Twenty nineteen is about to come and often, a lot of people's new year resolution is to save money. Aside from spending less and saving more, there are many ways you can save your hard-earned cash and even end up wealthy with these five simple tips.
Save $10 Every Week
Saving $10 a week won't hurt you. You will not even notice that you have saved $40 a month or a total of almost $500 in a year.
According to BuzzFeed, a mobile app called Acorns can help you save money by automatically withdrawing the money from your checking account every week. It won't even withdraw the money if your balance is below a certain threshold.
Acorns will invest your money on stocks and other investments. Although it only earns a little, it grows bigger when it adds up.
Save Extra Money
You should religiously save money you don't expect to have. Money from your income tax, bonuses, cash gifts, and any other funds that you come across should directly go to your savings.
As this money comes like a bonus, it is not part of your daily or monthly budget. So, you should save this money and use it wisely.
Set Monthly Challenges
As a new year is about to start, you should begin doing monthly challenges for yourself to save money. You can try no shopping in January since you just shopped for yourself in December. You can also try no extra spending in February.
You can save a big amount of money if you do little challenges for yourself for the rest of the year. With just a couple of days before 2019 begins, you should start planning for your financial goals.
Follow 50, 30, 20 Rule
Per Men's Health, saving money is all about budgeting. NerdWallet personal finance expert Kimberly Palmer recommends creating a basic breakdown using 50, 30, 20 rule.
Fifty percent of your money will go to your essential needs, 30 percent for your wants, and 20 percent for your plans, like savings. You can save more by cutting your wants. Although it will be hard in the first try, you will eventually get used to it.
Put Money Away
If you successfully save long-term, it just means that you already create a saving habit. Try to faithfully put money away directly to your savings account every month or every after paycheck.
You can try by putting a small amount of money until it becomes bigger on your account. You should also practice saving, and make it your second nature.
