How to make and save more money in 2020

The new year is here, and that means that it’s time to start making a real and lasting change to your financial situation. You don’t have time to make excuses anymore about holidays and festive seasons, and the chances are that your wallet is looking extra slim after the Christmas splurge.

Fortunately, no matter who you are or what your experience with money might look like, there are ways that you can make and save more cash in 2020. Today, we’re going to look at the top tips to take with you into the new year.

1.    Switch your bank account

It might seem like an exhausting or time-consuming process, but switching your bank account could be well worth the effort. Your old bank will do most of the hard work on your behalf for you, moving your standing orders and direct debits to your new provider.

Crucially, switching accounts will help you to get rid of any fees and extra expenses that you hate about your old bank. At the same time, you might be able to track down additional benefits, like cashback rewards or savings accounts that come with extra high-interest rates. You can even find bank accounts with really cheap overdrafts these days too!

2.    Start the spring clean early

Why wait until spring to start clearing out your old clutter? The chances are that you’ll be spending more time in the house during the following icy cold months anyway, so make the most out of your time there. Clearing out your clutter will help you to find some old items that you can sell on online marketplaces like Facebook or eBay. You can also consider “renting” some of your stuff out with some of the newer sites on the market, like Fatllama.

Spring cleaning your house will also help you to spend less time on cleaning and organizing later too, so you’re less likely to be exhausted after a long day of housework and end up ordering a pizza.

3.    Improve your haggling skills

Most UK customers don’t even attempt to haggle on their bills. You assume that when you’ve been given a certain price by a company, that’s all you can expect – nothing more and nothing less. However, haggling on your household expenses can put a lot of cash back in your pocket. All you need to do is contact your suppliers of things like Broadband, gas, and electric, and start asking for a better deal.

If no-one will give you a good offer that you’re currently with, then you can always consider switching to a completely different provider. Like switching banks, the process is often a lot simpler and less time-consuming than it seems.

4.    Switch your mortgage

Speaking of switching the prices of your monthly expenses in 2020, don’t forget that you can cut costs on your housing situation by reducing your mortgage too. When you come towards the end of your current agreement with your mortgage provider – for instance, a two year fixed price, then you can start shopping around for better deals elsewhere. If you can afford the slight cost of hiring a mortgage broker, then that might be an excellent way to cut your costs even further.

Although you will need to pay to work with a mortgage broker, these professionals have access to deals that you can’t get on the market on your own. Switching your mortgage to a cheaper provider could save you hundreds every month. Additionally, it could mean that you can pay off what you owe on your home a lot faster than you initially thought.

5.    Invest in the future

Finally, remember that making and saving more money in 2020 means knowing when to invest in yourself. If you know that there’s a new promotion coming up in your workplace, but you need to be a whiz in Excel to get the job, then buy yourself a new PC and learn how to master the program. It might mean taking out a small loan to begin with, but the extra expense upfront could quickly translate into a better income for you and more opportunities in the years ahead. Just make sure you read the terms first, and pay back the loan on time.

Look at your current situation and ask yourself what it would take to get yourself into a better financial position. The only way to make a real change in 2020 is to start making progress in the right direction. It might be expensive at first, but the right investments do pay off.

Photograph by Steve PB

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