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Saving money is always a concern throughout the year. But even more so by the end of the year when holiday shopping tends to take a big chunk out your finances. Going into the New Year with a good amount of savings, or at least a good plan for saving money, will give you peace of mind and help you start off the New Year on good financial footing.
Consider these ways to boost your savings by the end of the year and improve your chances of financial success.
It’s 2020, and that means you aren’t going anywhere. Most of the globe is on lockdown. So whatever you were going to spend on traveling and vacation for the holidays could be put into savings instead. Don’t consider it extra money to spend. Instead just pretend you don’t even have it, and put it way for the future. You’ll be glad you did.
Are you tired of getting gifts that you don’t really need? Ask for cash instead. Just be honest with family and/or friends and explain that cash this year will be appreciated much more than another sweater or a box of gourmet coffee pods.
Like the money you were originally going to spend on traveling, put your holiday bonus away too without touching it. Even if this is all you manage to save before the end of the year, it is at least a start, and will motivate you to add to it in the New Year.
If you aren’t maxing out your retirement contributions, you should be. It’s all pre-tax, so you won’t even really notice the difference in your paycheck, but it will make a big difference in your retirement savings.
Chances are, you’re spending money on things each month that you can easily do without. Whether it’s a magazine or newspaper subscription, daily gourmet coffee from the local coffee shop, a streaming service you never watch, or a gym membership you don’t use, eliminating those things from your monthly budget can add up to a decent amount for saving money.
You can also see if there are cheaper alternatives to your phone provider or cable company, less expensive options for grocery shopping, etc. You’ll be surprised how much you can save if you just do a little research.
If you really want to boost your chances of saving money, you can look into a side job. There are a lot of companies looking for part-time seasonal help before the end of the year, and plenty of them pay fairly well too. Earning that extra cash is an easy way to boost your savings, and fast.
There are lots of apps that help you save money without you even having to think about it. Most of them work by simply rounding up the change of any purchase you make with a debit card and automatically transferring it to a savings account. It’s a great way to save on a daily basis.
Try some or all of the above, and you’ll begin to see your savings grow!