8 Pretty Easy Ways To Save Money In 2020 For Added Financial Wellness
The New Year is just around the corner, and you may have money saving on the mind for 2020. It is definitely easier said than done. It may be surprising to know that if you have less than $2,000 in savings, you’re not alone.
Bankrate research found that single Americans 34 years of age and younger without children have an average savings of around $2,700. But as many of us know, that savings number can be a whole lot lower, especially with the holiday season in full swing.
After you buy all the presents, fly to see family, and recover from the holiday debt hangover, it is time to start saving. This is why we compiled a list of pretty easy ways to save money in 2020 for added financial wellness. Let’s dive in!
1. Chop Away At Your Debt
The first money saving tip to employ in 2020 for financial wellness is to take a hard look at your debt and start chopping away at it. Large debt can be a burden on any money saving plan.
The first step is to add up all of your debt and come up with a plan of action to reduce it. This could be allocating more money toward your loan payments, or even getting a personal line of credit that has a much lower interest rate than your loans.
2. Make Money Saving Goals For 2020
A strong plan of action is essential if you want to save money in 2020 for added financial wellness. What does a money saving plan of action look like? First, you need to add up what you make and deduct bills and loans (debt). This number is what you have at the end of each paycheck.
Second, come up with the maximum amount you can save. This is the most difficult part, because you may need to sacrifice some of your creature comforts, such as eating out, online shopping, morning coffees at your favorite coffee shop, and more.
Once you have that savings number, create a timeline for each paycheck, and how much you’ll save monthly. This is how you can stay on track with your money saving plan. This money saving calculator could be useful when creating your savings plan of action for 2020.
3. Money Out Of Sight Is Money Out Of Mind
Making a money savings plan (outlined above) is critical, but you can take it a step further. Instead of manually transferring the money you plan to save from your debit account to your savings account, set up an auto debit.
For instance, if you plan on saving $200 from each paycheck, you can have that amount automatically debited each time you get paid. This ensures you don’t even see it, thus less likely to spend it, staying on track with your 2020 money savings plan for added financial wellness.
4. Cut Unhealthy Habits From Daily Life
Most of us have some form of unhealthy habits. It could be smoking, happy hour drinks, Ben & Jerry’s ice cream nightly, and the list goes on. To save money in 2020, you can cut those unhealthy habits out. It can save you some serious cash, sometimes in upwards of $300 per month, as well as help you make healthier lifestyle choices.
5. Spend A Little To Save A Lot Down The Road
There’s a lot of money lost when it comes to your home. You could be spending too much on the heating or air conditioning bill, or old appliances could be sucking electricity money. These are monthly costs that could be lowered.
The only downside is that you’ll need to spend a little money up front to save more down the road. For example, you can have your local utility company come out and do an energy audit of your home. This will identify where your home is wasting money, and you can put a plug in it.
6. Skip Your Extravagant Vacation In 2020, And Staycation Instead
Spending thousands of dollars on that annual trip to Europe, or 7-day cruise through the Bahamas is a great way to not save money in 2020. Instead of going all out, make the New Year a staycation year to maximize your savings account.
Staycations are great, because you typically drive to a destination, not fly, and spend less time and less money on hotels. You may not think a 4-day staycation can recharge your batteries, but it certainly can if you really unplug.
7. Stop Eating Out At Lunch
This is a big time way to save money in 2020 for added financial wellness. Eating out or ordering in every workday can add up pretty fast. For example, that $5 a workday poki bowl equates to $1,200 a year in non-savings. And $5 a day is a very conservative number. Instead, pack your lunch. You may save in upwards of $1,000 a year, nearly $100 a month.
8. Launch Your 2020 Financial Wellness With RocketBNK
Making the New Year all about financial wellness is the goal, and RocketBNK can help you reach that goal. We’re changing the way the world gets paid, because we know that payday is more than just a paycheck.
RocketBNK is a mobile app that lets you access the money you’ve earned on your terms while promoting financial wellness. And it’s more than just a mobile app. You get a free bank account and detailed spend analysis week-after-week.
Get in touch with us today and learn more about RocketBNK, get financial wellness tips, and receive updates and news about our app. Launch your 2020 financial wellness plan today.