8 Simple Yet Unique Money-Saving Tips For 2021
Now that the New Year has officially begun, it's the perfect time to hit the reset button and get our finances under the line. You've come to the right place if one of your targets is to save more money this year! Following are the 8 simple yet unique money-saving tips for 2021.
Track Your Expenses
Start by building a budget if you're not already doing this. There's no need for this move to be complicated or scary and make money saving strategy. Whether it's a Google spreadsheet, a plain notebook, or even a budgeting app, use a tool that works for you. In this way, you can learn how to save money each month. It's important to write down your income and all your expenses here. You want your budget to be set up so that your expenditures are smaller than your revenue. Jessica Moorhouse, a certified financial planner, has some excellent budgeting tips on her blog, and you can download a budget spreadsheet template to get started as well. When building your budget, be practical, and include items such as rent, bills, groceries, travel, fitness, and entertainment. Look back at your bank account and credit card statements as your starting point if you haven't been keeping track. It is among the 8 simple yet unique money-saving tips for 2021.
Set Up Automatic Savings
You would have an idea of how much money you will put into savings after you have built your budget. It is one of the realistic ways to save money. Every month, experts suggest putting 20 percent of your income towards savings. Of course, for everybody, this is not always possible, but figure out what is feasible for you and stick to it. Make your savings automatic, then. Every single week, you can conveniently set up your bank to make auto contributions to your savings account. This paradigm of "set it and forget it" will prevent you from skipping donations so that you save all year round consistently.
Pick One Streaming Service At A Time
Cutting the expenses on obsolete goods and services is an essential part of investing. Many of us have gotten caught up in a streaming network, paying for multiple platforms to watch particular shows. The good news is that most of these subscriptions can be canceled at any time, so we suggest that you select one, enjoy it for that month to the fullest, and then cancel and turn to another platform.
Use Cashback And Credit Card
Using cashback and credit card awards to treat yourself to a shopping spree can be enticing and manage money. It's cool to do this every once in a while, but we suggest that you use your benefits for stuff that you have to purchase anyway. Place your cashback to pay for groceries, for example, or select gift cards from large box stores where you can get items such as laundry detergent and paper towels and it is a realistic way to save money.
Make Use Of Your Loyalty Points And Gift Cards
Points could expire after a certain period, depending on the loyalty program. Don't let your points getaway, just make sure before the expiry date you're redeeming them. Gift cards are another source of cash that you can redeem. Every year, around $3 billion worth of gift cards go unused, according to the Mercator Advisory Board. If you have a couple of gift cards that were overlooked somewhere in a junk drawer, dust them off and make sure you're using that money and through this, you can get the idea of how to save money each month. There's also quite a re-selling gift cards market, so if you're not interested in that store, there's certainly going to be someone out there who is.
Negotiate Your Monthly Bills And Shop Around
Monthly bills can easily add up, such as phone, internet, and insurance. But that doesn't mean that you're trapped (unless you're on a contract) just because you are already paying for these things. For example, phone companies will periodically have offers for new customers, so we encourage you to shop around. You will also be able to negotiate your rate with your current provider, as they usually truly would do everything possible and it is among the ways to save money.
Work Out At Home Or Outdoors
If 2020 has taught us something, there are many things that we can do at home. One of them is to work out, especially if you're a beginner who's just trying to get into the habit of moving. Gym memberships are something that you can save money on unless you're pursuing a particular program that needs advanced equipment. YouTube has thousands of free exercises on fitness platforms that you can follow, which is a perfect way to get into the habit of exercising. If the weather permits, when working out in a park, you can also take advantage of some fresh air. If you're someone who wants a little more structure, online classes that are typically cheaper than the in-person option may be provided by your local gyms.
Make Eating Out An Occasional Treat
We love to eat out and order takeout, but while lunch of $8 may sound cheap at first, your food still wins when you do the math cooking. Check out these meal prep tips if you don't know where to start. Make sure the majority of your weekly meals are prepared and treat yourself periodically to your favorite restaurant(s). If you are dining out to save yourself a few extra bucks, you can also take this one step further by opting for the daily special. This is one of best and preferred ways to save money.
Plan Your Big-Ticket Item Purchases
Did you know at specific times of the year that some things are cheaper? That is what our What to Buy When it's all about shows! We recommend that you schedule your purchases for the year based on the best times to buy, keeping this in mind. For starters, if you're thinking of upgrading your mattress, prepare when discounts on mattresses are abundant for the 3-day holiday weekends. So read on the 8 simple yet unique money-saving tips for 2021 and act accordingly.