Imagine all the skills and hard work you need to earn money. It then becomes quite distasteful when you have to lose all this money without proper use. Most people struggle with money discipline. After working to get the money, they end up blowing it on unnecessary items and expenditures. This sets you up for an insecure future, inability to settle the important bills and generally the lack of peace of mind.
Here are some of the top tips to help you save money in 2021.
1. Ask for a discount
Asking for a discount is one of the ways you can spend less on service. If you have been using a service or purchasing a product from a specific vendor for some time, it is time you ask them for some discount. Most of the traders are willing to offer you this discount as a way to build customer loyalty.
Also, do not hesitate to ask for a discount in case you get a quote that’s way too much than what you expected. Most service providers are willing to negotiate their prices upon request. The beauty about asking for discounts is that it comes with no risk if it fails. You either get to pay lesser or just the usual amount.
You can also opt for a low-cost form of entertainment. For example, Mini Lotto is a more affordable lottery fix that you can opt for without risking losing too much money.
2. Track your spending before budgeting
One of the most common saving tips you have most probably heard about is to make a budget. However, it would be premature to make a budget without tracking your expenses. Even though you might feel you need some items, you are never too sure until you track your expenses.
By tracking your expenses you establish what exactly is important to you and what you can do without. You also get to understand your money habits better before having the solution. Track your expenses for around 3 to 6 months then review and create an expenditure plan.
3. Look for free entertainment
Entertainment remains one of the costly expenditures for most people. All the joints you see around are looking for you to go spend your money. In the same way, other spots also need your time and money for entertainment. For 2021, you should be considering ways to get entertained at a low cost.
Some of the options include taking free classes from YouTube, using trial versions of various streaming platforms and looking for free events from meetups.
4. Shop smarter by comparing prices online
Online shopping has become the craze in 2021. Other than the convenience it comes with, you have the liberty of comparing prices so that you only choose the most affordable ones. There are various applications and browser extensions with information on price comparisons you can use. Some of the options to choose from include Honey and Chrome Web store.
5. Be a smarter investor through fintech
Most people already understand the key to saving is to invest. However, they never have the acumen to invest. They would rather put up money in savings accounts and contribute to the IRA or a 529 plan for a child’s education.
You are better off using fintech tools for investing. They help set up an investment portfolio then diversify and distribute your money on various investment options. An example of such an investment tool is Acorns.
6. Cut down on dining out
With all the lockdowns and social distancing, dining out had seemed threatened in 2021. However, online food ordering has become the new craze. If you are looking for ways to save money then you have to consider making your own food.
Ordering food from outside is costly both on the food and the included transportation costs. However, making food at home is healthier and more affordable.
7. Invest in DIY
Gone are the days when you needed a professional for every single activity at home. There is no need to pay for anything that you can handle by yourself. YouTube and other online learning platforms have made it easy to master how to manage multiple home repairs and upgrades. You can also create various items you can sell to earn more money.
8. Clear debt
The best way to improve your savings in 2021 is to clear debts. Other than reducing your saving capacity, debts take away most of your money through interest. Find a way to avoid some expenses until you have cleared your debt.
9. Try a savings spree for a month
The other way to save money in 2021 is to introduce an element of fun to it. For example, create a savings spree month by matching your savings to the calendar date. For example, save £1 on the 1st of the month £2 on the second until the end of the month. By the end, you will have around £150 in your savings.
10. Consolidate your savings
The last way to save money is to have your finances in order. Take count of all your savings accounts and clear all the inactive ones. This helps you avoid paying more in maintenance fees. You also get to track your money better for more savings.
Saving money takes planning and financial discipline. It even gets trickier when you place bets while also saving. However, it is possible with the right strategy. Read more from this page on how to bet while also saving money.
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