COLUMBIA, S.C. — When it comes to saving more money, Steven Hughes from Know Money Inc. says there are two ways to get to your goal: Cutting your expenses or making more income. Hughes joined News19 This Morning for Money Monday on February 3 and talked about three ways to do both in 2020.
1. Create specific spending plans/budgets around holidays or celebrations -
Hughes explained that some expenses are annual occurrences. We know we’ll spend more around our birthdays, anniversaries, and holidays so we should plan for them to keep our expenses in check. If you're having trouble keeping everything in front of you, make a plan. You can even check out a holiday planner to organize the spending for the rest of the year.
2. Create a debt elimination plan -
Credit card and student loan debt have both surpassed trillion-dollar marks. Hughes recommends sorting your personal debt by balance and interest rate and use the "debt snowball" or stack method to destroy it all. Make a plan to eliminate one of your debts before July 1, 2020. Once you hit that goal, set a new debt elimination goal for the end of the year.
3. Meal prep potluck -
You’ve probably heard of meal planning, but it can get boring after finding the staple meals that you cook regularly. Hughes says you can save money by working with a couple of friends or family members and plan to trade meals every Sunday to prepare for the week. You’ll save money, add variety to your meals, and help others do the same.