5 New Year’s Resolutions That Will Save You Money in 2019

Now that you’ve spent all your money selflessly buying Christmas and holiday gifts for others to end 2018, the time is now to start looking for ways to look after your money and build up some savings that will enable you to give even more generously in 2019 and beyond.

Here are 5 New Year’s resolutions that will save you money and allow you to be more financially free.

Get Credit Card Debt Free:

This is easier said than done but the benefits of becoming credit card debt free are too big to look past.

Depending on the amount of credit card debt you have, and how much you’re able to pay off each month, a large portion of your credit card payment can be just paying off the interest. Don’t let that $100 knife set you got for your in-laws, whom you love oh so much, turn into $150+ with interest.

Once your credit card debt is paid off, that will help you with other financial commitments you have. For home and auto insurance, for instance, having a good credit score can save you up to 20% off your annual premium amount.

Read also: 5 Ways to Increase Your Credit Score

Budget:

Simply put, having some type of budget will help you spend your money more wisely than having no budget at all. Whether on your smartphone or with a pen and paper, creating a budget breaking down your monthly income and expenses will help you be more fiscally responsible, more aware of your financial situation and able to know when you’re in a position to treat yourself.

For expenditures, consider your housing/accommodations cost, utilities, phone/cable/internet bills, transportation costs, groceries, health and fun money (you have to go to a movie or out to eat every now and then!).

Put Your Money to Work:

2019 is as good of a year as any to learn how to invest and make profits off the money you have. Learning to invest can help you in both the short and long (retirement) run.

Some employers will even match RRSP contributions up to a set amount each year. Being able to be in a spot where you can contribute to your RRSP is a great way to double your investment right away if this is something your employer does.

Have an Emergency Fund:

No one likes unexpected expenses that can ruin your well-thought-out budget. If you’re able to set aside some money as an emergency/rainy day fund, that can help lighten the shock of needing to replace a broken appliance or automobile part.

In the unexpected event of losing your job, it’d also be nice to have a couple months worth of income saved that you can live off of as you search for your new career.

Read also: 50 Ways to Lower Your Cost of Living

Be Frugal:

Being frugal can mean missing out on some fun. That said, it’s better to miss out on some fun than have to pay off trips, vehicles, items you cannot afford.

Doing these five steps can put you in a more comfortable spot to say a stress-free yes to a winter vacation or updating your golf clubs in time for the new season.

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