Top Ways To Save Money in 2020

Every year, many people spend tons of money during the holidays buying gifts and traveling which can easily put a dent in someone's pockets. By the start of the following year, most people usually tighten up their budget and adjust their spending habits to regain some of the cash spent in the prior year or try to save what's left of it. Here are some of the top 4 ways you can save money in 2020.

1. Eliminate unused memberships. Gym memberships will slowly decrease your account size over time if not being used. Try to avoid setting new year resolutions around making it to the gym 3-4 times a week if you will only commit for 1-2 months. In some cases, life happens and you're just not able to make it. What's also happening is $20+ is being deducted from your account on a recurring basic. At the very minimum, $240+ is wasted by people who only commit to the gym for the first few weeks of the year on a yearly contract. The same thing goes for unused streaming services and other memberships that take seemingly small fees out of your account that add up over time. Try to eliminate the memberships you are not actively using on a regular basis

2. Split membership fees with friends and family. You can save tons of money by splitting eligible family membership fees with people in your trusted circle. Music and video streaming services usually work on multiple devices per account. For example, If 5 people within a trusted circle each commit to paying for an individual streaming service and activates the accounts to work on everyone's devices, then each person could potentially have a Netflix, Hulu, Amazon Prime, Youtube Red, and other streaming services by paying one small monthly fee vs each person paying for all five.

3. Stop Eating Out. Aside from housing and operating expenses, food is usually a person's next highest expense. The average price of a chicken sandwich or value meal ranges between $5 - $10 in most U.S. cities. The average price of a dining in costs $12 -$20 per meal, not including tips. Based on a schedule of 3 meals per day, a person that eats out for every meal spends at least $75 dollars a week on food and on average $100. A pound of boneless chicken breast can range between $2-$4 dollars. A chicken sandwich usually contains a 1/4lb a chicken breast making the actual cost of the sandwich about $1-$2 dollars including bread. This is 1/5 the price of a chicken sandwich you would buy when eating out. The same costs principals apply to produce and perishables as well. Cooking vs. Eating out is a guaranteed way you can instantly save money.

4. Scale your spending based on needs rather than income. For example, If you get a $5000 annual raise, that doesn't mean eat out 2-3 more times a week or trade up to a newer car. Instead, invest this money into something that can create a return. If your primary focus is saying money, then why spend money on high end retail and luxury items that are only to impress other people and not actually fulfill the needs of your life. This habit will only build wealth for other people and will exacerbate current negative spending habits. Let 2020 be the year that you make a difference by saving your money instead of spending your money. What are some other ways that you can save money in 2020? Feel free to comment below.

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