It’s hard to reach your savings goals when you’re constantly
wasting the cash that you should be saving. However, most people don’t realize
that they’re actively
wasting money. It’s tempting to think that the only time you waste your
money is when you impulse buy something that you don’t really want or need and
regret it later. However, you could also be wasting cash on food that you don’t
eat, services that you don’t use, and poor purchasing decisions.
Becoming more conscious of where you’re actually being
wasteful could be one of the best ways for you to change your relationship with
money in 2020 and get your bank account back into good standing. Here are just
3 ways to stop wasting cash in 2020 and make a difference to your financial
1. Don’t Buy Everything “Cheap”
A lot of your budgeting strategy in 2020 is going to revolve
around cutting costs. You’re going to need to strip some of the expenses out of
your routine if you want to have more money to put in your savings. For
instance, maybe you could switch energy provider to reduce your electricity
bills. You could also think about spending less money on clothes and simply
reusing the items you already have.
However, while good budgeting does require you to be frugal,
it also means that you need to think carefully about the value that you’re
going to get from each purchase. For instance, buying a car from a used dealer
from $2000 may sound like an amazing deal, until it breaks down after a week
and you can’t get a refund – then you’ve wasted all of your cash on something
that hasn’t gotten you anywhere.
Rather than just buying everything cheap, carefully assess
each purchase and think about it’s long and short-term value. Sometimes, you
might need to borrow money
to buy something like a new kitchen or a set of appliances, but those items
could pay for themselves in the long-term by adding value to your home or
making you more energy efficient.
2. Stop Wasting Food
Around 40% of the food supply in America currently goes to the landfill in the form of waste, according to research. Statistics like that say bad things about the environment in the US, but they also highlight the problem that many of us have when it comes to buying food. Fortunately, there are a lot of ways that you can cut back on food waste. For instance, try freezing the foods that you want to use later so that they don’t go bad as quickly.
You could even prepare entire meals in advance and keep them
in your freezer. That way, if you get home from work after a long day and
you’re too exhausted to cook, all you need to do is heat up your chosen meal.
You’re a lot less likely to order food to your home if you’ve already got a
meal waiting for you.
Another way to reduce food waste is to plan what you buy a
little better. Every time you’re going on a trip to the grocery store, take a
few moments to check which foods you have in your house. Make a list of the
items that you actually need, then stick to that list. Don’t be tempted to buy
the things that you see on offer when you’re browsing. It might even be easier
to stick to your list if you buy your items online rather than in-person.
3. Cut Down on Subscriptions
Finally, the number of subscription services in the world
has been increasing drastically over the last couple of years. It doesn’t seem
likely that these services are going to slow down any time soon. However, you
can reduce the amount you spend on them by cancelling anything you don’t
currently use. For instance, if you’ve been holding onto a gym subscription for
six months, telling yourself that you’re going to go one of these days, it’s
time to give up and cancel.
If you decide that you do want to exercise in the future,
you don’t need a gym membership to do it. You can always exercise at home
instead. Additionally, remember that you don’t need every television or movie
subscription service that’s available today. You can choose just one or two that
have the best selection of content and use those to replace your cable bill.
Go through your bank account statement to find out where
you’re wasting the most cash on subscriptions.