With less than 90 days to go before we hit the end of the year, there’s no better time than the present to see how your saving habits have stacked up. And while you’re checking your current progress and maybe setting some new saving goals like stockpiling cash for next year’s travel plans — why not see if there are a few more approaches to save some money this year.
If you have high hopes for starting off 2020 with a positive financial outlook, then read on for our five end of the year saving tips to boost your money-saving mindset.
1. TARGET THE BIG EXPENSES
Instead of driving yourself crazy trying to shave off a few dollars here and there (think: no more Tuesday morning coffee runs) try targeting your heftiest expenses first. Maybe you’ll realize you’ve been paying way too much separately for internet, phone and TV streaming services when you could save a ton and improve your WiFi signal at the same time by switching to a bundle package. With a faster internet speed and potentially lower monthly cost, you’ll wonder why you didn’t do it earlier.
2. GET A CASH BACK CARD
Yes, it seems contradictory on a money-saving post to tell you to go open a line of credit especially when the average American holds around $6,000 in credit card debt, according to Experian data. However, if you are one of the responsible card carriers and pay your balances off before the sky-high interest rates hit, then it might do you a world of good to open a credit card that lets you earn cashback on purchases. Some folks report earning upwards of 2 percent of their annual spending back — not a small chunk of change.
3. GET RID OF NON-NECESSITIES
We live in a subscriber culture: there is a club for just about everything from a wine of the month to workout clothes and books. But when is the last time you’ve assessed which (if any) of those memberships you’re putting to good use? If you find that your monthly opt-ins are doing more harm to your wallet than anything else, cancel them and save yourself some cash.
4. SAVINGS CHALLENGE
Ask that special someone in your life — a partner, your best friend or even a close co-worker to participate in a savings challenge with you. The 52-week challenge is a popular choice if you want something already thought out or you and said challenger can make up your own rules. Try things like seeing who can last the longest without purchasing something or get their electric bill lowest. The idea is to try different ways to cut costs and no matter who ends up victorious, you’ll both have some extra cash to put in the bank.
5. USE YOUR VACATION
Don’t let precious vacation time from work go to waste as we near the end of the year. If you’re in danger of losing your time, make sure to schedule a few days away from the office. Keep in mind, that time is money so if you’re not able to get away on holiday check company policy to see if they allow employees to cash out any unused vacation — and put the extra income toward your savings goals.
Whether you’re hoping to save for the holiday festivities, retirement or just in general, keep this guide with you for some practical advice on adding to your bottom line before the new year begins.