Three Quick and Easy Ways to Save (or Make) Money in 2020

Three Quick and Easy Ways to Save Money in
2020 In today’s video we’re going to talk about
quick and easy ways to save money in 2020. Stay Tuned! If there’s one thing I’ve talked about often
on this channel, it’s the importance of having an emergency fund. An emergency fund
acts like a shield between you and high interest debt. In the book The Total Money Makeover, Dave
Ramsey notes the importance of starting off with a $1,000 emergency fund. The $1000 beginning
emergency fund is your first step towards financial independence. That $1,000 is not there to make you rich.
It’s there to absorb the cost of any sudden emergency spending you might have. For example, nearly 40% of Americans can’t
cover a $400 emergency expense without using a credit card and going into debt. Worse than that; according to a 2019 GOBankingRates
study, 58% of Americans have less than $1,000 in a savings account. Worse still is of the 58% mentioned before,
32% of Americans have no money saved in a savings account whatsoever! Now, I get it! It might be hard for some of
you to save $1,000. We’ve all got different responsibilities and expenses. Saving $1000
is the first of Dave Ramsey’s baby steps for a reason though; it’s essential! I know saving money is hard. But don’t worry,
Smart Money’s got your back as always! I’m going to give you some knowledge that you
should be able to act on today! I’m going to give you three quick and easy ways to save
money in 2020. A quick and easy way you can show your support
for the channel is by clicking the Like button for the Algorithm! It really helps us get
the word out! If you’re new to the channel, hit the subscribe
button below to improve your outlook on money and your life! The first quick and easy way to save money
in 2020 is to sell your stuff. Now I’m not saying sell the things that you use everyday.
I’m not saying it’s all the things that you love. What I am saying is to sell the things
that you don’t use anymore. This will really help you to get your emergency fund started! For instance, I had an old childhood toy that
I found. It was still in the original box and everything. I was able to contact a collector
I knew on Facebook and make arrangements to sell him my toy that same day. He paid me
through PayPal and I shipped him my old toy within the hour! Not a bad way to make money
on a boring Saturday! You don’t have to have toys to sell. You don’t
have to know a collector. All you need is a cell phone that’s capable of taking pictures
and an eBay account and you can get the old items in your house sold quickly. The second quick and easy way to save money
in 2020 is to stop buying expensive coffee. If you’ve been anywhere in the social media
personal finance space, you knew the suggestion was coming! I understand you need your caffeine in the
morning to start your work day. However buying a coffee at an expensive coffee shop can quickly
add up! The average price of a Starbucks coffee in
the U.S. is $2.75, and as much as $4.30 if you live in New York City. Now, assuming you
get a cup of coffee once a day, Monday through Friday, you spend $55/month on the average
cup of Starbucks coffee, and $86/month if you happen to purchase coffee in New York
City. You can see how this quickly adds up. At that
rate, buying an average cup of Starbucks coffee would cost a person $660 in one year. In New
York City that would cost a person $1,032 in one year. You’d be well on your way to
putting $1,000 and that emergency fund if you just stopped buying expensive coffee. People might say “That’s nice, but what
can I do instead to get my caffeine?” I would suggest that you have two options. The first option is the least attractive one:
drink the coffee at work. Nicer offices may have one of the Flavia Creation series coffee
machines. They use flavor pouches and make a decent cup of coffee. The best part is that
its provided by the office, so its free to you! Your second option is to buy a coffee maker
and other materials and make coffee at home. You can still have Starbucks coffee at a fraction
of the cost! A box of 32 Starbucks Caffe Verona K Cups costs $18 on Amazon. That’s $0.56
each! I’ll leave a link in the description if
you want to see for yourself. Using our affiliate links is a great way to
support the channel. Remember, if you choose to use our affiliate links, I will be compensated,
but at no extra cost to you! If you still drink one cup of homemade coffee
once a day, Monday through Friday, (assuming you already had milk, sweetener, and a coffee
cup at home) you spend $2.80 per week on coffee. That turns out to be $11.20 per month; a savings
of $43.80 per month over the average cost of Starbucks, and $74.80 per month if you
live in New York City. You could save $525.60 per year against the
average cup of Starbucks, or $897.60 per year against the cost of Starbuck in New York! The third quick and easy way to save money
in 2020 is to make meals at home. This recommendation is in the same vein as the previous one. Zagat says that the average American dines
out 5.9 times a week for breakfast, lunch and dinner, with the average cost being $36.40
per person. That translates to $215 per week spent on eating outside of the home. That might seem unbelievable, but $215 per
week is about $31 per day. It’s easy to spend that much money on food absentmindedly. For example, a popular lunch destination at
my job is Chipotle, where the average person can expect to spend $11 per meal. If you spend
$11 every work day, and work 250 days a year, you can expect to spend $2750 per year just
on lunch! There is a way to still eat all the food you
enjoy and still save quite a bit of money. found that on average you can make
the same food with the same ingredients you would have at a restaurant for a fifth of
the price at home. So that means if in our previous example,
one decided to make his or her own Chipotle style food at home and bring it to work, it
would cost them $2.20 per day. This means that they would save $8.80 per day over the
cost of going to Chipotle. This would result in a savings of $2,200 in
a year; more than twice what the beginning emergency fund calls for. As a thank you for watching this far, I’d
like to give you a bonus quick and easy way to save money: stop buying premium gas. According to the U.S. Energy and Information
Administration premium fuel nationally averages about 60 cents more per gallon than regular
gasoline, and 25 cents more than midgrade gas. Assuming the average American car has a 16
gallon gas tank and needs to be refueled once a week, premium gas will cost drivers $9.60
per week more than regular gas. That turns out to be $499.20 per year. Some of you might argue that your car needs
premium gas because it says so in your owner’s manual. While that might very well be in the
owner’s manual, its still unlikely that your car NEEDS premium fuel. Premium may simply
be recommended, and not required. Generally speaking, only high performance
cars need premium gas. Modern cars are often able to change engine timing to allow for
lower octane gas to be used. This means your car will operate smoothly on lower octane
fuel without the engine knocking. Conclusion: Taking your first step towards
financial independence can be hard, but saving your first $1000 to fund your emergency fund
is crucial. It may be difficult, but it can be achieved through just a bit a sacrifice. Sell the things in your home that you no longer
use. You’d be surprised how much money you can get for them. Stop buying expensive coffee.
Making coffee at home instead of going to Starbucks can save the average American over
$500 per year. Last, make your meals at home. You can save
$2200 per year simply making food at home instead of going to a restaurant. If you implemented
all of these strategies, you should be able to save $3000 this year. That’s enough to
fund your beginning emergency fund three times over! Well that’s my video on Three Quick and Easy
Ways to Save Money in 2020. I appreciate you watching! Let me know any questions, comments,
or topic suggestions you might have on financial literacy in the comments below. Be sure to support us on all of our social
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you in the next video!

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