Business Talk,  FIRE Financial Independence, Retire Early

Saving Money in 2021

What steps did you take in 2020 to save money?

As we approach the end of the year, now is a great time to take a look back and see how well you did with sticking with a budget.

Didn’t have one, or had one and didn’t stay with it?

My motto is if you fail the first time, the great thing is there’s always tomorrow and another chance.

Here are some things to think about in 2021

Getting Rid of Stuff You Don’t Use

I’m not talking about the treadmill you use once in a blue moon…although you could sell it and stash the money away for emergencies. I’m referring to the memberships, the apps, those extras that you signed up for and never use or don’t use often enough to justify spending hard earned money on. Look over your bills and see what can go. Lots of companies have a renewal feature that’s on a default setting when you sign up and because it becomes automatic we often forget to cancel. Make a list and ask yourself if you really need it. If not, cancel or change that default setting.

Wants and Needs

If you’ve been with BSG from the beginning you know I always talked about wants versus needs. Before you make a purchase ask yourself what category it falls into. Is it an essential need like food, rent, insurance or is it a want? A pair of shoes, a lipstick that looked so good on so and so and you want it too. It’s not about going without but making things a priority that prevents you from going into debt.

Make Saving a Game

Getting the whole family on board with saving is tough especially if you have children. Turn saving and budgeting into a game. My grandmother opened a savings account for me when I was eight and would send me pocket money on the understanding I didn’t spend it but added it to my savings account. It was fun and taught me to be a saver rather than a spender. Even turn looking for bargains and finding great deals into a game.

Start A Rainy Day Fund and Feed It

Another thing I’ve always prompted here at BSG is having a rainy day fund. Also, growing it to the point you’d have enough money for at least three months if the worst case scenario ever happened. A job loss, an illness, etc.

Make a Budget

Without a roadmap we often get lost so before the end of the year, write down your financial goal for 2021 and figure out all the steps you need to take to achieve it. Maybe cut out something, maybe spend less on a certain thing. Perhaps it’s time to open a business.

Reward Yourself

You’ve heard of cheat days when you’re on a diet, budgeting is no different. Jot down what you’re going to do to reward yourself if (and only if), you stick with your budget plan.

Look for the BSG Money Mindset Challenge in February

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