A new year means new opportunities in every area of our lives. For many people, 2021 will be the year to shore up finances, save some money and make investments that will pay off down the road.
But to get to a place of financial freedom, you need money first. Here’s a look at three ways you can save more money in 2021.
- Get a handle on your finances with a budget
Do you know where your money goes every month? If you want to find ways to save, the best place to start is looking at where you spend money.Create a monthly budget and take a hard look at your expenses. If you don’t truly need something, it could be a candidate to eliminate. Also, look to lower or eliminate fees like those attached to bank accounts. All those savings will add up.
- Look to renegotiate
In any budget, there will be areas that you can’t cut. However, you may be able to renegotiate what you are paying for the product or service.For example, your insurances, including car and housing, are also great places to look to either renegotiate or find an outright lower fee. You’ll want to review your insurance accounts and see if there’s a cheaper policy out there. If there is, you can try to get your current provider to match it.
You’ll also want to review your policies to ensure they are still adequate in terms of coverage. You might need less if you’ve had life changes.
- Utilize programs like commuter benefits
Are you commuting now? If so, you can save up to 40 percent on commuting costs tax-free by using commuter benefits.
You can save up to $270 per month tax-free from your paycheck tax-free to pay for commuting costs. And the money can be used for up to eight different commuting options, including mass transit, micromobility and parking. Commuter benefits help employers because they pay less in payroll taxes.
If you want to save some money in 2021, try our three trips. Any day of the year is an excellent time to set up good financial habits. But to truly maximize savings in 2021, you’ll want to do it right now.
For more information on commuter benefits, schedule a 15 minute call with a member of our team.