Saving money is an important life skill because it gives you the ability to do more things you love, help those you care about and have financial security for the future. If you want to invest, you’re going to have to learn how to set aside money each month in order to reach those goals. With the new year around the corner, chances are you’re thinking of ways you can save more money and get to your goals even faster. Here are my three money saving tips you want to implement in 2020 for financial success:
1. Cut Back on Eating Out
Chances are most of your social engagements revolve around eating or drinking out. While that can be plenty of fun, it’s also a fast way to burn a hole in your wallet. Try to think of other free or cheap ways to hang out with your loved ones this holiday season. Maybe you go hiking instead of walking around to the local pub, or maybe you host a board game night and have everyone bring a snack and drink of choice. I definitely think there are a time and place for a lovely meal and drink, but when you’re going out so often it becomes normal and less special, then it’s time to cut back on eating out! You’ll notice a big difference in how much money you have left over each month with this small change.
2. Free Entertainment
There are so many options for free entertainment. One thing you can do is ask a friend or family member if you can borrow their Netflix account if you don’t have your own, that way you’ll have access to hundreds of TV shows and movies you’re bound to love. You can get a library card and join a library, to rent out free books to keep yourself entertained. Likewise you can look into online casino in Malyasia to get free credits to play online. Whatever you choose, you don’t have to spend money to have fun if you’re creative enough.
3. No Spend Month
I’ve started implementing one no spend month a year. I don’t buy anything outside my normal day to day costs such as groceries, transportation and so on. No new clothes, technology, and so on. You can make it as strict or as flexible as you like which is great because then it works for you. By actively choosing not to spend money on things you don’t need, you’ll find that you have extra money that you can put towards the things that really matter long term, like savings and investments. Just make sure you don’t “binge” when the no spend month is over! Instead, allow your frugal habits to carry over into the following months.
Saving extra money is a great way to ensure your financial stability and give yourself the freedom to spend your money on the things that really matter to you.