Are you looking to start the year right? Learning how to save money and be strategic about your finances can help you successfully save for your long-term and short-term goals. There are many ways to save money. 

Whether you want to save for retirement, an emergency fund, or your dream trip, here are 12 easy tips to start saving money.

Keep track of your spending
When you know where your money is going, it’s easier to make changes in specific areas and see where you are overspending. Your bank may have an app that tracks spending or make a spreadsheet and track weekly and monthly expenses.

Separate needs from wants

Do you really need that new piece of furniture, or could the money be used elsewhere? Be mindful of what and when you are making new purchases. Create a budget and stick to it.

Direct deposit saving
Create saving goals and set up auto-withdrawal to have money directly deposited into your savings account to stay committed to them. You can usually set up an automatic transfer each month or bi-weekly.

Check insurance policies
Reach out to your coverage provider to review all of your active plans. You may be overpaying for some types of coverage, and there may be some discounts you aren’t taking advantage of.

Downgrade or remove services

Consider lowering your phone plan, looking for new internet packages, and limiting how many subscription services you have. Get rid of automatic subscriptions and memberships you no longer use.

Pay off debt

Focus on paying off your debt from the smallest amount to the largest.

Cut back on take-out
If you eat out weekly, consider cutting back to only weekends or every other week. This includes coffee!

Gifts, vacation, events

Is there any room for you to cut back when you’re making larger purchases, or is it worth waiting until you feel financially secure?

Credit cards

Be mindful of how much money you are putting on your credit cards. Avoid using them to pay for your bills, and it’s easy to lose track of how much you are spending on bills.

Get financial coaching

Getting support for your finances can help you get back on track and start saving. Webinars are also a great way to learn about finances and saving advice.

Coupons and deals

Don’t forget to check out the latest deals and promotions when you get groceries, office supplies, and electronics. Planning for meals and making a list is also helpful. At the same time, unsubscribe from retailers that you can’t resist. You’ll be less tempted to spend. 

Turn off the lights

Cutting back on electricity usage can help lower bills and therefore help you save money.