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The thought of saving money on a tight budget may sound impossible, but really, it’s not. Most of us tend to spend more than we need to, but this can be solved by simply being a little more organised and careful about how you spend your money. To help you manage your money more wisely, Nowloan provides 5 ways to save money in 2020.

Way #1: Monitor Your Spending

One good way to save money is by being more aware of how you spend it. To monitor your money-spending, keep a log of what you spend every day for the next month. You have two options to do this – using an app or a notebook.

In our current generation, there are apps for almost anything, including ones especially made to keep track of your spending. If you prefer writing things down yourself, you have the option to keep a notebook instead. Keeping a record of purchasing habits lets you determine if you are spending too much money on one or some particular things.

Way #2: Finding Great Deals

There is a smarter way to pay for essentials such as insurance, mortgage, and utilities. Simply go to price comparison websites to find the cheapest deals available for you. This tip also applies to supermarket shopping. If you haven’t already, you may try shopping online, it’s easier to resist the impulse of buying unnecessary items this way.

Way #3: Save Every Change

A good way to do this is to keep a change-keeping jar. At the end of each day, empty all your spare change inside it. This increases the chances of you actually saving it since you won’t have access to it whenever you go out. Once your jar is full, you may use the change-counting machines at supermarkets can turn your saved pennies into pounds. After this, you can put it towards your savings.

Way #4: Use Cashback Websites

On average, cashback website users are claimed to save about £300 per year. Making use of cashback websites is a great money-saving habit to adopt. Simply put, you earn cashback every time you purchase online. The money is paid within one to three months of completing a purchase. If you do lots of buying online, you could end up saving a huge amount of money after a year.

Way #5: Pay Off Your Debt

If possible, try getting rid of your student loan, credit card, and other financial debts as soon as possible. After that, start working on your savings account. It may seem ridiculous, but paying off your debt is one of the best ways to save money, because most loans come with high-interest rates, costing you a lot in the long run.

Conclusion

With each passing day, people are finding more ways to save their hard-earned money. Most of us are guilty of spending more than we need to. By observing how you spend your money and adopting some money-saving habits, you will be able to save money, even on a tight budget.