The New Year is finally here, and as far as resolutions are concerned, financial success is one of the most popular ones. It’s becoming increasingly difficult for younger people to save money and get on the property ladder, thanks to the high inflation and interest rates. There are numerous ways of saving money or getting additional income — including options such as installment loans — but most of them call for fundamental changes in the way that we manage our finances.
The Christmas period can be financially draining, and when its finally over, many people find themselves in a financial crisis. Whether your New Year’s resolution is to become stricter with your spending or open a savings account, here a few money-saving tips to ease your money woes:
Weigh Your Transportation Options
According to a 2016 article in Forbes, engaging in thrifty modes of transportation can save you money. The biggest way to save money that way is walking, but when that’s not possible, there are other ways to reduce the money you use to get from one point to another. If you have to drive, carpooling or sharing a car can help you save money. The bus, subway, and other modes of public transportation are easy options when available.
Limit Online Shopping
Buying stuff online is easy. All you have to do is place an item on the cart, make the payment, and wait for the delivery. As a result, many people develop a habit of making frivolous purchases online, which reduces the amount you have for savings. If you are a frequent online shopper, avoid creating accounts with your favorite sites as it makes more convenient to make a purchase. Having to enter a shipping address and your credit card number every time you make a purchase can make online shopping less tempting.
Make Bagged Lunches and Stay in For Dinner
Eating in on the weekends and bringing your bagged lunch to work can save you a lot of money. In November 2015, USA Today reported about a survey that showed that an average US citizen spends $1,043 every year eating out for lunch. Yahoo Finance reports that eating in restaurants has increased by 2-3 percent every year. That’s a trend that anyone looking forward to making some saving this year needs to move away from.
Limit Credit Card Usage
It’s very easy to lose track of home much money you are using if all you do is swipe your card. Therefore, in most cases, the use of credit cards often leads to difficulty in saving money. You are more likely to save money if you use cash and set a strict limit for yourself. That way, you will always be in control of your spending, which can help you save money.
If you happen to find yourself in a sticky situation financially, worry not. There are ways to get out and get back on your feet. Utahans and Idahoans can get installment loans — repaid in a set number of scheduled installments over time — from Money 4 You Payday Loans. Call us or visit our website to apply.
About the Author:
Mike is the owner of Money for You Pay Day Loans in Utah. He has been serving the community for over 20 years and has kept that small-town, friendly business feel from the start.
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