When it comes to new year's resolutions, we all have a list prepared. But very few of us actually have it in ourselves to follow through with all the items on our lists.
While it's not harmful to ignore most of the resolutions that you make when the year begins, not following some of them can have lasting negative impacts. For instance, if you fail to save, lose weight or eat healthy, you damage a part of your life in the long-run.
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Talking about money saving resolutions, those are very essential to ensure future security and a stress-free present. Because they are so important, we've collected a list of 8 resolutions that you should make to save more in 2019.
I'll keep track of my expenditures
First things first, promise yourself that you won't spend on anything big without noting it down in your journal. When you make a habit of writing down your expenditures in a dairy, you become more mindful of where the money is going.
If you write your accounting down on a monthly basis, it will also be easier to calculate your annual income, savings, and expenditure. Otherwise you'll find yourself under piles and piles of receipts at the end of the year. Not a paper and pen person? Use Micro Excel or Google Sheets to keep note.
I will pay using cash
When your medium of making payments is a credit card, you tend to spend way more. Why? Because you cannot see the money leaving you. On the other hand, paying with cash means physically departing with your bucks which enables more mindful spending. However, don't entirely ditch your credit card. Use it periodically as recommended by Rod Griffin who is the director of public education at Experian. He advices, “if you don't use your credit, it might not be there when you need it most.”
I will build an emergency fund
Catastrophes happen unexpectedly but you should still be prepared for them. This is why it is necessary to build an emergency fund. Make a resolution to dedicate more money to this fund next year onward. Every time you get a bonus, add that money to this fund.
Know that you don't have to take out a huge sum for pouring into this fund. You can just take out $30 to $50 on a weekly basis for it. If you think that would be a chore that you're likely to forget, use an app that transfers money automatically for you.
I will save money for my goals
Do you have any aims set for the future? Perhaps you have to save enough money to purchase a new house, renovate your existing one, purchase a new laptop, etc. Better start saving soon if you want to reach your aims.
Even apart from saving for your future plans, you need to save money regardless of having a particular spending goal in mind. You can start slow and only save a small sum from your income. Gradually, you can increase the amount you save.
I will shop smarter
Another way you can start saving more money is by shopping wisely. Look for the best deals online or in grocery flyers. Don't waste money on trends but on timeless pieces. Make the most of discounts and wait till big sales to splurge.
You may not be using coupons and promo codes till now, but they're very useful. They not only save you money, but you can also avail free shipping and other such perks on your usage. Other tricks for smart shopping include shopping through cash-back sites and joining reward programs.
I will work on a side income source
You don't have to entirely depend on your usual income source to meet your monetary requirements. You can invest your time and efforts in a side business as well that can generate a side income. The money that comes from here can also go to the savings bucket.
There are several ways you can earn a side income. For instance, you can start a blog, or you can take up freelancing remotely. Talking about freelancing, you can offer services ranging from writing, social media management, graphic designing to many other options.
I will make and stick to a budget
This tip will not only help you save more money, but it will also be of use in keeping your accounts organized. Make a budget and note down all the information regarding where you plan to make your income go. Don't just note down how much you will spend and how much you plan to save.
Make it more detailed and give columns to taxes, debt, insurance, etc. as well. This way, you will be better able to save. You will know that you are already spending a lot as it is and need to pay more attention to savings rather than spending sans any self-control.
I will cancel useless memberships
So many of us have paid apps downloaded that we no more use, gym memberships that we're not using, etc. Rather than letting your money go to waste fix that leak in your wallet. Unsubscribe from services that you use no more, get rid of useless memberships, and invest wisely.
This money can go to your savings account or you can invest it where what you get is worthwhile. You can also save money from canceling courses for things that you can learn online via YouTube. Similarly, exercise can be done at home with the help of videos on the internet. In this way, there are free alternates for everything.
Take home message
Making new year's resolutions is easy, sticking to your plans is where matters get complicated. However, since saving money is so beneficial, you better not ditch your savings' goals. Some resolutions for being more money-savvy in 2019 include shopping smartly, saving for your goals, and for rainy days. You can also cancel unnecessary subscriptions and memberships. Save by spending through cash rather than cards, generating a side income, and budgeting as well.
Do you have any other money saving resolutions for 2019 in mind? Tell us in the comments!
