5 New Year’s Resolutions That Will Save You Money

2019 is coming to an end and it is no surprise that plans are springing up from left, right and every corner. People are going on adventures, making amendments and readying for improvements. Positive personal, social and overall changes to the individual lifestyle of most people are definitely highlighted on the table of things to develop in the New Year. To make it a perfect list of resolutions, one key thing to put at the top of your to-do list for the New Year is to cultivate the habit of saving money. You can create a safety net for yourself, while exploring several opportunities, by saving money with these New Year’s resolutions!

 

Live by a budget

 

Having a budget is the best way to save money. You can start by making smarter decisions about what should be on and off the budget. Let the necessities be reflected and leave a little for contingencies. Living by a budget will help you reduce the incidence of unnecessary expenses and therefore, save more.  

Want to save money while making the perfect list of new year resolutions. 

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Quality first, always!

 

 

While it is truly enticing to buy more at a cheaper rate, in the New Year let your policy be to buy the best you can for the lowest you can. Not necessarily the largest number you can buy. One quality product that lasts long is better than a cheap product that requires constant changing. Save yourself the stress and expense of constant repair and replace it by going for quality items only. 

 

Want or need?

 

This resolution should become a mantra as you go into the New Year. Before making a purchase of any sort, ask yourself ‘is this product a want or a need’. Wants are in-the-moment urges that wear off if suppressed while needs, on the other hand, are essentials to your lifestyle. To save more, cater to your needs more than your wants! 

 

Multiple streams of income

 

The best way to save more is to earn more. Make it a resolution to seek multiple streams of earning legitimate income in the New Year. Look for side gigs that won’t infringe on your daily job and earn something extra that can help you save more -comfortably. 

Invest in your retirement (RRSP)

 

 

Options like the Registered Retirement Savings Plan (RRSP) in Canada help you save up against retirement by providing options for profitable investments. By investing, you are not just saving, you are saving towards a defined goal! 

A money-saving lifestyle doesn’t have to be an over-the-top level of frugal. You can make simple changes in your habits and preferences to give you more money to tuck away in case of a rainy day!

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