Looking to increase your wealth in the new year? Take a look at these seven spending tips that will keep your pockets full and your budget balanced.
1. Practice the Two Week Rule
To curb impulse spending that drains your bank account, hold off on buying a new jacket or tech gadget for two weeks. Do you still want it after that much time has passed? If so, go ahead and splurge a little. If not, you don’t need it.
2. Automate Your Savings
If manually deciding how much money to save each paycheck sounds daunting, set up an automatic deposit that puts of portion of your money in a savings account. Your emergency fund will grow without any work on your part.
3. Get Creative with Paying Off Debt
Don’t wait to pay off debt. High interest rates can sneak up on you and end up bogging you down. Sell old clothes, start a side hustle, or sacrifice meals out with friends for a few weeks to help pay down debt.
4. Cook at Home More
Spending money at restaurants can be a big reason for feeling broke all the time. Save hundreds of dollars by experimenting in the kitchen at home and eating leftovers for lunch.
5. Get Organized for Tax Season
Create a file or binder dedicated to your taxes. Store all your past forms and tax returns in case you ever need to look back at them. If you need it, get professional help to ensure you’re claiming the maximum amount of deductions or receiving a high enough return.
6. Consolidate Subscription Services
Are you paying for Netflix, Hulu, HBO, Spotify, Pandora, and Apple Music? It might be time to pick just one. Even with low monthly fees, they certainly add up. If you can’t part with a service, consider splitting the subscription with a friend so you can both binge watch shows and listen to Beyonce.
7. Maintain Your Car
Unexpected car expenses can be one of the biggest ways to drain your savings. Take your car in for regular checkups, replace parts when they’re needed, and don’t ignore warning lights on your dashboard so you can spend less money in the long run.