Financial Detox: Ways to Save More Money in 2020

The start of the New Year comes with a lot of responsibility. As goals are set and resolutions are highlighted, everyone is bringing their ‘A’ game into 2020

Without say, detoxing and purging habits that don’t add value is at the top of my list. This is not just limited to health and well-being. What I am talking about here is a financial detox.

Every year, I assess my spending habits with the hopes of bringing superfluous spending to an end. No matter if you bring in six figures or less, everyone has at least one habit to kick that will definitely increase the bottom line. And increasing your bottom line will allow you to Save more, Invest more and/or Splurge on anything you once deemed unaffordable.

Trust me, it may seem like small potatoes but it adds up and the next thing you know you have a ton of additional disposable income to spend as you please.

The Latte Factor: The most obvious habit to kick is buying coffee at a cafe, which I do daily and sometimes twice a day. I realize what a waste of money that is, especially since cappuccinos in NYC average $5 and up to $7 if you ask for one with Oat milk. Crazy, right? My morning routine runs me up to $2,000k a year. It’s time to find another morning routine to look forward to. All honestly, my goal it to limit my daily cappuccinos to a maximum of twice per week. That would amount to an estimated total savings of $1,500 in 2020.

Subscriptions/Memberships: Unsubscribing to paid subscriptions is another obvious way to save money. Think: Annual Gym memberships. I will be canceling mine this week for various reasons: 1) I initially signed up for the gym to attend classes but due to my work/life schedule, I rarely make. b) NYC has a ton of studios with interesting classes I want to try but never did because of the guilt of having the expense of a gym membership. c) I have a gym in my building that does not require any fees to attend d) getting fit is a mindset and can be done anywhere without incurring a fee. Canceling the membership would save me an estimated $1,800 in 2020.

Food in General: Ever look at your credit card statement and think your eating habits can feed an entire third world country? I kid you not. Do yourself a favor and download your credit card statement and assess how much your food expenses are. It will surprise and scare you. The only way to save money here is to prepare your meals. I am aware that it is easier said then done. For me, there is nothing worse than spending $15 on lunch that never satisfies me or worse going grocery shopping and throwing out all the food you were too lazy to prepare. The worst truly, knowing that many people in this world do not have enough to eat on a daily basis. Dedicating time to prepare meals would save a lot of money and decrease wasted food.

Taking care of your things: The concept of everything can be replaced allows us to not properly take care of things. I am guilty of this and I don’t think I am the only one. Once I was cooking rice and burnt the pot. Instead of taking the time to scrub it properly right away, I left it be. Turns out, the pot had to be thrown out and replaced. The cost to replace it was $70, which did not break the bank that time but imagine if I had to replace it a couple of times? This was an unnecessary expense that could of went toward something else.

Become a Better Shopper: Limit the amount of articles of clothes and shoes you buy in 2020. Avoiding sales is a good place to start. Sometimes during a sale, I will purchase items and consider them a ‘steal’ because it is heavily discounted. Well, jokes on me because if I didn’t buy that item, that would be more money I could of had for something I actually need or want. Who else is guilty of shopping for things only because it was on sale?

My Financial Detox has begun.