How to save money this 2020

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People with saving money concept
People with saving money concept

Saving money for the future is very much essential. You should have the habit of regular savings. It will help you out in crisis time. Spending money is easy but saving it quite difficult. Keep in mind whatsoever is your financial journey, saving should be a priority. Teach your child the habit of saving from the very beginning. Provide some value to your bank account. Due to increase in expenses, it is mandate that you should start saving money in 2020. Some things can help you in the long run. In this blog, we will discuss how to save money in 2020. I am sure these tips will surely motivate you to do savings this year.

10 ways to save money in 2020 are:-

Track Your Monthly expenses

Tracking what and where you are spending money is a great idea. On the other hand , it is important to check out where to spend money. Make sure if you create a list of your monthly needs, it will help you to cut down some unnecessary things. Moreover, it will give you a glimpse of how to spend money wisely. It also ensures you regarding important commodities and unnecessary commodities. By doing so you can save money in 2020.

Make a budget of your savings

Once you know your monthly expenses, you can set budget after that. I mean you can check out where you are standing in the journey of saving money.  Your budget will help you know what is your income, how much is your expenditure. Moreover, by knowing these terms, you would be able to know your progress in the next month if you have started savings from right now.

Cut off spending

There are a lot many things that indulge you to buy unwanted things or to spend without thinking once. You can cut down various things that add no benefit to you. Moreover, this will assists you in knowing how much you can save, if you spend wisely. This will surely take you a step closer towards saving.

Pay Yourself

However paying yourself is a very good idea for saving money. But make sure you are consistent in doing so. Don’t cheat in between. You can pay yourself. Transfer money from the current account to a savings account. On the other hand you can make a habit of transferring 1000 INR per week to your account. You can start with a small amount. If you can save more you can transfer 5000 INR per week. This is the best way of saving money in 2020.

Avoid Regular Eating outside

You can save money in 2020 by minimizing some habits. We people are so much involved in binge eating outside. Some people spent too much on eating outside. They without bothering visit restaurants very often. What does it do? It makes you addicted to eating food outside. You can minimize this habit. By doing so, you can save a lot. See whenever you go out, you don’t eat entire what you have ordered, some portion of food is left out. It is just a wastage of food and money. You can limit these things if you eat at home. You will be aware if you eat at home, you can save money very efficiently.

Use Electricity Wisely

You can save money if you save electricity. Switching off unnecessary lights, allows less consumption of power supply, thereby reducing the monthly electricity bill. Make sure when you are not using lights, turn off it. Try to avoid using light in the day time. Make a habit of sitting outside during the evening time. This will also minimize the consumption of electricity. Don’t use electric appliances like microwave, AC, induction very much as they incur more bills.

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Limit Unnecessary shopping

Some people are addicted to online shopping while some go crazy when they go shopping in the mall. Prepare a list of purchases it will help you in knowing what is required and what is not?  Set a monthly rationing budget, it will help you to cut down some things that are not appropriate. You can save money in 2020 amount by this.

Set Savings goal

You have some clarity in your mind that by the end of the year you will have this much amount with yourself. You should have a clear goal regarding savings. I mean make sure yourself that you have to save this much amount this year. Not sure, but it will help you to reach your destination point. Check your monthly goal first, then quarterly. Make small goals first. Word efficiently to fulfill them and then take a long jump towards big goals.

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Sell old Items

Selling old items and earning some money is not a bad idea. I mean you can sell anything that you no longer needed. It can be anything from your old furniture to old shoes. That you get sick of using. Maybe it is old for you but works new for someone else. It not only help you in saving money but also in earning money as well.

Minimize Trips

Many of us often visit foreign countries once or twice a year. Don’t you think so, it should be mitigated? Think wisely you much you can save from not going on just a single trip in a year. There are too many things like ticket expenses, hotel expenses, food expenses, and other overhead expenses. In this way, you can save a lot of money.

Final Thoughts

If your habit of savings will help you in the long run. Save for your better future. Remember, if you have saved something, you don’t need to depend on others. In this blog, we have discussed 10 tips to save money in 2020. If you are having any doubt, feel free to ask me in the comment box.