5 Ways to Save Money in 2020

We’re in the final push of what seems like the longest month in history! With many of us crawling to payday and still feeling the aftermath of Christmas in more ways than one, the idea of working on your savings in 2020 has probably crossed your mind. With over a 3rd of us making a vow to try save more as our new year’s resolution this year, we thought we could all use a little helping hand to keep us on track; we’ve had a look around and put together 5 top tips on ways to budget and save in 2020.

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Manning Stainton

Plan Your Year

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So your friend is getting married abroad this August? You know your outgoings are going to be higher that month - so plan ahead! Putting money away each month for dedicated events across the year will prevent you feeling a big hit all at once. Obviously not all plans are set in stone, but there is no harm in digging out your diary and making note of potential events that might be worth saving for. Let’s face it, come summer, you won’t be able to scroll through your Instagram without wanting to book a holiday.

Use Apps

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There is quite literally an App for everything; from tracking to your calories to tracking your spending. Budgeting apps are a great way to track what you are spending. Or to make life even easier, if you have accounts such as Monzo or Revolut, they categorize your spending for you so you can see exactly what you are spending your earnings on. Apps like Monzo also allow you to set up separate savings pots for all the little things you might need to save for in the future, from car insurance to a weekend away with the girls.

Check Your Bills

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Are you being charged over the odds for you your utility bills? Comparisons websites are a great place to start when it comes to finding your best deal. If you do find a better deal, switching has never been easier with websites such as ‘Look After My Bills.’ Switching websites will take care of your switch for you so there is no excuse to be paying over the odds again!

Set Goals

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Saving every month is difficult without a plan. After taking a look at your finances, set a realistic goal as your monthly saving amount. If your goal is too high alter it until you find the perfect fit. After a few months you’ll be used to the savings leaving your account and you’ll thank yourself when it comes to booking that holiday!

Analyse Your Spending

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If you’re struggling to save, take a look at your monthly spending. Going through your bank statement or banking apps will allow you to see exactly what you are spending your money on. Are you still paying for that gym membership you’ve not used in years or are you spending unnecessary money on coffees every day? -  All money that you could be saving. Analysing your spending will help you make cuts and help you save!

Whatever you’re try to save for, whether it be a deposit for a house, a holiday, a wedding or just to be in a better financial position, there are plenty of simple ways to save!  It’s not too late to start your New Year’s resolution or to get it back on track; making a few small changes might make a big difference to your bank account!

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