Saving for the New Year is always a great idea, no matter what your financial situation. Whether you have received a holiday bonus or have gotten a good amount of cash as a gift, there are great ways you can put this extra cash to good use. Of course, if your goal is to save money for the New Year, you can stash it away in a savings account at your local bank. Here are several of ways you can save more in the New Year.
Switch Bank Accounts
If your savings account at your current bank earns very little interest each month, it shows. You can do yourself a great favor by moving your accounts to a different bank that earns more interest in savings. Do your research and investigate a few banks before settling on one. The one that has the best rates and excellent service should be the one you ultimately choose. This is a good way to earn more money heading into the New Year as your savings will accrue more interest than ever.
Pay Off Your Debts
It’s difficult to save money when you owe a considerable amount of debt. If you have credit card or loan debt, now is the time to pay it off. This should be a priority because it will lessen the financial burden on you and allow you to move forward in saving money. Tackle any accounts that have the highest interest rates and then work your way down.
Sell Items You No Longer Want/Need
One of the best ways to earn extra money just in time for the New Year is to sell old items you no longer need. For example, if you have a set of collectibles, you may want to consider selling them. Additionally, if you are like many people, you may still have one or a few old cell phones or computers lying around. If you don’t want to recycle these items, you can earn some extra cash by selling them on online.
Create a Budget
No matter how much money you want to save, it’s wise to create a budget. It can outline exactly how much money you are earning with each paycheck and help you to track your spending on every category, from grocery shopping to your regular monthly bills like rent, utilities and entertainment categories.
Make a Shopping List
You can easily save more money for the New Year by making a list for your shopping trips and sticking to it. Whether you are simply going to the supermarket to buy some groceries, beauty items or clothing, it’s a smart way to avoid overspending. You would be surprised at how much money you can save when you write shopping lists and stick to them.
Cut Down on Eating Out
If you are like many people, you probably go out to eat on at least a semi-regular basis. Eating out can really add up over time. You can save more money for the New Year by cutting down on that and cooking in at home instead. In addition to saving money, this has a two-fold benefit because it allows you to know exactly what you’re eating when you cook your own meals and is healthier in the long run.
You can become a smarter shopper by using money saving apps. These tools help you to find the best prices for items like clothing, electronics and more and even give you cash back when you make purchases. Using these apps can make a noticeable difference in your savings into the New Year.
Cancel Services You Don’t Need
If you find that you are only watching a few select channels but have a big cable TV package, you should consider canceling the service or downsizing to a more basic package. Another option is cutting the cord altogether and instead relying on a cheaper streaming TV service; this will help you to save a lot of money each month.
Be Smarter with Electricity
Electric bills can be quite hefty, especially if you’re not very mindful. To save more money for the New Year, you should always remember to turn off the lights whenever you don’t need them. If you do anything at home during the daytime, you can instead rely on natural sunlight if you do need light. Keep the lights off and open the blinds or shades on your windows. Likewise, turn off and even unplug devices you aren’t using, such as your video game console or stereo system. If you have a laptop and need to use it, do so without its adapter at various times to save electricity. Once the battery goes low, you can always plug it in.
Buy Quality Appliances
Although appliances made by better brands tend to be pricier, in the long run, it’s worth it to buy them. The better quality will ensure that the appliances last for many years to come. Buying cheap appliances can cost you more when they ultimately break down sooner than you want. The best appliances are built to last at least 15 years and will save precious energy. In turn, this can help you to save money. Of course, you should always be smart and do your homework by checking the ratings for appliances.
Stop Using Credit Cards
A great way to save money for the New Year is to stop using credit cards. Too often, it’s easy to fall into the trap of temptation and simply charge all your purchases, whether big or small. This can easily lead to amassing debt and a huge financial burden. Only using credit cards for emergencies and instead, rely on cash or debit cards to pay for things.
These are all great ways to save money for the New Year. Surprisingly, they are also easy and anyone can do them. You will be pleased when you notice your finances are healthier in 2018 as a result.