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? 

5 Ways to Achieve Financial Freedom

I'm always looking for more financial freedom, I think most people in the world are, but since I'm not nearly an expert on the topic Wednesday of my vacation week brings a finance article by James Daniels, a freelance writer, business enthusiast, a bit of a tech buff, and an overall geek. He is also an avid reader, who can while away hours reading and knowing about the latest gadgets and tech, whilst offering views and opinions on these topics.

Financial freedom is something that most people strive for, but it can be one of the most difficult things to attain. It also seems like the younger you are, the harder it is to be financially free because you are most likely to have larger mortgages, debts and fledgling careers that may not yet be in a higher wage bracket. Not only that but things happen in life that always seems to be costing us money! So is financial freedom possible? It is, but it helps to see it as a journey rather than something that can be achieved quickly. With a little work and careful planning, there are some ways in which we can all progress towards our financial freedom.

1. Set a Realistic Budget

To be in control of your finances, you need to have a clear overview of your monthly income and outgoings. When you understand this, it allows you to set a budget for spending that is within your means. Doing so helps you to get through each month without creating a negative balance or getting further into debt.

2. Shop for Student Finances

If you are an undergraduate student or above, you are likely to need financial help so you can complete your degree. This is where it pays to shop around for the lowest interest rates and compare the typical loans offered compared to private student loan options.

You might also consider student loan refinance, where you take out a new loan with a more favorable rate to pay off your old one and help you continue your studies. CommonBond student loans refinance is one example of a way to get a better deal from a student loan.

3. Cut Up Credit Cards

While having a credit card might seem like a short-term fix, in the long term using one can get you deeper into debt. If you have a credit card, cut it up, so you are unable to use it, and use your budget for your monthly expenses instead.

4. Save an Emergency Fund

If you can save a few hundred dollars, keep it aside in case you have any emergency expenses to contend with. It might mean getting your car fixed, or replacing an appliance in your home. Having an emergency fund set aside will allow you to pay for things without using a credit card, keeping you debt free.

5. Pay Off Debts

If you have any debts, pay off as much as you can, whenever you are able. It is also worth setting a portion of your wages aside each month to help eliminate any debts. Once you clear any debts you have, it becomes much easier to save money and become freer financially.

Financial freedom is possible, as long as you are willing to work at it. Be open to possibilities for developing your career or changing jobs that could bring in more income, as well as looking at ways to pay off debts and prevent yourself from furthering your debts. With consistent effort, you’ll soon begin to see a difference in your finances.

Lifestyle Changes You Can Make to Improve Your Personal Finances

Happy Wednesday friends - today I have a post for you from Jacob who runs a personal finance/lifestyle blog called DollarDiligence.com. He actually paid down $25,000 in debt in under 15 months so when he approached me about a collaboration and post exchange, I said absolutely. Then I lost track of it and of course have not written a post for him to share over there. One day at a time, am I right? Anyway I figured you guys would like this because the info is good and it's not in my usual repertoire. Be sure to check out his blog and follow him on Twitter.

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What many people don’t realize is that their lifestyle contributes to their debt. You may think that you’re cutting expenses as much as you can, but you are going to find out within the next few minutes how you can make additional cuts and live even better.

If you’re buried under debt from all sources, you’re not alone. Starting with college graduates, there are over 40 million people who struggle with student debt. Opening it up to all of America, the average household credit card debt is around $6,000. Finally, the average mortgage debt is around $300,000. Yikes!

The fact is that you don’t have to be buried underneath tons of debt. You don’t have to be looking at disconnect notices or wondering how you are going to pay your living expenses. None of this has to happen to you. If it is happening, you can stop it. You just have to make some changes.

Start Downsizing Right Now

It’s time to start getting rid of stuff you don’t need and things that are costing you money. You can capitalize on the nice things you have that you have no use for by selling them on Facebook groups, eBay, or Craigslist or simply have a yard sale.

I’m all about not keeping unnecessary things around. In fact, I won’t buy new clothes unless I absolutely need them. I remind myself daily that the goal is to retire by the time I’m 35. I really want that because I have seen too many people work their lives away and have little to show for it by the time they reach retirement age.

Once you eliminate the clutter, you can take a look at what you really have. These are the things that you need, so make sure you use them. Instead of going to the store and buying something you already have because you need it and can’t find it, organize everything so you know what it is.

It’s amazing how many people clear the clutter and find that they have four or five of something. In that case, put those online sales platforms to use so you can get some of your money back on them.

Eat Well and Cheap

Food is another area you have to watch. I had to start watching how much money I spent on food. I knew nothing about couponing or discount grocery stores until I started exploring ways I could buy groceries cheaper without starving myself.

The internet and the Sunday newspaper are great sources for coupons. Look at the sales papers for individual stores to find the best deals. You also need to review coupon policies so you aren’t surprised at the checkout. 

Some communities have couponing classes at the local library or another location so you can learn how to stretch your dollar as much as possible. Do a little Facebook search to see if there are any events scheduled in your area.

Also, don’t forget about the discount grocery stores, like Aldi, where you can get your groceries at 50 percent to one-third of the cost you would pay elsewhere. There are few name brands in these stores, but they tend to carry healthier options so that you can eat well without paying a fortune. Due to the lack of name brands, there may be no coupons. You can combine coupon shopping at other stores with discount grocery shopping and still come out better in the end without putting your nutrition at risk.

It's also good to go homemade with your meals. It can be tempting to drive through a fast food restaurant because it’s convenient, but your wallet and your cholesterol pay the consequences.

Hygiene without the Cost

Hygiene products tend to cost. If you are the type that has four bottles of half-used lotion sitting on a shelf, commit yourself to using those before buying more.

As with grocery shopping, health and beauty products can be purchased using coupons. You can also explore products that are very good for their price. Just because it is cheap doesn’t mean it’s bad. You have to look a little harder to find the shelf tags for these cheaper products, but they’re there.

Pay Cash for Everything

Of course, paying cash for everything has some major advantages. First, you already have the money. You won’t owe anyone for spending that money. When using credit, you are spending someone else’s cash and you have to pay them back with interest. The interest is how they make a profit.

Therefore, paying cash for everything should keep you from overusing your card. You won’t have to pay any interest which is especially helpful if you tend to overdo it. Everything you purchase is free and clear. Just make sure you don’t overdo it with cash either. The whole point is to save money.

Budget Strictly and Save

Lastly, you need to create a budget that you stick to and save money every chance you get. This is something you have probably heard a million times, but it works. Budgeting can be difficult to get used to at first, but you will love the result.

Jacob recently entered the personal finance blog world with the advent of Dollar Diligence. He’s new, so if you want a fresh voice, feel free to read a few articles. Twitter: @DollarDiligence

Choose Your Own Adventure - April Results & May Goals

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<a href="http://www.lifeaccordingtosteph.com/" title="Life According to Steph"><img src="http://i979.photobucket.com/albums/ae274/venustrappedinmars/GoalSettingLinkup.png" alt="Life According to Steph" style="border:none;" /></a></div>

April's Choose Your Own Adventure challenge had the monthly theme of FINANCES. My goals were:

1) Make extra payments on my car so it's paid off in May. Paid an extra payment and a half. Two more payments and this shit is history.

2) Freezer and pantry clean out - use what I have without buying new aside from produce and dairy to save on household expenses. I was pretty successful with this. I bought no meats or canned goods aside from organic canned pumpkin for the dogs and two boxes of pasta I needed for recipes.
3) Don't use change - save it instead. I was about half and half on this. 

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May's theme is READ.

My READ Theme Goals:
1) Get current on magazines. I'm about a month and a half behind.

2) Read an Agatha Christie Miss Marple novel.
3) Read five books total including the above. This is typical for me but hard for me to do when I'm also keeping up with magazines.

The link up to report in on how you did with May - Read will be Thursday, June 4. Mark your calendars! After May we'll be taking a break and for me and Steph the break will be permanent (Ashley may keep it going or anyone else interested can jump on with her), so let's make this one count.

An InLinkz Link-up