2020 has been a transformative year for many. The uncertainty and upheaval caused by the pandemic have prompted many people to rethink everything, from where they live to how they spend their money. With that in mind, here are five tips to help you spend your money more wisely in the New Year.
Return Any Unwanted Gifts
You should be grateful for every gift, but that doesn’t mean you have to keep it at the bottom of your wardrobe for the next 10 years. If Aunty Doris has bought you another jumper that you’re never going to wear, either take it back to the shop she bought it from – if the return’s policy allows – or sell it online. If there are no takers online, then donate it to a charity shop. Although that won’t save you any money, at least it may get some wear.
Introduce No Spend Days
The coronavirus restrictions may have got you more used to days where you spend absolutely nothing at all. You should continue this new habit into 2021 by introducing one or two no spend days a week. Plan them in advance to make sure you have enough food in the house and to ensure it falls on a day when you don’t have any unavoidable expenses or social engagements.
Find a ‘Checkmate’
This innovative tip comes courtesy of Wonga’s New Year Savings blog post, and could actually turn out to be quite a lot of fun. A ‘checkmate’ is someone you run potential impulse purchases by before you splash out, and you can do the same for then. That introduces a level of objectivity into your purchases to help you manage your spending.
Here’s how it works in principle:
You: ‘Remote control helicopter?’
Stop Buying Clothes
How many of the clothes that you already own do you actually wear? 5%? 10%? The answer is, not many. Rather than adding to the already ridiculous pile of clothes you have, why not go through your wardrobe and rediscover those that you used to love but haven’t worn in years. Your bank balance will thank you for it, and so will the environment.
Always Check For Discount Codes
Every time you buy something online, before you go to the checkout, it’s always worth taking five minutes to search for discount codes for the store you’re buying from. Discount codes that give you 10% or 20% off the purchase price are commonplace, and when making a more expensive purchase, you can stand to make a big saving. Here’s a guide to help you find discount codes online.
Do you have some money-saving tips that’d you’d like to share? Please leave yours in the comments section below.