How to Save $2,020 (or More) in 2020


If you are looking for a resolution that will improve your health and your wealth in the year to come, saving money is a good place to start. Reducing your spending and saving more can reduce your stress level immensely by putting more breathing room in your budget. And if you do your job well, the end of 2020 will find you richer, happier and ready to make even greater strides in the new year to come.

Keeping those monetary promises is not always easy, but you will never know how successful you can be until you try. Here are some simple and relatively painless steps you can take to save $2,020, or even more during 2020.

Give Up Your Bad Habits

If you still smoke, giving up that unhealthy and expensive habit could save you more than $2,020. But more important than that, quitting smoking could also save your life.

Smoking is getting more expensive with every passing day, not just in terms of cigarette prices but in terms of health consequences as well. So do yourself, and your lungs, a favor and ditch those unhealthy habits.

You can also save money by cutting back on things like alcohol, fast food and other unhealthy substances. By the end of the year, you could have far more in your bank account and far fewer health concerns.

Ditch Your Bank Fees

It is easy to overlook banking fees, but you do so at your financial peril. With so many free options available, there is simply no reason to keep paying those high account fees.

Even if your monthly bank fee is a relatively low $5 a month, that is $60 out of your account by the end of the year. When you add ATM fees and other service charges, ditching those bank charges could save you several hundred dollars by the end of 2020.

Cancel Your Unused Subscriptions

From streaming services to magazines to online access, signing up for subscriptions is easy. So easy, in fact, that you could lose track of what you have signed up for and how much it is costing you.

Ferreting out these forgotten subscriptions and cancelling them could net you hundreds of dollars a year in savings, money you can use toward your $2,020 goal. So grab those credit card and bank statements and start searching for recurring charges; your bank account will thank you.

Join the Office Carpool

Filling up the gas tank can empty your wallet pretty quickly, especially if you have a long commute. Why not make this the year you finally join the office carpool, so you can save gas money and wear and tear on your vehicle?

If you carpool with three coworkers, you will essentially be cutting your commuting costs by 75 percent, and that could add up to more than your $2,020 goal. Just compare how much you spent in the 30 days before joining the carpool with what you are spending post-carpool and put the extra money in an emergency fund or savings account.

Target One Nonessential Expense

If you are still short of your $2,020 savings goal, targeting a single nonessential expense could get you there. That nonessential expenditure could be anything, from the daily cup of gourmet coffee to the twice weekly lunch with coworkers to the online purchases that seemed like a good idea at the time.

It is easy to lose track of how much you are spending on the nonessentials, at least until you sit down and run the numbers. Spending just $3 a day on vending machine snacks, for instance, could mean having $1,000 less in your bank account by the end of 2020.

The start of a new year is the perfect time to change your financial life. If you are tired of living paycheck to paycheck and wondering where your money went, why not make 2020 the year you turn things around? The simple steps listed above can help you get there, so you can end 2020 at least $2,020 richer.

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