How to Save Money in 2019

Each new year we are presented with the challenge of starting over again – and doing it right. For some that means retackling their fitness goals, for others it means reigning in their finances or getting on top of debt – it’s different for everyone. If you are one of those with the goals of reducing your spending, saving more and having more to put toward debt, these tips are for you.

1. Stop Buying New

This is the most obvious and easiest change you can make. One of the only things worth buy new is a vehicle, simply so you don’t have to deal with someone else’s problems (and for warranty reasons). Other than that, you really should be considering purchasing most of your good used.  From furniture, to jewelry, clothing and even hobby items…you can find fantastic items in excellent shape. Get thrifty. Whether you choose to root through the racks at thrift stores, shop online classifieds or check out your local pawn shop, there are many great deal out there to be had for great quality, used goods.

2. Budget and Plan

Even without buy things new, it’s easy to get carried away with your spending. When you do head out in search of an item, whether it’s a pair of jeans, artwork, or classic vinyl, set a budget. Know in advance what you need, what you are willing to spend on that used item and stick to your budget. This is also a good plan of attack if you prefer to shop for brand new items. Always plan ahead and always set a budget limit.

3. Speak to Your Bank

There are some really great banking programs available to help you save. A “bank the rest” setup will round up whatever you spend via debit to the nearest dollar (or $10 – whatever you want!), and transfer it to your savings account. So, if your spend $22.55 at the grocery store, $.45 will get transferred into your savings. This may not seem like much, but when you are running errands (groceries, fetching coffee, gassing up your vehicle, shopping, buying lunch) these few cents, per purchase, can add up to a significant amount of money added to your savings account daily. If you set your account to round up to the nearest $5 or $10 mark, it can be a whole lot more. That same $22.55 could equate to $7.45 transferred to savings for just one purchase. It’s an easy, think-free way to save. The key is locking out your savings account so you can’t access it via your bank card.

4. Cash Only

With all our online banking, credit cards and plastic money, it’s become so much easier to lose sight of our daily finances. One surefire way to take control again is to carry cash on you, and only cash. When you go shopping, if your budget for an item is $60, only carry that $60 on you and leave the bank card and credit cards at home. It’s a great way to re-learn how to shop effectively, how to spend your money efficiently, and encourages you to seek out deals.

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