It’s never too late to start a resolution to save money in 2019. So how can you save money this year? There are a few ways. However, before we get into all the tips, it’s helpful to find a compelling reason to save money. For example, it’s much easier to save if you know the extra money will go to a trip, rather than just abstractly “saving money”. Here are 10 tips on how to save money in 2019:
How to Save Money in 2019 Tips:
1. Break Free From Poor Spending Habits
Increasing your bank account size doesn’t necessarily mean you need to put more money into it; you just have to prevent money from leaking out. Poor spending habits can cause your bank account to shrink in size. Do you really need the latest smartphone, magazine subscriptions, movie tickets?
What other unnecessary expenses are the sucking up your money? If you want to save money in 2019, set a budget, make plans, and don’t give up! Make it your new year’s resolution to break free from these financially, and even physically, detrimental habits.
One idea to help your money is to set up another bank account. Anytime you resist spending money, send that money to the new bank account. You’ll be surprised at how fast things add up.
2. Look For Cheaper Alternatives
Take books as an example. If you buy brand new textbooks as a college student, that will amount to roughly $655 per year. You can find books in good condition on sites like ThriftBooks, which slash prices by up to 80 percent. The same goes for used books. Try a library!
Another example is food. Name-brand foods cost only a few cents higher than generic ones, but offer the same amount and nutritional value. Swap these name brands for the same quality generic brands you’ll find on most supermarket stores. Look for coupons and compare grocery stores.
3. Make Money off Your Assets
This is the principle of renting out assets that are currently not in use. It advocates what economists and companies are referring to as “collaborative consumption”. For instance, if you have garage or closet space, you can rent it out to neighbors who currently don’t have a garage for their car or indoor space for their belongings.
This has two major benefits – it earns you money and it helps offset the ongoing problem of overpopulation and lack of real estate or land space by making sure every inch of space available is being used. A lot of companies, such as Airbnb and Neighbor, are building this “sharing economy” concept. You can also rent out your car or RV out to strangers. Renting out your home, space, or vehices will help you make and save money in 2019.
4. Reconsider Your Transportation Costs
Traveling to and from work, school, or wherever you need to go by car can be costly. Sure it’s more comfortable than taking a crowded bus on a hot, steamy day, but the costs can eat up your bank account.
Fuel, maintenance, parking fees, and monthly insurance can add up to a few thousand dollars per year, depending on your car’s make and model. If you live near work or school, consider trading in your vehicle for a bike or, better yet, walk. You can make public transportation more affordable by purchasing weeklong tickets or monthly/annual passes. Check if your employer offers a transportation reimbursement.
Make $50-$500 each month renting your RV pad, basement or other space.List Your Space
5. Invest Your Savings
Investing for the long term is safer and can produce significant returns for your retirement. Start investing by first allocating a fixed amount of cash. Only risk saving money that you can afford to lose. This is overused advice, but it cannot be overemphasized. Invest your savings in growth stocks that you plan to hold for the long run.
Avoid costly brokerage commission fees that range anywhere between $10 to $20 per roundtrip trade which will quickly cut into your profits. Robinhood, Acorns, Wealthfront, or Stash offer cheaper commissions, free trading, and even micro investing you have the option and freedom to invest whatever amount you are most comfortable investing.
6. Ask Family or Friends For Help
It’s always a good idea to offer to pay your family and friends for their help. Often, it will be more affordable than what you’re currently paying and you keep goodwill by offering money.
Asking for money isn’t sustainable, but asking family for time and energy may be. For instance, if you have pets or children, you can save hundreds of dollars per week on babysitting costs. According to a recent survey from Care.com, the average hourly wage for babysitters is $14. Ask your family member or trusted friend to look after your pup or kid while you’re away at work or school.
You can also save money in 2019 by asking friends and family for other services. Whether it be getting a haircut, babysitting kids, or moving into a new home, service from family and friends can definitely help save money in the long run.
7. Sell Things You Don’t Need
Consignment stores, pawn shops, and Craigslist are your best friends when trying to fatten up your bank account. Those antique furniture pieces you have collecting dust in your basement or those power tools you only really needed once can have value to someone else.
When you sell things you don’t need, it effectively frees up space and, on top of that, earns you some cash. Then, instead of spending that extra cash, start saving money!
To save money in 2019 takes, you need more than just planning and wishing. While making changes to your professional life and using more effective economic concepts like the “sharing economy” is one way to make more money and successfully save money in 2019, a more important step would be to change your mindset. Changing the way you think about your money and spending habits is the best way to escape a bad financial status.