Always a top goal in 2020: making money and saving money. If you read my post with The Financial Gym (linked here) you will know that saving has always been a strong suit of mine. I am not into frivolous spending, I am good at taking the subway, not eating out and not shopping for things I don’t need. So in light of the new year I wanted to share a few tips I have learned along the way, that got me to the place I am today!
5 TIPS TO SAVING MONEY & MAKING MONEY IN 2020
Tip 1: Think before you buy. This especially rings true when clothes shopping or shopping for non-necessities. I rarely buy clothes first hand (which is a perk of my job) but when I do have an itch to go shopping I always, always shop second hand. This is a win not only for my wallet but also the environment. Even if you aren’t a fan of thrift shopping you can always use apps like Depop and Poshmark to shop! A few months ago I was looking to buy Kyle a new backpack and was able to find the exact one for half the price on Poshmark, rather than buying it brand new. Over time cross-checking second hand shops have realllllly helped me save.
Tip 2: You do not have to go to everything! You have the power to say NO. I will be speaking more deeply to this topic on our podcast episode coming out Thursday, but it is always OKAY to say no. This rings true especially in terms of mental health but also your wallet. This past year I said no to 1 wedding, 2 bachelorette parties and 2 bridal showers. It wasn’t because I didn’t want to be there, of course I did, but I knew with flights, gifts, going out, dinners, drinks, ubers, hotels, it wouldn’t make sense for me financially. I felt terrible having to tell the brides but on average, especially in your twenties, some people are going to 10 plus wedding and wedding related events a year!!! That is WILD. Between not living in the state, destination weddings, destination bachelorette parties, it adds up. So never feel obligated to attend everything. Pick and choose and save that money you would have spent, toward buying a house, rent, and your overall savings for the future. Your friends will understand and if they don’t, get rid of that negativity in 2020.
Tip 3: Find a side hustle. Side hustles are THE BEST. This blog used to be my side hustle for FOUR YEARS prior to taking it full time. Of course in the blogging world it takes time, hard work and patience prior to making money off of it but it will pay off if you stick with it!!
If blogging isn’t for you I highly recommend looking into other things that you could do in your off time or on the weekends. For me, once I started blogging full time I wanted to create a new side hustle for extra money that would go towards travel. That is when I found Rover! Rover (and the app Wag) are dog sitting and dog walking apps. They are great ways to earn a few more hundred to even thousands of dollars a month, just for sitting or walking someone’s dog. It’s a win-win! I also recommend looking into babysitting. My friends have used these sites in the past and have loved them to find families in need of sitters: Care.com, SitterCity.com, UrbanSitter.com.
If the above aren’t your thing, below are a few ideas friends of mine have done as side hustles. Freelancing their talents on FIVRR (amazing app) or TaskRabbit! Sold things they have created on Etsy, bought and sold clothes on Poshmark or Depop for a profit, or worked as a yoga, cycling, or workout instructor before/after work!
Tip 4: Rethink how you purchase meals/food! For starters Trader Joe’s has changed my life. If this is an option for you in your community then try and make it your go-to grocery store it will save you SO MUCH. If not try and locate your most affordable grocery store and stick to it! If you do eat out for lunch or dinner try to make it so you only eat half. Then save the other half for lunch or dinner the next day! When I worked at Macy’s I used to always do this when I had no other choice but to run out and get food. Another option if you don’t have time and need to pick up lunch each day and are a New Yorker, get on Mealpal! Kyle uses this and it saves him tons and helps him eat healthier! You can learn more about it HERE. Overall try to limit your seamless/postmates/uber eats intake and go to the grocery once a week!
Tip 5: Give up a habit! For me it was coffee/Starbucks. About three years ago now, I stopped drinking coffee all together. This was more for anxiety reduction than money, but it ended up saving me in the long run. For some people, I totally understand, if your coffee run is a non-negotiable. We all have those things we will never give up to save money. For me mine is going to Equinox and nice work out classes!
However each year I try to change one thing. Last year it was cooking my lunches rather than going out – which I stuck too! This year I am really trying to not ever take Uber, unless I of course need to and if I do try and make it an Uber Pool instead of an X. We all have our habits and each year we can chip away at one or get better at one overall!
Would love to hear your resolutions in the comments below!!