Whether you want to deal with debt by taking control of your finances in 2018 or simply ensure you stay on the right financial track, we have five really useful tips to help you out:
1. Automate Bills and Savings
It’s always easier to save money when you don’t have to make a decision about whether or not to put a specific amount aside. This is why using bill pay and savings software to automate these decisions can be such a big win. By taking a little time to set up these systems once, they will continue to strengthen your financial well-being throughout 2018 and beyond. Getting your bills taken care of and saving the amount you want before a paycheck ever hits your bank account is an excellent financial habit to start.
2. Pack Your Lunch
If you track how much money you spend on lunch over the course of a month, chances are that you will be surprised by the total amount. While it’s fine to spend money on a special lunch, there’s no reason to rack up a significant bill on daily lunches. Once you get in the routine of packing your lunch, you’ll find that it’s quite easy and very tasty. Not only will this habit help you save money, but it’s also a great way to make healthier food choices.
3. Balance Indulgences
From going out to different hobbies, everyone has “vices” they enjoy. Although it’s fine to indulge in these activities, you can also use them as an opportunity to save more. A popular way to do this is to match what you spend and put that amount into your savings account. This approach can actually help you get even more enjoyment out of what you’re doing!
4. Make Your Own Drinks
Like lunches, daily coffee or tea drinks can add up to a significant amount over the course of a month. This is why making your drinks at home will help you save a lot during 2018. Once you make the upfront investment of any equipment like a thermos that you need, you will be able to make the exact drinks you want for a fraction of what they would cost at any coffee shop.
5. Set Aside $5 Bills
This is a fun but surprisingly effective way to save money. The way it works is it anytime you get a $5 bill from a transaction, you put it aside instead of spending it. Then once you accumulate a stack of bills, deposit them into your savings. If you want to really fast track your saving, you can do this with $10 bills.
By putting the money-saving tips we covered above into action, you’ll be able to strengthen your personal finances over the next twelve months.