Whether you’re hoping that 2021 will be filled with travel, or you’ve got some lofty financial goals such as buying a home or upgrading your car, finding out a way to save more regularly is an important part of achieving your goals. For many of us, 2020 has been clouded with uncertainty, both in terms of lifestyle but also our finances. If you’re wanting to get more money your savings account, so that you can have more security and more options, here are some tips for how to save more money in 2021:
1. Tighten Your Spending
Aside from earning more money, which not all of us can easily do especially if we are in salaried employment, tightening up your spending is one of the fastest ways to find spare money to save. If you’re used to having a coffee in a cafe each day, why not cut it down to a few a week. Maybe you’d usually go out for a few meals a week with friends or family, why not have them over? It’s a bit safer during these uncertain times too. Tightening your spending should leave you with a little extra to save each month, which will hopefully help pad out your savings faster.
2. Track Your Spending
Do you know where each dollar goes? If your answer is no, then chances are you’re probably not spending as well as you think. You don’t have to track your spending forever if you don’t want to, but set aside a month to track everything to see if you’re spending how you think. It can be a little confronting seeing how much you spend on groceries, or even online shopping – the amount may surprise you and motivate you to save more.
3. Create a Side Hustle
Creating some kind of extra income is a great way to have extra money to save. You can pick up a few hours a week working for a remote company, or you can even start offering some in person services, such as babysitting, photography, or helping with tasks around the home. You’ll need to see what’s in demand in your area, and what you can offer. Having a little extra income stream, no matter how small, is a great way to save a little extra.
Saving can be challenging, but it is one of the best ways to have more available money to pursue your goals. Hopefully these tips help you figure out how to save more in 2021.