It’s that time of the year again. The time where we reflect on this year’s triumphs and downfalls, and also taking the time to learn from them to prepare for the upcoming year.
Along with the new year comes new resolutions that we all hope to uphold (at least for the first couple of months). One big resolution that we all live by other than the ‘new year, new me’ phrase is the pursuit of having more money than the year before – a goal that all of us millennials hope to achieve.
Below are 7 hacks to save your money in 2018:
1. Transfer money to your savings each week
One way to save money is to stash it in a place that you rarely ever touch. That’s what savings are for, right? Try to take at least $20 out of your checking account each week. The out of sight out of mind concept will ultimately help build up money in your savings account in case of emergencies or if you’re saving for investments.
2. Take advantage of restaurant deals while eating out
One thing that we can admit to being guilty of is spending money on food. As an excuse, it is a necessity, right? If you get tired of bringing lunch from home to cut costs, you can always take advantage of deals that restaurants are offering. This is an easy way to save money while eating on-the-go. McDonald’s has a new $1 $2 $3 Dollar Menu that will be in restaurants on January 4th and it will offer a variety of craveable and delicious food and drinks at $1, $2, and $3. These deals will save you a couple of dollars on breakfast, lunch and/or dinner.
3. Couponing
Who doesn’t love a good deal on items? Take advantage of the coupons that come in the mail from your favorite stores or take advantage of coupon apps to check the latest deals. Shoppers have saved hundreds of dollars in a month based off of using coupons on toiletries, food and other items. I’m not saying become an ‘extreme couponer’, but every cent counts and if you can save, why not?
4. Take advantage of a change jar
You never know how convenient change can be until your total is $20.07 when you check out at the register, and you want your remaining change back in dollar bills. It’s always convenient to keep change on you. It’s also great to keep change in a jar. The accumulation of change can easily turn into dollar bills. Don’t take those coins for granted. They could take you a long way.
5. Sell unwanted or unused items in your home
I know we all have a stash of clothes, shoes or household items in our home that we barely use. If you don’t use them, why not sell them to get some extra cash? Along with a new year comes annual cleaning where you throw or give away unused or unwanted items. This can also be a cleansing for yourself to get rid of old things that you do not want to take with you into new year. Try it. It may be therapeutic. Leave old things in the past.
6. Use cash instead of your debit card
The difference between cash and your debit card is that once your cash is gone, it’s gone. A good way to save money is to keep cash with you instead of continuously swiping your debit card at the register. I’ve been a victim of swiping my card too much and then I act surprised when I check my bank account wondering where all of my money has gone. Having cash will help you monitor how much you spend. It will also help you decide what to buy and what not to buy.
7. Find a savings partner
It’s always good to have someone on your team who is also trying to save money. You can hold each other accountable about how much money you spend and what you spend it on. Do a weekly check in with your partner just to give each other an update about your spending. Your partner can be a parent, friend or sibling. If you have goals that you want to accomplish, set them.
It never hurts to save money, especially when you’re going into a new year and have new goals you would like to achieve. Go into 2018 with a new mindset. But, don’t forget to not only invest in your money, but invest in your happiness as well.
