A new year is a time to start fresh, pursue new dreams, resolutions, and life goals. It goes without saying that finances are a priority in most consumers’ lives. Today’s post will therefore focus on some saving strategies that can help you eliminate debt, grow your savings, and make way for a better 2016.
Resolutions or Goals?
New Year’s resolutions are often forgotten as the year progresses and life stresses take over. Saving money is a resolution that almost everyone wants to commit to. However, the commitment to such a resolution is more realistic if it’s perceived as a goal instead of a resolution alone. A SMART saving goal for 2016 will give you direction as to how much you need to save each day, week, or month to successfully reach your savings goal. Remember to include your goal in your budget. You can use these budgeting worksheets and tools create your budget.
Check back with your service providers for better rates
Start making a few calls to your service providers, such as insurance and cable, and ask for potential discounts or specials once or twice a year at least. You’ll be surprised what discounts a company will offer if you say you’ll take your business elsewhere. You may be saving a small amount every month with these efforts, but at the end of the year your savings will be larger than you imagined.
Expand your income possibilities & control your expenses
Taking up a part time job or putting in more hours at your current job are the excellent ways to earn some extra cash. If these aren’t viable options right now, carefully look at all your costs to eliminate unnecessary expenses. Limit the number of times you eat out every week and cook more meals at home. Shop smart online and in stores. Look for bargains, use coupons, and make lists. Get rid of those memberships you are not using, cut the cable cord and switch to a more reasonable streaming service. These are only a few options, and there are many ways to avoid the unnecessary expenses and grow your servings.
We hope these tips will help you look at 2016 saving goals with a new perspective. Don’t forget to share any new saving strategies that you may adopt in 2016!