5 Practical Methods for Saving Money in 2020

Mid-week, my friends! Handing it over to Dan Cormac today. Dan knows how to make his money go further. A freelance financial journalist, he is passionate about personal finance. Whether you hope to escape the chains of debt, to save for a house, or to retire within a decade, Dan explores the most effective ways you can achieve your financial goals.
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Planning a vacation? Looking to avoid living month-to-month? Want to get on the property ladder? There are many reasons why you could be in search of ways to save money. Thankfully, there are also many methods available when it comes to retaining your hard-earned cash.

With that in mind, the following list highlights five practical tips for you to start saving money in 2020: 

1. Reduce prices with coupons

Before you make any purchase, you should always check to see if a coupon is available to reduce the price. From JCPenney coupons to voucher codes reducing transport costs, there are coupons present for most major retailers. Plus with many typically residing on the internet, it’s effortless to search for any available coupons within seconds. 

2. Shop around for the best deal

When possible, you should always be looking for ways to reduce those regular monthly bills. If you have been with an electricity or gas supplier for an extended period of time, you could make a serious saving by switching to another company. Alternatively, simply mention the idea you plan to leave. 

This could give providers the incentive to offer you a better deal than you’re currently receiving. 

This also goes for other purchases. If you see something you want to buy in a shop, don’t be too impulsive. Have a quick check on your smartphone to see if it can be found cheaper at a different retailer. 

3. Reduce your food bill 

If you regularly dine out or have local takeaways on speed dial, cutting these out is an easy start to reducing your food bill. 

In addition, your weekly shop at the supermarket can also be altered to save money. Rather than opting for your favorite food or drink brands, switch to own brands. In most cases, the taste difference will be negligible – whereas the money you save is the opposite. 

4. Don’t simply go with the cheapest option 

It’s easy to fall into the trap of only going with the cheapest choice on the market. While this might work in certain situations, it can also backfire in others. Remember: it’s important that you plan for the long-term when making purchases. 

For instance, you could purchase a cheap pair of shoes that fall to pieces within a matter of weeks. Then you will need to buy another pair, and then another, and another… In the long run, all of these purchases will end up being more expensive than acquiring some good quality shoes from the start. 

5. Sell any unwanted possessions

Do you have a video game console sitting under your television gathering dust? Perhaps there are pieces of clothing in your wardrobe that have yet to lose their price tags? Or maybe you’ve fully adopted digital music and have no need for your CD’s and vinyl records? Whatever the situation, everyone owns possessions they no longer need. 

Instead of hoarding these items, sell them for extra cash. It’s easy to do this with eBay, but there are other online outlets and local listings available to shift your unwanted possessions. 

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Anything to add?