Four ways to save money in 2020

Spending Smarter: More people resolve to save money, not lose 5 pounds, in 2020

(KSLA) — Saving money, knocking down debt, and finding financial freedom are three of the top resolutions for people in 2020.

You can meet your money goals with a few small changes:

1) Set a goal

First and foremost, it’s important to set a goal. Whether that be a small $1,000 goal or a larger goal, it’s important to get in a mindset to meet that goal before you even start the new year.

2) Automatic deposits

Automatically put money from your paychecks into a savings account. That way it goes straight into your savings and you’re not tempted to spend it. If you don’t see that money in your checking account you won’t even know it’s not there and building interest in your savings account.

3) Track extra spending

Tracking all those extra expenses each month might surprise you. If you see where your extra money might be going you likely will cut back on those lunches with friends or expensive coffees. That way you’re instantly saving each month and can sock that away in savings.

That also could lead to more cutting back. For instance, if you realize you’re spending extra money every month on streaming subscriptions, music, or unused apps you’re more likely to cancel those subscriptions and stop wasting your money.

4) Find a can or a jar

This might seem ancient but adding a coffee can or a large jar in the bedroom, by the nightstand, or in the closet to dump your excess change every night can really add up by the end of the year. You’d be surprised how much you’ve saved by 2021.

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