The start of a new decade is the perfect opportunity to reevaluate your lifestyle and adopt the changes needed to become a better person. Right now, the need to reduce our physical waste in a bid to save the planet is more prominent than ever. But what about saving your finances?
Living costs rise at a far faster rate than salaries. This is why your New Year’s Resolution should revolve on the concept of making your money work harder. Here are 15 ways to turn your 2020 vision into a reality.
#1. Quit Bad Habits
Let’s face it; quitting bad habits will always appear on the NYR lists. While you’ve previously given up within a few weeks, focusing on the financial elements could transform things for the better. Quitting cigarettes will save the average 20-a-day $50 per week. You could save half of the money while using the other half as a weekly reward for staying on track. It’s great news for the body, mind, and bank balance. This new approach will ensure that 2020 is the year you succeed.
#2. Analyze All Purchases
There’s nothing wrong with impulse buys that will actively enhance your life. However, wasting money on products that you will not use is a huge problem. It’s easy to be won over by fancy marketing gimmicks, but buying the latest tech gadget for the sake of joining the herd is often a bad move. Where possible, sleep on the decision. If you aren’t that fussed about having not bought the item when you wake up, it probably isn’t needed. You should see a decline in regrettable choices.
#3. Lose The Need For Ownership
In addition to avoiding unnecessary purchases, 2020 can be the year where you embrace a healthier mindset. While society may suggest that you need to own everything, you don’t. There are many situations in which leasing a car may be better than buying one. Meanwhile, renting an outfit for an vent is often a smarter decision than wearing it once and letting it sit in the wardrobe collecting dust. The money saved by hiring goods can allow you to spend more money elsewhere.
#4. Trim The Fat On Bills
Overspending on monthly services is another very common problem. Here is a guide to cutting cellphone costs that can save hundreds of dollars each year. Similarly, energy bills, home insurance, and broadband packages can be trimmed down. Tailoring the package to your needs rather than what the company tries to sell you can make a big difference to monthly outgoings. Better still, you won’t see any difference to your daily life as the features you cut out aren’t being used anyway.
#5. Shop Around
We can all appreciate the benefits of browsing the market for a better deal. The introduction of price comparison sites made a huge impact on major purchases. However, you can now add tools to your browser that automatically search for vouchers and discounts on all purchases. Even if you save a few dollars during each online shopping session, the savings soon add up. They can be used to buy clothes, groceries, and gifts for loved ones during the festive season. The possibilities are endless.
#6. Consider ‘Non-New’ Items
It seems madness to spend twice the price on an item that you could get cheaper simply because it has been used. There are plenty of items that you’ll want to buy brand new. Still, charity shops can be a great place to pick up furniture, clothing accessories, books, and more. Perhaps more tellingly, you can save thousands on kitchen remodels and big tasks by buying the ex-display models or end of the line stock. Not having the latest season’s trend isn’t a big issue unless you make it one.
#7. Change Work Habits
Your career is the primary source of revenue in your life. However, it can be a source of huge expense too. There are many ways to cut the costs. Working from home, even or one day per week can have a truly positive influence. Meanwhile, trading the morning trip to Starbuck for a homemade coffee could save over $1,000 per year. Those simple changes can actively aid your physical and mental health, as well as your career. Still, it’s the financial savings that stand out.
#8. Stop Trashing Perfectly Good Products
Most people are guilty of hoarding furniture, electronics, and collectibles. In most cases, they’ll eventually be thrown out during a clean spring. However, one person’s trash is another’s treasure. Thanks to local online selling platforms, the opportunity to generate money from old goods has never been easier. This additionally serves as the perfect way to declutter your life at the start of a new decade. The fact it actually reduces waste pollution by recycling old items is merely a bonus.
#9. Ensure That Assets Sell At Their Full Potential
When selling the small household goods, any cash injection is a step in the right direction. However, valuable assets need to sell at the right price. Preparing the home for a quick and agreeable sale is vital for anyone hoping to relocate in 2020 or beyond. Meanwhile, expensive antiques should be independently valued. After all, you do not want to become one of those people that sells a vase for $50 at a garage sale only to see it sell for $1,000 in three months time.
#10. Hire An Accountant
The idea of paying an expert to handle your taxes and other financial obligations may seem counterproductive. On the contrary, though, a personal tax accountant can save you money in the long run. Whether it’s handling small business accounts or individual taxes, their advanced knowledge will serve you well. Besides, time is money, and you can use the extra time to earn more money. When added to the emotional reassurance of making the right moves, success is assured.
#11. Seek Entitlements
You work hard, and put money into the system. As such, you should feel no guilt about seeking the financial support that you are entitled to. Whether you’re a parent, a worker in the public sector, or have a disability doesn’t matter. Even an extra few hundred dollars per year, through credits or discounts, can seriously enhance your life. Life can get tough from time to time, but helping hands are often available. Take the support that is actually designed for you, and big results will show.
#12. Improve The Home’s Energy Efficiency
If you can reduce financial waste while also reducing waste pollution, that’s perfect. This guide to creating a greener home will allow you to master both. The investments into better lighting and water efficiency will reduce monthly bills. Meanwhile, solar panels and other eco-friendly upgrades often show a positive ROI. The financial value of your property and monthly cash flow will each see positive outcomes. Best of all, the rewards will continue throughout 2020 and beyond.
#13. Share Facilities
The idea of combining financial savings with reduced energy waste needn’t be limited to the home. Carpools are a particularly smart move to save money and resources. Meanwhile, if you have a good relationship with the neighbors, it may be possible to share items like the lawnmower. It seems a little pointless to buy and store products separately if you can half the costs and efforts. Of course, it’s not an option that’s open to all homeowners or workers. Still, it’s worth investigating.
#14. Move Bank Accounts
If you are currently losing money to interest rates on credit cards, switching to new banks can work wonders. They are fighting for your custom and will often offer 0% on transfers as well as a few months of zero interest. This gives you a chance to reduce the debt without suffering from high interest rates. In turn, this can support your bid to create a better financial situation. After all, your overall debts will shrink during that period of breathing space.
#15. Repair Things
How often do you trash a top because the zip broke, or replace furniture because it suffered minor damage? Get into the habit of repairing and upcycling items, and you’ll save vast sums of money over the course of a year. You can turn crates into garden furniture, save old garments, and breathe new life into unloved items. It’s a great way to save time and money while also providing a sense of satisfaction. When dealing with clothes, it’s an ideal way to gain a fresh and unique appearance too.
The Final Word
We can all benefit from reducing our financial waste, and 2020 is the year to make it happen. While it’s true that the first few weeks may seem difficult, your efforts will soon be rewarded. Once you see how much of an impact your efforts can bring, the incentive to stay on track will be huge.
Last but not least, you must remember that a setback along the way needn’t stop you from achieving the end goals. This is a lifelong transformation rather than a quick fix. Do not forget it.