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I don’t know how many times I’ve started a new year out with one goal –save more money. It’s like I have really good intentions, but then I make excuses and by the time the year ends, I end up with even less money in my savings than I started with. Have you ever done that?
I see people all the time that are good at saving money and I would really love to be more like them, but for some reason, I’m always wondering why I’m still not saving money? That’s why for 2020, I’ve finally done it! I took a good, long look at my bank account and figured out why I’m still not saving money and I bet some of the reasons I’m not saving money are some of the same reasons you’re not neither.
That’s why today I’m breaking it down and telling you 7 reasons you’re still not saving money in 2020. Check them out.
Why You’re Still Not Saving Money in 2020
You’re Still Spending Way Too Much Money on Subscription-Based Services (Can’t choose between Disney Plus and Netflix, I’ll Keep Both!)
I knew it would come down to this, one day, but I was really hoping it wouldn’t be yet. It’s time to choose or say goodbye to subscription based services.
I’ve gotten so used to having Netflix, Amazon Prime, and Apple Music every month, that I forgot how much I’m spending every month for those services. Add all of those services up and I’m easily spending over $30 (plus) a month that I could be saving! Calculate that $30 a month by 12 months and you could easily have $360 in your bank account by the end of 2020! Not a ton of money, but it’s a start.
If you’re wanting to save money in 2020, start with cutting down and canceling those subscription based services for a savings of at least $100 a year or more.
You’re Buying Tons of Things You DON’T Need
You know that Ariana Grande song where she sings, “I see it, I like it, I want it, I got it ,” yeah I’m all about that mindset. I love to have nice things and most of us do. But do we really need 4 guitars, 6 diamond rings, and 30 pairs of heels? Probably not.
That’s why for 2020, if you really want to save money, you need to stop buying so many things you don’t need. It’s so easy to get caught up in the latest fashions and technology, but when you’re trying to save money think of it this way, if it ain’t broke, don’t fix it.
Using this mindset throughout 2020 can save you hundreds, even thousands of dollars!
You’re Eating Out Everyday (I hate to cook!)
I’m probably a little too guilty for this, but eating out every day can get so expensive. Unless you’re eating dollar menu, every day, for just one person, you’re seriously wasting hundreds of dollars a month that you could be saving!
Whenever you think about how much money you’re actually nickeling and diming, especially if you’re still eating at home, you’re really doing more harm to your bank account than good. Plus, not to mention, the health risk you’re putting on your body.
Considering it only cost roughly $3 to make spaghetti for a family at home and $7 for a cheap meal at most restaurants, per person, you’re wasting hundreds of dollars a month.
You’re Still Buying Coffee ☕ When You Go Out
I know what you’re thinking, Starbucks is so good though. Even though I’m more of a Dunkin Donuts person, I get it. Buying coffee whenever you’re out is always much better than drinking it at home, but it’s also much more expensive.
It only cost a few cents a day to make coffee at home, but when you’re buying coffee out, especially at Starbucks, you’re easily wasting $5 or more a day! Add that all up and just 1 coffee, every day for a month is a whooping $150! Meaning 12 months worth of your coffee addiction would save you over $1,800 in your bank account for 2020! That’s probably enough money to go on a family vacation which would probably be more worth it.
Since I personally understand cutting out coffee whenever you’re out is hard, do this instead. Purchase one of these tumblers to keep your coffee hot for hours, buy some of this coffee creamer and use these coffee pods and it will almost taste just as good as the real deal.
You Drive 20-miles to Save $5
I’ll admit, I’m guilty for this. The other day, I had a free Redbox code, so I wanted to drive 20-miles to the near Redbox and get my free movie. Renting that same movie on TV was only $4.99, but I felt like it was cheaper to drive and get the free movie. What I wasn’t thinking was, I was wasting 2 gallons of gas just to get one ‘free’ movie. Those two gallons of gas would have cost over $5 with gas prices, so I was actually spending more money just to save money. Not real smart, is it?
It’s so easy to feel like you’re saving money driving further down the road, but sometimes when you really look at what that ‘free’ item or cheaper item actually cost, it cost more than something you can get a little bit closer to home.
When you are trying to save money, it’s so important to look at every factor and not get roped into feeling like you’re getting a better deal when you’re really not.
You Don’t Have Extra Income
I get it! Life is expensive and we are all busy. But, if you don’t have that extra income for 2020, you may find it even harder to save money in 2020! That’s why it’s so important to find some sort of way to make extra income, so you can bank even more money and get to your savings goal even faster. Even if time isn’t on your side, you could always take up online selling because I’m sure you probably have clutter laying around your house anyways.
Websites like Poshmark and Kidizen make it easy to sell your old clothes online and are a great way to make extra income in 2020.
You Don’t Want to Sacrifice Your Lifestyle
You don’t have to tell me I know it’s fun to spend money. I mean after-all, I don’t want to give up my designer clothes and adventures to start saving money – that’s so boring! But guess what, no one wants to do that, but if you want to get ahead in life and build a savings account, you might have to do that.
In the words of financial guru, Dave Ramsey, “live like no one else now, so you can live like no one else later.” Think about that saying every time you want to spend money and you may just want to start saving more and spend less.
If you really want to save money in 2020, you really need to look at where your money is going and make some major financial changes. Saving money is never easy, but with some hardwork and sacrifice, you can have a savings account that you can be proud of.
Feel free to share this post with other who are trying to save money. Tell me, what is the hardest thing you gave up to have a bigger savings account?