2020 is one of the weirdest years in the human civilisation or save money. It has changed the way people live. The years started at a reasonable pace but a bit bumpy due to specific issues ubiquitous in the world. Unemployment, for example, was a big concern and economies were on common ground in the struggle of attaining stability.
2020 financial issues are severe after corona
Corona pandemic has made humans a paradigm of vulnerability against the destructive tendency of human itself. Financial matters were among the immediate issues to come under notice. People all over the world lost their jobs; they got into the worst-case scenario in financial issues. The strain is not in control yet. The level of destruction in personal finances is unprecedented after COVID-19.
The race of revival is ON, and people are trying to attain back the control of their finances. Saving is one of the most critical issues for all. With an increase in the domination of debts and expenses on earning capacity, it isn’t easy to manage even the necessary household expenses.
After knowing how unpredictable life is, we all need to keep our financial pools for a bad time. For that, some saving ideas applicable specifically in 2020 are necessary.
Here are the 5 most effective ways to save money in 2020 –
1. Switch banks
Yes, the rate of interest and other benefits like cash incentives offered by the various banks are different.
- Switch to a bank that offers higher interest rates on savings and current account
- The options with a lower fee for monthly account checking fee.
- Facilitating the maximum number of ATM transactions in a month is also a big reason to switch to other banks
- Better offers on fixed deposit accounts can offer you a higher return on saved money
Just like above, there are many reasons to change your bank. In this way, you can save more and can reach the goal in a short time. However, do not forget to check the terms and conditions of the new bank. Also, do not get driven from the promotional offers of the financial institutions. Hidden facts behind the glittery words of promotion and promises may hold some other reality.
2. Automate money deposit for saving
Most of the loopholes on the part of saving exist due to the manual management of the saving targets. Make it sure with automation. Create an account with the auto-debit facility, and every month a certain amount will deduct from your income.
The method is necessary to make sure that you never miss any chance of saving those few pennies that become a saviour later. You can notice the difference between the traditional way of saving and the new one. It brings a substantial and positive difference in the saved amount.
3. Open a tax account
Saving is not only about gathering pennies in a small box or leaving a certain amount in a bank account. It is also about how smartly you use the money and manage expenses. Tax is a vital part of our income, and it takes a considerable part of our earning.
Among all the expenses, it is necessary to priorities. Make a separate account for tax, calculate the yearly tax you pay. Now, put an amount in that account that is applicable as the tax on your monthly income. Keep doing it every month, and at the end, you can use the rest of the money for other things without any stress. It also prevents a delay in tax payment.
4. Go green and save more
You know very well how much we spend weekly, monthly, even daily for our tiniest habits. They may be harmful to the environment and also take a big bite from our hard-earned income. Go green and you can be a friend of nature and can also save a considerable amount of money.
- Save electricity by turning off the lights etc. when not in use
- Embrace solar technology to feed your household needs
- Get healthier through biking and avoid for smaller distances
- Go for carpool
- Do not buy plastic water bottles, take your own
You can bring a massive change in your saving capacity by embracing small changes in lifestyle.
5. Remortgage to get a cheaper deal
The mortgage market is quite slow, but still, applications get into the process. If you are a mortgage holder and paying hefty installments due to higher rates, get a remortgage deal. Apply for a lucrative and deal, as it can help you save a lot of money.
The market is uncertain and unpredictable nowadays. You may not know how to find a suitable deal. Expert advice can act as excellent support. If you really need financing, using a reliable and established mortgage broker like Shine Mortgages can be a good idea. But do not forget to explore the other available options, as best choice demands in-depth research.
The final thought
2020 is undoubtedly a volatile year with multiple issues. Financial challenges are one of them, and saving is a big goal for the people now. But the above creative ways of saving money can quickly solve the concern.
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