Did you know that the average American is carrying around $40,000 worth of personal debt? And that’s just the average. Thousands of people are stuck juggling hundreds of thousands of dollars worth of debt and are on the verge of declaring bankruptcy.
If you’re debt-carrier, you’ve got two options to remedy that situation: Make more money or save more money.
We recommend doing a little bit of both!
This article focuses on the saving end of that equation and specifically drills into what many experts are claiming to be the most unique ways to save money that will prove effective in 2020.
If you’d like to start getting your savings strategy in order for the new year, our recommendation is to keep reading!
1. Buy Used
Everybody wants new stuff.
New cars. A new television. A new phone…
The thing is though that new stuff is expensive and a lot of used iterations of the exact same stuff works just as well and are a heck of a lot cheaper.
To that end, we recommend that you shop used before you pick something new up. A quick search on eBay or Amazon should give you a number of gently used options that are worth looking into for wherever it is that you’re trying to buy.
2. Find a Better Financing Offer on Your Car
If you’re like most people in the world, you’re driving a car. Chances are that you also owe money on it.
Depending on how high your interest rate is, it’s possible that by doing something as simple as refinancing your loan, you can save hundreds of dollars on your car payment every single month.
Getting a car loan that’s good can be tricky if you don’t have good credit but it’s worth shopping around to see what offers are available to you.
Even saving $20.00 each month can mean a big difference at the end of the year.
3. Ditch Air Travel When Vacationing
Have you ever tried to fly a whole family somewhere for vacation? If you have, we’re willing to bet that it probably wasn’t a good experience.
Not only is paying for round trip plane tickets for a multitude of people expensive but it’s also stressful if you have young ones that are prone to misbehaving during long flights.
In our opinion you should ditch the air travel, save the cash and road trip to your vacation destination.
4. Revolutionize the Way That You Grocery Shop
People routinely spend way too much on groceries. By making a couple of small adjustments, you might put thousands of dollars back in your pocket annually.
Some quick suggestions to bring down your grocery bill include making a list prior to going shopping, couponing/buying things that are on sale and only shopping at the cheapest grocer in your area.
Those three tactics combined could literally save the financial life of a large family.
5. Plan Cheaper Weekends
Weekend fun is a phantom-money suck on many households. That’s why ditching traditional weekend fun is among the most unique ways to save money.
Think about it: You could go out to dinner this Saturday and watch a movie or you could buy something delicious to prepare at home and rent a few movies.
Both Saturday plans will make for a fun night but the second suggestion will save you a ton of cash.
6. Throw Out Costly Habits
Costly habits are (you guessed it) costly. They can make hundreds of dollars disappear from your bank account each month without you even knowing it!
For example, smoking. Some people go through a pack a day and at $5.00 or so a pack, we’re talking $150.00 per month.
The same is true with buying sweets, wines and other nice to have things that are best enjoyed in moderation (if at all).
Figure out what your habits are and see if you can curb or eliminate them. Cutting down just a little bit could have a huge impact on your savings.
7. Make Leftover Night a Thing
There’s a huge problem in America when it comes to wasting food. You can save money and help crush that problem all in one swoop by just being willing to eat leftovers.
The vast majority of what you prepare on any given night will hold for a few extra days in the fridge or weeks in the freezer so rather than throwing that extra beef, rice, etc. into the garbage, throw it on some ice and enjoy it again tomorrow.
8. Audit Your Subscriptions
Between Netflix, Hulu, Showtime, Epix and all of the other streaming services that we’re subscribed to, a lot of the members on our team are paying more for television now than we ever paid for cable.
If you’re like us, it’s time to start purging.
Figure out which monthly subscription services you’re actually using. If you’re using a certain service just a little or not at all, get rid of it and spend that cash somewhere else.
Closing Out the Most Unique Ways to Save Money in 2020
The new year is coming up fast people and if you want to make 2020 the year where you get your finances in order, you’re going to want to start shopping smarter.
Our list of unique ways to save money is a great place to start but is by no means comprehensive. Challenge yourself to come up with even more savings strategies and start building wealth in the new year.
Looking for more tips on how to afford your life/kids/everything else? If you are then you’re going to want to keep pouring over all of the helpful content that we’ve got waiting for you on our blog!