’t love free stuff? So, next time you’re looking to save some cash, remember to check out free events and resources in your area.

Tackle your debt

Tackling your debt is an important step in saving money. Here are a few strategies to help you pay off your debt and start saving:

1. Make a budget: Create a budget that includes all of your income and expenses, including your debt payments. This will help you see where your money is going and identify areas where you can cut back in order to make room for debt payments.
2. Prioritize your debts: Make a list of all of your debts, including credit card balances, loans, and any other outstanding payments. Then, prioritize them in order of interest rate, starting with the highest interest rate debt first. Paying off high-interest debt will save you more money in the long run.
3. Increase your payments: Consider increasing your debt payments by even a small amount. Every little bit helps and the faster you can pay off your debt, the less interest you’ll end up paying.
4. Consider consolidation: If you have multiple debts with high-interest rates, consider consolidating them into one loan with a lower interest rate. This can make your payments more manageable and save you money on interest charges.
5. Seek professional help: If you’re having trouble managing your debt, consider seeking professional help from a financial advisor or credit counselor. They can help you create a debt repayment plan and provide you with resources and support.

Remember, paying off debt takes time and discipline, but the long-term benefits are well worth it. By tackling your debt and creating a plan to pay it off, you’ll be able to free up more money to save and invest for your future.

READ MORE: Emergency Fund: Top Picks For Places To Keep Your Rainy-Day Savings

Shop for the best deals

Shopping around for the best deals is a great way to save money. By comparing prices and looking for sales and discounts, you can often find the same products for a lower price.

Here’s how to shop around for the best deals:

1. Follow our deals page.
2. Research the product you’re looking for online. Compare prices and read reviews to get a sense of what’s available and at what price.
3. Check out different stores. Prices can vary greatly from store to store, so it’s worth checking out multiple retailers.
4. Look for sales and discounts. Many stores offer sales and discounts throughout the year, so keep an eye out for these deals.
5. Use price comparison websites. There are many websites that compare prices from different retailers, making it easy to find the best deal.
6. Use cashback apps and websites. These apps and websites allow you to earn cashback on your purchases, which can add up over time.

It’s also worth considering buying second hand or refurbished items as they are often much cheaper than buying new and still in good condition.

By shopping around, you’ll be able to find the best deals and save money on the products and services you need. Remember, a little bit of research and comparison can go a long way in helping you stretch your dollars further.

ADVERTISEMENT

Take advantage of cash back

When you make your purchases in the new year, make sure you’re being rewarded for them with cash back.

There are several ways to get cash back for your purchases, including:

• Shopping portals and cashback apps: Many retailers offer cash back or rewards when you shop through a specific website or portal. These portals can be found through search engines, affiliate marketing websites, or cashback apps. Read more: Best shopping portals here
• Credit card rewards: Many credit cards offer cash back or other rewards for purchases. Be sure to read the fine print and understand the terms and conditions of the rewards program. Some credit cards require a certain amount of spending before you can redeem rewards, or have restrictions on the types of purchases that qualify for cash back. Read more: Best credit card bonuses here
• Loyalty programs: Some retailers offer loyalty programs that allow customers to earn cash back or rewards for purchases. This can include everything from earning points for every dollar spent to receiving discounts on future purchases.
• Negotiating: Some retailers will offer cash back as a bargaining tool. For example, if you’re buying a big-ticket item like a refrigerator, you could negotiate for a cash-back offer instead of a lower price.

It’s important to note that some of these options may come with terms and conditions, such as expiry date for the cash back, minimum spend requirement, or capped amount.

Be sure to read and understand these terms before making a purchase. Combining different options such as using a credit card with cashback rewards and shopping through a cashback portal or app can maximize your cashback earning potential.

READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.