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The start of a new year is a terrific time to start saving more money. Fortunately, preserving more of your hard-earned cash isn't as challenging as you may think! Read on for creative ways to save money this year:
Financial Independence - One Dollar at a Time
Have you ever dreamed about the day when you wouldn't need to depend on your credit cards to cover an unexpected expense? Would you like to put together a substantial down payment for your dream house? The key to achieving money goals like these is financial independence.
It might sound silly, but lots of little savings can light the path to financial independence over time. Think of it this way; every single cent that you don't spend each month can go towards building your savings account
’s balance. Additionally, once you have a sufficient amount of cash on hand, you can take on smart investments to further increase your wealth.
Are you ready to make saving money a priority in 2020? If so, follow along for six creative ways to save money without making it impossible to enjoy living in the Twin Cities area.
6 Creative Ways to Save Money
Do you recall how much fun it was to put your pocket change into a piggy bank when you were a child? Well, we can assure you that even though you may have said goodbye to your piggy bank long ago, saving money doesn't have to be a difficult task. Our money-saving tips are simple to fit into your lifestyle and might even make you smile.
1. Make Fancy Coffee At Home
Are you addicted to your daily specialty coffee drink? If you're like many of us, you know that you spend too much money at your local coffee shop, but your homemade brew doesn't start your day the right way. The answer, according to Modern Frugality
, is to make coffee that rivals anything that you could find in an expensive coffee chain. Read here
for some excellent ideas on how to make the most of your daily coffee drinks.
2. Use Your Bank's ATM
There's no denying that ATMs make it easy to obtain cash whenever you need it. However, you'll lose money to extra fees every time you don't use an ATM connected with your financial institution. When you plan to use the ATM at your own bank or credit union, you'll save a good chunk of change throughout 2020. Firefly provides members access to 65,000+ surcharge-free ATMs. You can find one here
3. Shop at Thrift Stores
Do you want to make a positive impact on the planet and your bank account? You can do both when you shop at a thrift store. You can support your favorite cause at the same time that you look for a new outfit. Look here
for more information on the terrific selection of Minneapolis-St. Paul area thrift shops.
4. Get a Library Card
When did you last walk through the front door of your local library? If it's been awhile, you'll be surprised at what your community library has to offer these days. From the latest best-selling novels, movies, and computers with internet access, today's libraries meet a wide range of media needs. Do your wallet a favor and reintroduce yourself to the library this year.
5. Cancel Your Cable Service
How many different television programs do you watch in a day? It used to be that you couldn't watch television shows and movies without a cable subscription. Happily, for your budget, you can binge-watch your favorite shows through streaming services like Netflix, Hulu, and Amazon. The typical cable user might save around one thousand dollars a year
by ditching cable in favor of a less expensive streaming service.
6. Choose an Account that Rewards you for Saving
Sometimes changes to habits aren’t enough to help us reach our savings goals. If you need more motivation to leave the extra money that you have stored away in your savings, consider an account that encourage saving. For example, savings certificates have a set term. During the term you choose, you will not be able to take out money from that account without facing an early withdrawal penalty. In exchange for limited access to your money, certificates typically have higher savings rates than your typical savings account from a bank or credit union. Firefly allows you to add to the balance of 12-month certificates
at any time, which can help you work toward a savings goal all year long. Select Minnesota Credit Unions also offer a savings account option called WINcentive® Savings
. With this account, if you meet certain savings thresholds each month, you’ll be entered into statewide drawings for cash prizes. If your goal is to save money for the holidays, many financial institutions also have Holiday Savings
accounts that kick the money you’ve saved all year back into your main account on a set date.
Take advantage of the new decade to gain control of your spending. Be aware that taking control of your finances is addictive. You're bound to feel less anxious about your future money needs when you take small active steps to save cash each week. You have a limited amount of money at your disposal each year, so use the suggested tips and other creative ways to save money to help you gain a financial safety net and more economic opportunities in the future.
Contents of this blog article are intended to provide you with a general understanding of the subject matter. However, it is not intended to provide legal, accounting, or other professional advice and should not be relied on as such. Information may have changed since the publication date.