Financial

6 Ways to Save Money in 2020

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2020 has been quite a year already, and it’s only halfway over. With stock market tumult, record unemployment claims, and many people forced to stay inside for long swaths of time, you’ve likely had a lot of time to think about your personal finances lately. Perhaps all of this has made you realize that you spend too much money each month and could do better at cutting things back. Here are six ways to save money in 2020.

Save money by automating your savings account.

One of the first ways to start saving money is to physically set aside money into a savings account so that you don’t spend it. Most aspects of personal finance come down to changing different aspects of your behavior, and automating your savings transfers through your bank can ensure that you do this before you’re tempted to spend money. You can set aside on a monthly basis or schedule something each payday, so it’s done for you without you even needing to think about it.

Cut back on eating out.

If you took a look at how much money you spent in a pre-quarantine month on eating out, you may be shocked at just how quickly lunches out at work, dinner with friends or your partner here and there, and the occasional trip to the drive-through can add up. Thankfully, with many restaurants having restricted access, there’s no time better than 2020 to cut back on eating out. If you have a couple of local businesses you care about supporting, that’s totally fine, but try to stick to $25 once a week so that you can do your part by supporting your local economy without hurting your personal economy.

Save money by comparing electricity prices and make a switch.

While you make think of your utilities as a non-negotiable necessity—and you wouldn’t be wrong—that doesn’t mean that they need to cost you an arm and a leg. In fact, switching utility providers and reducing your electric use by turning off lights when you’re not in a room or even installing energy-efficient light bulbs can be a major money saver.

MoneyGains is a website that not only makes it easy to compare the pricing of different energy providers, but also make the switch. It’s all a streamlined online process, that starts by identifying your current provider and then answering a few simple questions over the course of five quick and easy screens. By the end of the process, you’ll know how you can save money on your energy provider without sacrificing on the quality of your service.

Save money on clothing.

Whether you’re currently working from home or are on unemployment, you probably don’t need to spend too much money on clothing during the quarantine. If you’re on Zoom calls each week, you may want to upgrade your business attire, whereas you may only need one or two options to make a great impression if you’re going on a virtual job interview while looking for work. Finding quality business casual women clothing stores online can save you money, thanks to the fact that you can purchase a few quality garments at a low price and wear them again and again throughout the year.

Reduce your driving to save on gas.

If you’re working from home, you’re likely already saving on gas by not needing to commute to and from work as much. That being said, you can probably continue to keep your driving to a minimum throughout 2020 by planning weekly trips to the store that ensure you don’t need to run out every time you need something new. For the things that do slip through the cracks, consider ordering them online in order to keep saving on gas.

Meal plan to reduce food waste.

One aspect of reducing your driving means maximizing your household goods and groceries. Meal planning is one incredibly helpful way to save money and reduce food waste, helping the environment and your wallet. If you’re looking to lose some weight in quarantine by meal prepping, too, a website like Eat This Much can help you prep and diet at the same time!

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