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7 tips to save your money in 2020

Make this one of your New Year resolutions. It is simpler than you may think.

Woman saving money in a piggy bank.

Woman saving money in a piggy bank. / Photo: Rawpixel - Reference image

The Woman Post | Luisa Fernanda Báez Toro

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The most difficult part about saving is actually starting. The good news is that, if you failed to do it this year, in 2020 you will have another chance to do it right. What can you do? Which is the best way to do it? Here is some advice on how to save money in 2020. 

1. Create goals

Why are you trying to save money? What will you gain if you do so? The best way to start saving is by having clear goals in mind. If you want to travel at the end of the year, or if you want to go to a concert, having a goal makes you feel joyful and can help you save some money. You are saving to do something you need or you like, so anytime you feel like spending the money you have in your pocket, think about what you really want. 

2. Make it automatic

Take yourself out of the equation if you don´t have the power of will. Look for an app that helps you save money or simply arrange with your bank that you want a portion of your money to go to savings every month. At the end of the day, you will notice that you didn´t need to spend it on something else. 

Also read: What can you do in 2020 to help achieve gender parity?

3. Know what your incomes and your outcomes are and decide what you want to cut

By creating a budget list, you will realize why at the end of the month you only have ten dollars in your account and which stuff is not necessary. Now, the money that you spent every month at a coffee shop can go to your savings. 

4. Create small weekly goals

It is not about quitting everything you like and start saving it all, because the path will be miserable, and you will get tired by June. Trying to create small goals at first will help you notice how easy it is if you are committed, so try to save 10 dollars in the first week of January and make it bigger every month. 

5. Cancel unused subscriptions

Identify in your account what things are you paying for that you don´t actually use and cut them from your life. Now, the money that you were wasting without purpose can go to your savings account. 

6. Do something about that credit card debt

Credit cards are great and very useful, but in the end, they end up taking lots of money from you on interest. Next year try to cut your credit cards or if you can do so, try to pay your debt faster and instead of giving those companies your money, keep it and save it. 

7. Don't do it alone

The best and easier way to save is by doing it with someone. Tell your boyfriend, your friends or your mom to do it with you and create goals together. In that way, when you feel like giving up, you will have someone motivating you.

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