Are you feeling financially wrecked after your Christmas splurge this year?
You’re not alone. There are plenty of people out there who struggle to make ends meet after a rough festive season. After all, it’s easy to get carried away when the weather is cold, and you just want to see your loved ones smile.
With a new year comes new financial goals, which means that you’re probably eager to start getting your money situation back on track. Whether you’re saving up for a vacation or a new car this year, here are some tips to get you started.
1. Review your bills
First things first, if you want to start cutting down the amount of cash you spend every month, you’ll need to know where your money is going. Load up your online banking portal or check out your paper statements if you still get them to see where you’re spending the most each month. For some people, the biggest issue will be food shopping, for others, costs like gas and electricity will be the most worrisome.
Reviewing your bills will help you to see which financial areas you need to focus on most as we head into 2020. You might even recognize some expenses that you can get rid of completely by cancelling unnecessary payments, for instance.
2. Choose the right big investments
Learning how to get the most out of your cash doesn’t just mean locking all of your money away in a savings account and saying “no” to every expense. There are going to be moments when you need to spend money in 2020. The best thing you can do in this case is make sure that you’re investing in something that’s going to give you a good return on your investment.
For instance, if you need a new car to get you to work each day, then spending a little extra by taking out a cash loan might save you more money in the long-term, compared to buying a cheap runaround vehicle that needs endless maintenance.
3. Be More Sustainable
Over the last couple of years, we’ve seen a huge shift towards more sustainable living. People everywhere are focusing on driving less, recycling more, and even eating less meat. Become more sustainable could help you to save some serious cash too. For instance, instead of turning the heating on and using valuable resources when it gets cold, throw on an extra sweater.
Additionally, if you can consider a meat-free lifestyle, you might find that spending less on meat and fish helps you to cut your grocery bill by a small fortune. You can even invest in a reusable cup to take with you to the coffee place to cut down on costs too.
4. Plan your Meals in Advance
Whether you’re becoming a part-time vegetarian or sticking with your current food plan, knowing what you want to cook in advance can save you a lot of money. First of all, planning your meals ahead of time will help you to determine exactly what you need before you go to the grocery store, so you know what to put on your list. This means that you’re less likely to splurge on items that you don’t really need or will end up in your trash can.
Additionally, planning your meals in advance will keep you focused on a specific schedule. This means that when you get home from work feeling exhausted, you won’t be tempted to order food from a fast-food place just because you can’t be bothered to cook. You’ll know exactly what you’re going to be making already.
5. Make your Own Lunch
Finally, although eating lunch with your coworkers at times can be a great way to boost your chances of career opportunities, it’s also worth knowing when to take your own lunch with you to the office. Eating at a local café every day will cost you a fortune over time – no matter how much you try to stick to the cheapest options on the menu. Taking your own lunch to work will help you ensure that you’re sticking to the same budget every week for your food. At the same time, you’ll be able to choose the ingredients you want to use carefully, which is great if you also want to lose some weight in 2020 or improve your health and nutrition. You can even take your own snacks with you to work so you’re less likely to rely on vending machines.