When it comes to the end of the year, most of us will utter the ultimate question in mind: “Will I make another set of new year resolutions that I know will never be achieved anyway?” A lot of people are putting weight loss targets in their New Year resolutions. Others list down career or academic achievements that they plan to obtain within the next 365 days. On top of that, a lot of people are also making finance-related New Year resolutions where they pledge to save more money or contribute more to their investment accounts. Nevertheless, people seem to forget that saving more money can be done through accomplishing small things one at a time, and here are some actually achievable resolutions which you can do to start saving money in 2016:
Avoid Credit and Debit Card Usage
As you probably have known, credit and debit cards are very convenient for impulsive and mindless purchases. If you choose to spend cash for each and every one of your purchases, you will actually go through the process of seeing the money go away, and this will trigger some sort of rude-awakening within your mind especially if you have been wondering where all your money go away all these time. Carry an emergency card only, and withdraw cash in a sufficient amount so that you will not spend more than you have planned.
Buy Secondhand Items
Most of the time you can always buy secondhand items which will work just fine and this will save you money in the long run compared to buying brand new things all the time. This principle can be applied to almost anything from buying clothes to acquiring cars. New cars depreciate in value and as a result you will save more money by buying used. As for clothing, despite the fact that it is really hard to turn away from those discounts offered in your favorite retailer shops, buying secondhand clothes is something that is done worldwide. Not just in Asian countries like India and Pakistan, but apparently buying secondhand clothes is also a thing practiced in western countries like Russia and the United States.
Collect and Use Coupons
If you feel that going through the circulars and cutting out the coupons each week is too much of a work to be done, you can always choose to collect coupons electronically. You can collect coupons by visiting different websites which provide discount codes for your purchases or you can use applications like Grocery IQ and Coupons.com to make it more convenient.
Cook In Bulk
Cooking in a bulk gives you much more benefits than losses, despite the fact that you will be cooking up a larger amount of food by which it will be more tiring and probably takes longer than cooking for one person. Making meals for ten people is actually really similar to making it for one or two persons because you practically use the same ingredients and the same cooking method, but if you cook in bulk you will be able to buy your food in the bulk prices and you can always freeze them and reheat them at a later date. It is way cheaper and easier than cooking different meals and purchasing different ingredients every night.
Go To The Local Library
Rather than buying one for your own, you can always borrow copies of your favorite books, movies, and albums from your local library. If you are too lazy to go there, applications like Hoopla will let you borrow digital copies of your favorite movies, audiobooks, ebooks, albums and so much more. After the given amount of time, the items that you have borrowed will be removed from your account and there will never be any late fees for whatever it is that you have borrowed.
Installing Money Management Apps
By installing money management apps, saving money will seem much easier and effortless. There are a lot of different types of money management apps which you can choose, but one of the most recommended ones would be Digit where it will help you monitor your spending habits and move your money into a savings account when it is affordable. Browse through the App Store or Google Play Store and download apps which you think will help you manage your money better.
Opt For Generic
Generic everything – from medicine to bread, cheese, coffee, cereal and detergents are available everywhere and they can be half the price of a renowned brand. Unless you are really keen in getting one product, most of the time generic products will do just fine and you will end up saving a lot of money by turning generic.
Raise Your Deductibles
You will be able to pay less for your insurance policies by raising your deductibles. Even though at the worst part if something happens you will have a bigger bill, but you will experience a significant drop in the monthly paid premium and as a result you will pay a lot less to still have an emergency fund for whenever things do not go the way they should.
Sell Old and Unwanted Items
Even though it is good to donate your old and unwanted items to charity, you can also sell it online through websites like eBay and Craigslist to obtain extra money. Take decent pictures of the things you want to sell with your phone and post them online through the available mechanism.
Turn Down The Heat
This is actually really simple and doable but a lot of people keep on forgetting. Turn off the heat when no one is at home if the weather is cold. On the contrary, if you live in a tropical and sunny place with a really hot weather, turn off the AC every time you leave the room to make sure that you do not spend the money on extra electricity bill with no one enjoying it.