5 Money Saving Tips for Financial Wellness in 2020

Saving money is really tough in today’s world when living good life has become very expensive. Just when a consumer thinks to save a little from his paycheck, he suddenly encounter an emergency financial need in the form pf medical expense, a car repair or a utility bill. None of these situations could be ignored and demand immediate cash flows. So, why not save emergency funds to handle this kind of scenario. No doubt, saving is a long-term project and it takes lot of sacrifice and patience but it does deliver financial peace in the long run.

There is plethora of reasons to believe that saving money would be a little easier in 2020 as compared to previous years. Here are some of the tips to save money that could be used by the consumers in coming year:

1. Use Budgeting Apps

We all are fortunate to be a part of tech-savvy era. The technology has given several budgeting apps for the financial well-being of the consumers. They are considered as the most useful money management tools providing users with updated information about their finance and expenditures. Many such apps allow the users to link to their  bank account and automatically categorize spending, allowing to keep track of all the expenses and suggesting budgets accordingly. They also help to save by enabling the consumers to analyze the spending patterns and saving a part of it.

2. Save on Electricity Bills

With the advancement of modern technology, paying utility bills is becoming a lot easier. An average person spends about 15-20% of the income gets spent on services like:

• Gas Bill
• Electricity Bill
• Home Insurance
• Mobile Phone Bill
• Broadband Bill
• Car Insurance

A lot of money can be saved here by substantially lowering the cost of your utilities by switching suppliers from time to time. Just log onto a price comparison website and look for the cheapest deals. Also, the very first step is to stop auto-renewals and auto-payments and challenge your utility suppliers when a contract period comes to an end. Even a call to switch can lead to lower premium packages in the future.

3. Use Cash Back Websites

There are various cash back websites available over the web today that claim to provide its customers the cash back money on making a purchase. So, instead of shopping or availing services from random dealers it is brilliant idea to use cash back websites. This will help you in indirect saving as you may pay full payment at the time of purchase but later on you will receive some %age of the original payment as a cash back that you can keep as savings.

4. Reduce Tax Bills

Every body pays tax but you can save that amount by signing up for a tax-free savings accounts. It helps to avoid paying tax on any interest when a consumer earn up to a certain limit per year. Also, the investment and savings accounts allow to save tax money by reducing accounting bills.

5. Use Family Subscriptions

All the family member use almost same kind of services so instead of having individual subscriptions it is wiser to have. More and more companies now offer family packages specially on utility services which consumers a large part of your earnings. So, by using a family package you can save a lot of money.

Hopefully, by using these small tips you can save a good amount to meet emergency cash needs in 2020. If you will still need extra cash, you can always go for a guaranteed approval payday loan with no credit check.