save money in 2020

5 Areas to Save Money Before 2021

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As 2019 comes to a close, it’s important to make goals to aim for in the new year. After all, it’s a year full of possibilities. One of the areas of your life you can improve and organize is your finances.

While this might not be as fun as trying to reduce your single-use plastics or planning more date nights with your significant other, it’s still a worthy endeavor.

Below, we’ve gathered some of the areas in your life where you can start to save money and cut out unnecessary expenses.

Gym Membership

It’s time to cancel your expensive studio membership that you never really use anyway. Gym memberships can cost between $100-$200 a month. Over a year’s time, you can save $1,000 or more by cutting this from your budget.

And you don’t have to give up on fitness if you stop going to the gym. There are plenty of free ways to get exercise in. You can walk, run, or bike. As they say, “outside is free.”

If you have trouble staying accountable, you can always find a friend who is willing to go on runs with you and text you if you’re having trouble leaving the comfort of your bed.

Your Car

When your ol’ beater is finally ready for a replacement, your first instinct might to be to invest in a shiny new car. However, before you sign on the dotted line, you might want to consider the alternative and buy a used car.

The value of a new car depreciates very fast. In most cases, it’s not worth it to buy a brand-new car. With that said, it’s still important to invest in a dependable used car. You should always check a car’s accident history before purchasing. This will help you avoid making an expensive mistake.

Your Credit Card

Credit cards are very convenient, especially when you typically treat your debit card more like a gift card. If you’re not sure what’s in your checking account, you might rely on your credit card instead so you can worry about it later. However, credit card debt is incredibly easy to rack up.

And depending on the interest rate of your credit card, it can quickly snowball. When your debt snowballs, it is harder to pay off and you end up paying a lot more over the long term because of your interest.

If you can limit your credit card usage over the new year, you will notice much more room in your 2020 budget.

The Latte Factor

latte factor

Say goodbye to your daily coffee shop trips if you’re looking for a little more daily spending cash. This is an easy habit to change. Instead of relying on your local shop, you can invest in your own at-home “coffee shop” accessories.

  • Invest in a hot milk frother so you can enjoy a foamy latte.
  • Purchase high-quality coffee that you love. This one is my personal favorite, and it’s military-friendly!
  • Buy an electric kettle to quickly boil water.
  • Get an AeroPress for an espresso-like coffee.

Your retail spending habits

Fast fashion isn’t just bad for the planet, it’s also bad for your wallet. When you buy fast fashion, the clothes are more likely to be of lesser quality. They might even last only one wash before you have to toss them. Not only does this create waste, but it means you have to replace your clothes more often.

Avoid this situation by investing in high-quality fashion that you can wear season after season. Try to stick to classic styles that aren’t subject to changing trends. Or, if you don’t want to drop a lot of cash on higher end clothing, you can also try thrift shopping as an alternative. You might be surprised by what gems you find hidden in those racks.


Budgeting and trying to stay more conscious of your spending can be difficult, especially if you’re used to spending what you have and living paycheck to paycheck.

However, by implementing some of these changes in your own life, you can enjoy a more robust savings account. And with more savings, you can put that money towards a vacation or pay off part of your student loan.

Money can be a sensitive topic, but it doesn’t have to be! Cut your expenses, think frugally, and walk confidently into a bright financial future!

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