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Many people woke up on New Year’s Day eager to start in on their resolutions. Some set goals of losing weight or becoming healthier while others want to give up a bad habit.  If you haven’t decided on a resolution or are looking for another way to improve yourself this year, follow these 10 easy ways to save money and become richer in 2018!

Limit credit & debit card use

When you swipe the plastic or insert the chip, you’re completely disconnected from the money you spend. There is no physical exchange taking place, so you’re more likely to lose track of how much you’re spending.

By carrying and using cash, you’re more likely to track how much money you have on-hand, and how much you have spent within a given period. When you are conscious of how much and how quickly you’re spending money, there tends to be a dramatic shift toward purchasing conservatively. Use cash to set a strict limit for yourself and you’ll easily save more money.

Eat-in and make sack lunches

Although you may not get much enjoyment out of prepping and cooking meals, it is a great sacrifice to make if you’re interested in saving a lot of money. Eating out is obviously an easier option, but it can add up over time. For example: let’s say you leave work to get lunch each day and only spend $5, even though you’ve found a pretty cheap lunch you’re still spending almost $100 per month. Now take that example and apply it to a more expensive meal like dinner. Even if you only eat out once or twice a week it will add up quickly.

Although it may not be the world’s best tasting meal, try making your own breakfast, lunch, and dinner for a month and see just how much you can save. We guarantee it will be enough to make you want to continue eating in.

Use money-saving and money-management apps

Advancing technology is a beautiful thing because it’s really good at helping you spend money, and also helping you save it! By using apps, websites, and services like SavingStar, Checkout 51, Mint, and Mvelopes, keeping track of spending is much easier. You’ll also be given coupons, discounts, and cheaper purchase options when using this thrift-conscious tech.

Set limits for online shopping

The worst mistake you can make is to create accounts on popular shopping websites and saving your credit card numbers to them. Not only is this an unsafe practice due to identity theft (or worse), it makes it much easier to spend money without thinking about it. Having to create a new account or enter your card number for each purchase may even deter frivolous purchases all together!

Earn cash back

Using ebates.com or topcashback.com when shopping online will help you earn cash back. There’s an assortment of rebate apps such as Ibotta, Shopkick, Drop, and Checkout51 that can also be leveraged to save yourself more money.

Clip coupons

Old-school coupon clipping is a great money saving practice for those who have a little prep-time on their hands. Going through weekly newspapers and looking on each stores website for additional coupons can get you steep discounts and great bargains. Modern tech can also be incorporated into this process by using popular savings apps like Target Cartwheel, which is available on the Target app. Walmart uses Savings Catcher which is available on their app as well.

Reward programs

Stores commonly offer reward programs which give patrons money off purchases, birthday freebies, and sign-up bonuses. These perks are worth it if you don’t mind getting promotional emails or mail pieces sent to you regularly. One way to avoid the emails and mailings is to set up an alternate email account just for rewards programs.

Use the library

Rather than buying a much-anticipated book from a retail store, try checking it out from the library. Even if you only read once in a while, a library membership is a good investment. Many people don’t realize they can also check out movies from the local library, an incredible money-saving idea. Hold off on buying the newest bestseller and see if it’s available at your library

Cut the cord

Streaming services such as Netflix, Hulu, SlingTV, and Amazon are great alternatives to cable and are going to get even better as more people cut the cord. All you need if you’re considering cutting the cord is a SmartTV or a streaming device such as a Roku, Apple TV, Google Chromecast, or an Amazon Fire Stick. These devices come with a variety of options and pricing structures, so do a little research and find the one that fits you best.

Save your savings

Competition makes everything more interesting, so why not try a savings challenge! One to consider is the 52 Week Money Challenge. Deposit $1 on the first week of the year, $2 on the second week and so on throughout the year. In the end, you will save $1,378. Consider reversing the challenge since budgets are a little tighter during the holiday season. Deposit $52 the first week of the year, $51 the second week and so on.

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Disclaimer

The material provided on this website is for informational use only and is not intended for financial or investment advice. Kerndt Brothers Bank and/or its partners assume no liability for any loss or damage resulting from one's reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management.