Smart Parental Financial Tips for 2020

Kevin Gardner

With 2019 approaching its end, many parents are currently looking to set goals for the coming year. This article is going to be sharing with you simple ways in which you can save a lot more money than what you did last year. None of these steps are too outrageous, and they won't require you to make big lifestyle changes. These are just going to be some simple small habits that you can incorporate very easily in your lifestyle and ensure that your finances are one less thing for you to worry about.

Budget and Set Goals

The first job, of course, is to set your budget and goals for 2019. It's an important step for you to do, no matter what stage of financial stability you are at. This insures that you have a certain specific goals to stick to, and you're not feeling very lost in the middle of the year. Take a few hours out of your busy schedule and make a list of your financial goals for 2019. What do you eventually need to arrive at is your savings amount for a month and your investment amount per month? But how do you do that?

You do that by doing some basic budgeting calculations, so sit down and write your income that you think you'll be getting every month in 2019. Also figure out your basic expenses that you're going to deducting every month in 2019. When you deduct one from the other, you will come to a point where you will know the exact amount of savings that, ideally, you should be doing every month. Do this early because this will give you a very stable gold to stick do in 2019. If you are seeking to invest in cryptocurrency, a crypto tax software will come in handy.

Set Daily Spending Limits

Now, more than ever, you're surrounded by so many different shopping options. In the previous decades, you had to step out of your home to be tempted to buy something. But now, with access to so many e-commerce websites, shopping has become so easy it's just a click of a button. You probably know how much amount of money you end up spending on these e-commerce websites every single month.

The most important thing you can do is to figure out a daily spending limit on things that are non-essential. Now, apart from the amount of money that you spend on things that are absolutely essential for your survival, like getting your groceries or water and everything else, set a daily spending limit on things that you think are non-essential. Instead of setting this goal for yourself in your head, make sure that you set it and write it down on paper, on your tablet or phone device, so that you're constantly reminded of your spending limit.

The moment you decide that it's only about $200 of budget that you have to spend on non-essential things every day, you will realize that you've started saving a lot more. Mark a few days out of every month as zero spending days. The goal of these days is to get by the entire day without spending a single dollar on non-essential items. You can start with just one or two days every month, and over time, when you get used to it, you can increase the number of days. But doing something like this is a sure shot way of increasing your savings.

Follow the 30 Day Rule

You’re constantly surrounded by shopping malls, shopping complexes and e-commerce websites all around us. What these things tend to do is they send you into buying things and spending money on things that you don't even need. A lot of times, the kind of money that you end up spending at these places are impulse purchases, which you may later on regret buying. The 30 day rule is where you buy something 30 days after you felt the urge to buy it.

These tips will help you improve your financial life in 2020. Practice them with diligence and you may save more money.