With the start of a New Year, most of us have a New Year's resolution in mind. Why don't we take a resolution to save money? I guess that will be a better New Year's resolution compared to anything else. Here are some of the ways by which you will be able to save money this New Year:
Organize your finances: It's a new year. So, you can take steps in order to get your finances organized. You should get all your paperwork under control. Create a separate place to put the mail that needs attention. This will help you avoid losing important documents and incurring late fees. This will also help you in managing your finances in less time.
Create an emergency fund: Financial crisis can hit you at any moment. It won't give you a prior notice. In such a situation, the best option is to create an emergency fund. This will help you in handling an emergency medical situation or car wreckage without any problem.
Stop smoking and save your money: All of us know that cigarette prices vary from state to state but an average pack will cost around $6.00. So, if you quit smoking, you will be able to save around $180 each month which can result into a bigger amount at the year end. Also, it should be noted that as per a research, non-smokers pay 14% less for health insurance.
Cut down on fast food consumption: The fast food that you consume every evening leads you to spend about $90 a month or almost $1,100 on a yearly basis. However, if you reduce your fast food consumption and switch to a high-quality, pop-it-yourself variety, then you will have to pay a meager sum of $140 annually. Thus, you will be able to save $960 annually. With this money, you will able to buy a laptop or 13 months of unlimited smartphone service.
Save money by losing weight: You'll be surprised to note that shedding a few pounds might save you money. If your weight is in the normal range, you will have to pay $21 less per month for your health insurance on average, as per a research. The money you save in this manner at the end of the year will help you buy a mega-pixel digital camera or a stylish leather jacket. If you don't want to buy them, you can go for free health insurance coverage for about two months.