Whatever your reason is for wanting to save more money in 2021, we applaud you. Reining in rogue spending certainly isn’t easy, and although many people make the verbal commitment, only a select few actually take the time to track down tips so they can stick it out. So, to help you succeed, we’ve put together some of out favorite money saving tips for 2021 below!
Set Annual Goals
Trying to change your spending habits without setting clear financial goals for yourself is like setting out to build a road without having a destination in mind. You don’t have to set massive, long-term goals, mind you, like becoming a billionaire before you retire. Even something as small as just paying off one credit card by next year can have a huge impact. Don’t be afraid to start small. Pretty soon it will feel like everything is snowballing in the right direction.
Don’t Take Your Eyes Off Your Spending
You should already know exactly where most of your money is going. Rent, utilities, gas, food, and other essentials are non-negotiable expenses – but, what about the rest? If you’re not keeping an even closer eye on your non-essential spending, you’re most likely missing out on a lot of opportunities to save.
Tackle Your Highest-Interest Debts First
The higher the interest rate on your loans/debts, the more money you’re paying on top of what you initially borrowed. So if you’re looking for where to start first in your journey to financial recovery, start with your highest interest debts and work your way down. You will end up spending way less money over time this way.
AutoPay All Day
If you’re not taking advantage of automatic payment options for every bill and expense you use regularly, you’re missing out. Not only does it help ensure everything is paid on time, every time, but many companies will also offer special discounts or deals just for signing up! In fact, while you’re at it, go ahead and make your weekly/monthly contribution to your savings/retirement accounts automatic as well.
Find A Spend Hack That Works For You
There are plenty of spending hacks out there to help you curb your spending, from the 24-hour rule that prevents you from impulse buying by forcing you to wait a full day for you to consider your purchases, to paying for everything in cash. So don’t be afraid to experiment. Learn what works best for you and stick with it.
Don’t Spend Anything Not Earned
Nothing is better than spending your own hard-earned money on something you really need or want – except, perhaps, getting free/found money. Just keep in mind, while it may be tempting to spend this money too, it’s always better you put it aside in your savings, or retirement, account. This can include money you find in the street, birthday/holiday money from grandparents, or even a tax refund or unexpected bonus at work.
Reap Those Tax Benefits
The type income you make, your preferred type of account, and even what you spend your money on, can all have different tax implications. So, do some research, find out what kind of tax benefits you may be eligible for, or what you can do to increase your chances of qualifying for additional benefits.
Choose An Accountability Partner
Don’t trust yourself enough to remain accountable on your own? Choose a trusted accountability partner! It can be anyone you want so long as they’re ready to encourage and uplift you just as much as they keep you honest. You may even find it easier to choose someone who is also trying to save a bit of money, that way you can motivate each other!
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