2018 brings in a new year for us all. It is an opportunity for us to set some realistic goals especially when it comes down to our finances. In order to help make your financial goals successful, the number one thing you have to be able to do is save money! Saving usually means sacrificing more, but this is not always the case as you will see below. Here we will look at 5 top ways to save money in 2018, that you must start as soon as possible.
Number 1 of 5 Ways to Save Money in 2018
The most obvious way to save money in 2018 is to have an automatic withdraw from your checking account. Set this withdraw to occur on a specific day every month. It could be the first of the month or the second Monday every month, whatever it is, it doesn’t matter. To select the value to be removed from your checking account review your monthly budget in order to set an aggressive goal but make sure you can still pay your bills comfortable. A good balance is absolutely necessary as you do not want to be too conservative!
However, if you are the conservative type (I am) that’s OK too. The solution to this has to be part of your plan. If you have a conservative amount of money being pulled from your account, make a commitment that at every 2 month interval you will make a manual transfer of extra money saved in to your savings pit. This requires the honest system as you will have to make sure you commit to the savings and also commit to the transfer.
Don’t forget to take this money and invest it to grow it even further.
Number 2 of 5 Ways to Save Money in 2018
Spend less on (Routine) Entertainment
The second way to save money in 2018 is to take one piece of entertainment, shopping, eating out that you do every week or month and reduce its frequency. If you do not want to completely remove it, what you can do instead is just find 2 things that you can reduce.
For example, if you buy a coffee every single day but do not want to completely remove this from your routine do this – reduce its frequency by half. Buy a coffee only every second day. If you also take the family out for dinner twice per month, reduce the frequency by half. This combination will save money that you will notice after a few months go by.
Number 3 of 5 Ways to Save Money in 2018
Just Wait it Out!
This one is actually one of my very favorite as I do this without even meaning to. If you need to buy something that is relatively expensive, let’s say more than $100 dollars or so, here is one way to verify if you actually need it. Next time that you feel that you need to make an expensive purchase, try waiting it out. Wait it out for a period of 30 days. At the end of the 30 days, you may have realized that you don’t actually need it.
Often times when I wait out my purchases, I realize that I don’t need it as there is a huge loss of interest. Or simply because I realize that I wouldn’t use the purchase as much as I thought. This strategy is very powerful in slowing down purchases to the point where they do not even happen. Of course don’t try this on something that you absolutely need, this is not the point.
Number 4 of 5 Ways to Save Money in 2018
Eliminate the use of Credit Cards
Credit cards are simply just easy to use. Too easy. Eliminating the use of credit cards is a sure fire way to help save money in 2018. What you should do instead of carrying credit cards with you to make purchases is make all purchases in cash. When you are forced to make purchases in cash, it feels much more real as what you are carrying begins to disappear when shopping or even buying groceries. Self consciously you realize that you need to conserve the amount of money that you have in cash as it can and will run out as you spend it. This money saving technique works exceptionally well.
Number 5 of 5 Ways to Save Money in 2018
Pick up another means of making money.
I am a big believer in not just having one income source. Primary reason is if that one income source happens to disappear, you will lose 100% of your income. You then may not know for sure when you will be able to get that income source back. One of the ways to combat this is to earn extra money on the side of your primary job. There are many ways to do this. I would absolutely recommend finding a way to do what you love and make money at the same time.
For me this was making CAD drawings. I started my own CAD drafting business that I did on the side. This allowed me to save several hundreds of dollars more per month. The best part is I really enjoyed what I was doing. CAD drawings may not be for you and that’s OK, there are tons and tons more ideas where you just need to choose one and run with it.
BONUS – 5 Ways to Save Money in 2018
You have to make a plan with everything you do. Don’t just tell yourself you will do these things. Write it down, type it out. Do whatever you have to do to make certain that you will hold yourself accountable. My recommendation is writing it down on a piece of paper and then placing this on a wall in your room, kitchen where ever you can see it everyday and feel comfortable that it is displayed there. (If you don’t want people reading it, don’t place it in your kitchen.)