As the New Year begins, most of us are taking a look at our finances to assess what our current financial situation is and how we can improve it this year.

One of the best ways to improve your financial situation is by starting to save more money, which can then be used to invest.

Whether your financial management skills are rather limited or whether you consider yourself to be financially savvy and spend your free time trading binary options, in this article, you will find five smart ways to save money that you probably haven’t thought of yet.

Switch to a cheaper mobile phone provider

The telecoms industry is a very competitive space and, therefore, to increase customer numbers mobile phone providers will regularly undercut one another in price. That provides you with a great opportunity to reduce your monthly phone bill. Have a look at what alternatives there are to your current mobile phone contract and opt for a cheaper one that suits your requirements.

Switch to a cheaper bank

Similarly to telecoms companies, banks are always looking to increase their number of depositors. Hence, if you are currently being charged checking account fees, look for alternative banking providers that will not charge you any account fees. If your bank charges you say a $10 monthly account fee, that accumulates to $120 a year that you could save if you switch to a no-fee bank account this year. For example, you could switch to the mobile-only bank Simple that offers zero-fee banking.

Do your grocery shopping online

It is so easy to buy things you don’t really need when you stroll around your local supermarket. Buying that chocolate bar at the checkout or that bottle of wine that’s on sale can easily be avoided if you do your grocery shopping online. There are dozens of online grocery stores in the US to choose from and even Amazon now sells groceries on its online shopping platform. By doing your weekly food shopping online you will avoid the impulse buys and, thereby, will manage to save quite a bit of money throughout the year.

ALSO READ  5 Ways Your Family Can Save Money

Always use price comparison sites

Another great way to save money is to use comparison sites before making major purchases. For example, if you intend to purchase new home appliances, it is always best to check comparison sites to find out where you should buy them from to get the best deal. That way you save money every time you make larger purchases.

Leverage the sharing economy

Opting for services provided by the sharing economy is an excellent way to save money that not enough people are taking advantage of. For example, instead of driving to work by yourself you could use a carpool service or instead of booking an expensive hotel on your next holiday trip you could rent an apartment for less through Airbnb. And next time you have to get something fixed at home, use a service like TaskRabbit to save on home repairs.

Finding areas where you can save money will put you on the right track to increasing your net wroth and your financial well-being in 2017.