Do you want to know how to save money in 2020? This list suggests 7 top tips to help you stay on budget this year and reach your financial goals.
1. Discount Apps/ Plugins
Erin On Demand mentioned in one of her videos the internet laptop plugin Honey and since then I’ve never looked back! Instead of you manually searching for discounts when at the online checkout, with Honey, you simply click the icon and it searches the internet for discounts on the product you are about to purchase.
It really works and I’ve managed to bag a good few deals because of it. There are also apps you can download on your phone that can help you save money such as Moneysupermarket, which allows you to compare prices of supermarket products and helps you find the cheapest deal.
2. Limit Your Takeaways
As easy as it can be to fall into the trap of ordering a takeaway to avoid spending time cooking, doing this often adds up and is spending money unnecessarily, when you can meal prep. If you make weekly slots to cook food in bulk, you don’t have to rush to cook meals when you’re hungry after work, for example. It’s mainly about organising your time effectively to get this done.
3. Declutter Regularly And Buy Second-Hand Clothes
You never know what gems you might find in your wardrobe that you haven’t seen or worn in a while. Coming across a great outfit in your closet could be that reminder that you don’t have to buy another item similar to it that you may have come across online. Furthermore, if you have some clothes you’re unlikely to wear in the future, you can sell it and get some extra cash on Depop or Shpock. If you do want to purchase some clothes, there are some good finds in charity shops. They’re usually cheaper than brand name stores and the little you do spend goes towards a good cause. Second-hand stores generally are definitely worth checking out as a money-saving tactic.
4. Walk more
Paying for transport adds up and sometimes where you are traveling to is actually within walking distance. For example your local shopping center. If you are traveling somewhere within reasonable walking distance, choosing this option is completely free and it’s good for your health!
Apps like Sweatcoin enable you to essentially get paid to walk. You can earn rewards and deals as you increase your steps. Your steps convert into sweatcoins, which you can spend. Deals range from a free water bottle to a holiday abroad!
5. Meet up with people in free lounge environments
There is a range of spaces that offer free spaces to chill out. If you are on a budget and are avoiding spending money on food to meet up with a friend, or even want a space to work, there are some hotels that allow you to use their open lounge space for free.
Try visiting locals and asking if they allow this. Community libraries are also a good shout. They tend to be more open to allow you to speak and socialise compared to public libraries. Southbank Centre is also a good free open space for both socialising and working.
6. Create a budgeting spreadsheet
Keeping track of your budget and what you are spending is a key part of ensuring you are not overspending on a budget. Spreadsheets are a great way to keep organised and a key tool for how to save money in 2020. Having your in-goings and outgoings written down can help you plan and achieve your goals.
7. Assess and Cut back
Assess your lifestyle and what you are spending unnecessary money on. Do you buy Starbucks coffee every morning on your commute to work? Or buy lunch on your break?
Linking to the meal prep point, you could save money by making food from home and bringing it with you when you’re heading out. Invest in a flask to contain your hot drinks made at home and containers for your food. Although these may seem like small things initially, they do add up. Following these steps can help you save your coins!
I hope this list has given you some ideas on how to save money in 2020. Feel free to comment below on any other money-saving tips you have.
If you’re looking for a guide on how to create a passive income, check this out.
