Is there anything more satisfying than finding ways for you and your family to save money?
Whether you are looking to create a rainy-day fund, want to plan your next family vacation, or are trying to get yourself out of debt and into financial stability, the right money savings tips are worth their weight in gold.
From cutting back on unnecessary monthly outings to becoming a more energy-efficient household, to consolidating your debts, keep reading to discover the top four money-saving tips that will revolutionize your finances and turn even the biggest spender into a thrifty saver! No matter what your plans are or how many steps there are to saving money for you, there is one thing you do know. You want to turn to one place and see your goals come true. One of the places for achieving this is through SoFi. They are there for your one-stop financial goals. You can track your money, finances, investments, and more all in one place.
Consider debt consolidation
When you have a lot of debt, it can be difficult to even keep your head above water, let alone actually put aside some money every month. That being said, if you don’t get into the habit of saving, you risk having to borrow even more money if something goes wrong. It’s a vicious cycle.
Fortunately, getting a loan for debt consolidation can be your saving grace, allowing you to pay off all your existing debts with one loan. Imagine being able to pay off your debt through a single monthly payment!
Cancel unused subscriptions and services
Are you a member of a gym you never go to? Or do you receive a regular magazine that you never seem to get around to reading? If yes, you are not alone. In fact, Americans currently spend $1.8 billion on unused gym memberships. That is a lot of money that could be better spent elsewhere.
Be honest when it comes to your unused outgoings. There is no point in trying to convince yourself that you will suddenly start working out or learning how to sew with a Simply Sewing magazine subscription.
If you don’t use it, lose it!
Whether you are ready to make significant changes such as installing solar panels or you want to start small with energy-efficient lightbulbs, making the decision to be a more environmentally friendly household can save you a lot of money. Plus, you can sleep sounder knowing you are doing your bit to make the planet a better place.
Simple ways that you can save money by going green include:
- Replacing your appliances with more efficient ones
- Turning your appliances on stand by
- Showering instead of taking a bath
- Putting a brick in your toilet tank
- Line drying your washing
- Switching to a green every provider
- Cycling or walking to work rather than drive
Get a side hustle
If you are not a massive fan of cutting back, then your other option when it comes to saving is to earn more. Side hustles, a way to earn money outside of your regular job, are becoming increasingly popular in the United States, with many households taking advantage of the digital age to make money on the side.
Topside hustle ideas for 2020 include:
- Start a blog
- Host with Airbnb
- Become a virtual assistant
- Teach English online
- Become a seller on Amazon
- Start your own podcast
- Become an influencer
If in doubt, find focus on doing something that you love. Although, of course, it also helps if you are good at it!