It’s a new year that is seemingly full of promise! We all deserve to catch a break after a scandalous 2020. It is the perfect time to think about how you can save more money this year. We all want to save more and spend less, and you don’t have to look far for inspiration: there are plenty of examples of successful people who started saving what might seem like peanuts per month but accumulated to a lump sum over time. However, this doesn’t mean we need to become extreme couponers or scrimp on our daily costs. The aim is to be smarter with the money you already have so that you can spend less time worrying about financial security and more time enjoying life.
Are you looking to hold on to more of your income in 2021? We’ve got some simple saving tips you will find quite manageable this year.
Refrain from bad spending habits
We’re all guilty of being unthrifty here and there. Sometimes it’s for a worthy cause, but often it’s just because you forgot to track your expenditure or want something now that can’t be classified as a need. With the current boom of online shops, more people have become impulse buyers. However, with a little will power, you can learn how to avoid unhealthy spending habits. To make things right, make a list of your needs and set aside money for that. These get first priority when spending. You can have a budget for wants, but it shouldn’t be at the expense of your enduring savings culture. Additionally, let your needs align with your income to avoid a frustrating lifestyle. Have you heard of the popular saying? …“Spend less than you earn”. This is the mantra for any smart person that has accumulated wealth by saving.
Merge your bills
It’s no secret that cumulative bills are a tight noose around most people’s paycheques. A lot of people don’t even track their bills. It’s just easier to pay them as they come in, right? Wrong! The only way to truly see how much you can save is to organize your income against expenditure. If you’re still paying separate bills from different sources, it’s time to get things merged and paid once a month. If you merge your bills, you will see your consumption for each month and avoid overdue payments. For example, electricity, the internet, online subscriptions. It will be easier for you to regulate electricity, internet, water, etc, or even cut down on some luxury subscriptions that you barely use.
Save with your family or friends
Accountability can be a powerful tool if you’re the type of person who has a hard time staying committed to a saving plan. Having an accountability partner to keep you on track is highly recommended, and who better to trust than your inner social circle. You will realize that most people around you strive to save some money, so it’s not hard to find an accountability partner. It could be your parents, children, friends or colleagues.
Keep records of your spending
What happens to my money? This is a frequently asked question. To some people, money seems to have a mind of its own because they don’t track their spending habits. Money is difficult to manage especially if you don’t keep track of your expenses. It’s simple, review your spending every weekend or any day and record that somewhere. I’m sure there are personal finance apps that can help you do this. You will be amazed how of an atm you can unconsciously be in just one week.
Start a side hustle
Last year taught this lesson the hard way – that a single income source isn’t that far placed from financial insecurity. Thousands of businesses closed down due to the pandemic or incurred huge losses. Now you can imagine that most people have lost businesses, jobs or have had their working hours reduced.
No matter how small, a side hustle will increase your income so that you don’t have to forego necessities in the name of saving. It can be a business or an extra job to help you save more. Interestingly, during last year’s recession, online platforms turned into lifesavers for many looking for an alternative income source in Thailand. Luckily, the country is very progressive when it comes to web-based operations. For example, online gambling laws in Pattaya city have accommodated many professional gamers during the Covid19 crisis, letting them brave the economic slump. Of course, the online space is full of income-generating avenues based on your preferences.
Consider family subscriptions
Most people would argue that online subscriptions are a luxury that you can live without. But can you imagine modern living without simple pleasures like Audible, Netflix, or Amazon Prime? You need your daily fix of entertainment and education to appreciate your life. However, individual accounts are insanely expensive, so why not go for a family subscription? Think about all the family members you could add to your subscription. Your mom, your dad, your sister, her boyfriend who just moved in, maybe even your friendly neighbor at some point… The point is that if you can give a family member or friend a discount for being on your subscription plan with you, then it’s often worth sharing.
How much money do you save each month? Do you have extra tips not included on this list? I’m sure you will get tons of money-saving tips this year. Remember to use practical strategies to sustain a saving culture in the long term.