How to save money in 2018

As 2018 is quickly approaching, we all try to set a New Year’s resolution to start off January on the right foot.

Many of us set similar goals that usually follow the theme of improving ourselves. Some common goals include: working out more, watching less TV, or cutting back and spending less.

Saving money is a common goal all-year round, which is why people make it their New Year’s resolution as a motivator to begin the year fresh.

The key to staying on track with your resolution is to make a reasonable goal. If you set an unrealistic goal, the likelihood of you ditching your goal is high.

If your goal this year is to cut back, here are the easiest ways to save money in 2018:

Set aside money, automatically

One of the easiest and quickest ways to save money is to set aside money, automatically. You have the ability to set aside a certain portion of your paycheck into a different account.

This is a convenient way for you because it is effortless. The desired amount of money would be deposited into the other account without you lifting a finger. This is a strategic way to cut back, in addition to save up for big purchases, such as a down payment for a mortgage or saving for a kid’s college tuition.

Your bank can easily help set up an auto transfer from your checking account to a savings account. Even the smallest contributions can make a big difference in the long run.

Not only will you have a little extra financial security, you will learn how to budget and spend accordingly with the leftover balance from your paycheck.

Eat out less, cook at home more

Majority of us are guilty of spending too much money on eating out. Restaurants have the freedom to hijack prices on the simplest dishes just so they can make a profit.

And we are more than willing to pay the price because it is prepared by someone else, which makes it more convenient for us.

However, if you are wanting to cut back, eating out less can dramatically help you save some money.

Not only will eating out less save you money, it is a healthier option, and more so than not, you will have generous leftovers, opposed to scraps.

The bottom line: cooking at home can save you money, you will eat healthier and you will cook more food for a lesser amount of money.

Ditch your cable

If you are not a frequent cable user, you are probably spending $70 or more per month just for services that are maybe being used twice a week.

Ditching your cable provider may be a strategic way to save some money if you do not watch a lot of TV.

Or, you can always substitute your costly cable services to a basic DISH live-streaming provider for a third of the cost.

If you are looking to completely rule out any television provider, there are always Internet movie streaming services, such as Netflix, Hulu, Amazon Prime Video, HBO Now and among many others. Not only are these providers extremely accessible, they are extremely cheaper than pricey cable packages.

Any of these options can provide you just as much television right in front of you for the fraction of the cost.

Buy a reusable water bottle

If you are one to buy bottled water daily, this can add up quite quickly. Just like daily coffee runs, that can add up even faster.

Most commonly, water is packaged in a plastic bottle, which is not the most environmentally friendly material.

So, instead of spending money on plastic bottles of water, consider buying a durable and reusable water bottle. If you end up spending a little more on a high-quality water bottle, you will save money in the long run and help save the environment.

People who own water bottles tend to drink more water than those who don’t. Which is another reason why investing in a nice water bottle can benefit you. The amount of water consumed will increase and the amount of money spent will decrease.

Join a warehouse club

Warehouse clubs, such as Costco or Sam’s Club, offer customers all-time low prices, in exchange for a membership fee.

Although it is an upfront membership fee, these warehouses offer their customers bulked items for a discounted price.

Buying in bulk can save you a lot of money if the item is used frequently. For example, toilet paper, coffee beans or hygienic products; buying these products in larger quantities can help you save.

Although it is tempting to buy everything you see, you still need to be reasonable and shop for things that are absolutely necessary and has a longer shelf life. If you live with one other person and buy a dozen apples, chances are, the will rot and be thrown away.

Pay off your credit cards

According to studies, the average interest rate credit cards hold are climbing at a steady pace. Recent reports have concluded that interest rates hit a dangerous high of 16.75%.

For most people, this means they will be paying a significant amount of interest for their credit cards in the upcoming year.

Even if your interest rate is at 10%, that is doubled the amount of interest that would need to be paid for a typical mortgage loan.

Start off 2018 by paying off credit card debt so you can save thousands of dollars in interest.