The new year has started a while ago. It was a time of counting New Year’s resolutions… and by the time you read this, you have probably failed yours (New Year’s resolutions almost never stick, and that’s a fact). So, it is time to get serious about saving money in 2019. If you haven’t become a millionaire by now, chances are you won’t make your first million in the short term, unless of course you win the lottery or place some great bets at Betway Thailand. So, let’s take a look at a few methods that you can use to pinch pennies and spend less in 2019.
Start a spending diary
If you haven’t already, this is the best time for you to start a spending diary. If you wonder what a spending diary is, let me tell you that it is exactly what it sounds: a diary of every amount you spend, much like the accounting of a company. A spending diary has many benefits, with the most important one of them being that you will be able to see how much you actually spend on various things in a month (and probably be surprised of it) and start building a budget based on that information. The other major benefit is that, most likely, once you realize just how much money you are spending on unnecessary things, you’ll find yourself cutting back right away.
Build an emergency fund!
A survey conducted last year has revealed that the vast majority of US citizens couldn’t handle an emergency expense worth $400 – repairs around the house, medical emergencies, and such, in turn, tend to cost a lot more. So, you’d better be prepared. Building an emergency fund doesn’t have to be tedious – you can add a small amount to a piggy bank or a separate bank account each month and stop whenever you feel comfortable with the amount. What’s important is to have some money to reach out to when unexpected expenses emerge – and not stressing about where to turn for money when they arrive.
Reduce your social media use
If last year’s repeated scandals were not enough of an incentive for you to use as little social media as you can, here is one more reason to cut back on Facebook and Instagram: it will make you spend a lot more money. The reason, of course, is one of the most widespread internet-related conditions today: FOMO – your fear of missing out.
Seeing all your social media peers share pictures of trips and meals, gadgets and jewelry online will make you feel like you need to keep up – and spend more. A study conducted last year by a credit rating company in the UK has shown that around half of all social media users in the country have taken out credit to buy stuff they’ve seen on social media and that a quarter of them had trouble paying it back.
Keeping away from social media will help you feel more contempt with where you are – and spend much less in the long run.