With the start of a New Year, most of us have a New Year’s resolution in mind. Why don’t we take a resolution to save money? I guess that will be a better New Year’s resolution compared to anything else. Here are some of the ways by which you will be able to save money this New Year:

Organize your finances: It’s a new year. So, you can take steps in order to get your finances organized. You should get all your paperwork under control. Create a separate place to put the mail that needs attention. This will help you avoid losing important documents and incurring late fees. This will also help you in managing your finances in less time.

Create an emergency fund: Financial crisis can hit you at any moment. It won’t give you a prior notice. In such a situation, the best option is to create an emergency fund.  This will help you in handling an emergency medical situation or car wreckage without any problem.

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The holiday season is ongoing and most of us will push off the tax payments for the time being to enjoy the festivities. However, this can very costly for us later on. So, here are 5 ways to save money before the end of the year which will make it easier for you to manage your expenses at beginning of the new year:

1. Tax breaks: You will be surprised to note that there are many tax breaks which expire on December 31st. So, if you’re self employed and plan to buy a new vehicle, try buying it before December 31st. If you do so, you will be able to write off the full cost of purchasing if you use the car for business purpose. In case, you’re considering making energy efficient home improvements, try completing the work before December 31st. This will help you to get the benefit of an expiring $500 tax credit.

2. Charitable donations: If you want to make a charitable donation and want to claim a deduction on it, then do it by December 31st. Clearing of the check by the year end won’t matter but you should definitely mail it by the year end. Apart from this, if you make donations by swiping your credit cards before December 31st, you will also be eligible for deductions.
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A large number of people are planning to shift abroad due to slow-moving job market. There are different countries which offer good lifestyle and better job market compared to one’s own country and thus there is no harm in moving abroad. However, before leaving the home country, it’s better to take a stock of the financial implications that it will bring.

Here are 5 financial tips which you can take into consideration before you plan to live abroad:

1. Save money: When you decide to move abroad, never underestimate the importance of saving money. It is better to save money which will last you for at least the initial 7 - 9 months after you move abroad. The amount may vary depending upon a person’s family status, job, lifestyle, etc. This initial finance will actually help you build your life in abroad. In case, you get an opportunity to move abroad immediately, make sure you have funds to at least cover your immediate housing costs, emergency healthcare and repatriation expenses.

2. Plan a budget: Unless you’ve a proper knowledge of the cost of living abroad, you may face problems in building up your life there. Thus, you should research about the costs of housing, food, transportation, entertainment, utilities and insurance in the country where you’re planning to move. You should also figure the costs of going back to the old country in case of any emergency. Depending upon that you should plan a budget. You will find expat blogs and online cost-of-living calculators which will help you in planning a budget.
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The holiday season is not far away. It’s the middle of October and you must be thinking how you can save money for the upcoming holiday season so that you can shop well. Here are 5 ways which can help you save money:

1. Go for cheap and basic cable TV package: Many of use go for the premium cable TV package which can cost us around $80 extra every month. It’s better to go for the cheap and basic cable TV package for the next two months which will help you save quite some dollars which you can invest in shopping and buying goodies for your near and dear ones.

2. Increase your auto insurance deductibles: You can increase your auto insurance deductibles to $1,000 or even $2,500 from $500. This will help you reduce your premiums by 12% to 18%. It’ll help you in saving money when you pay your insurance premiums.
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Due to the present economic crisis, it’s quite difficult to plan for a budget and save money. The worst affected people in this situation are the single mothers. Being the sole earning member of the family, they need to look after the family expenses as well as the kids and their needs.

Here are 5 helpful tips from my end which can help single mothers plan their budget and save money in a better way:

1. Plan and set priority: You’ll only be able to save money if you’ve planned for it properly. You should analyze your income sources, daily expenditures, debts, etc. and then chalk out a plan and prepare a budget. Once you’ve prepared a budget, you need to set your priorities – you should decide which things should come first before others.
2. Use envelopes to manage your finance: Using the envelop method to manage finances is a smart option and quite a large number of people go for it. Once you get your paycheck, divide it into credit card bills, mortgage payments, utility bills, grocery, shopping, etc. and put the required amount into respective envelopes and then keep it in a safe place.
3. Pay bills as soon as they come in: You’ve used the envelop method to set aside money for your bills. Thus, once the bills are delivered at your door step, pay them off immediately. If you postpone paying the bills, you may incur late fees which will be an additional burden for you.
4. Save money for emergency: You should set aside a stipulated amount as your savings each month. If you face an emergency, this savings will come handy. You won’t have to take the help of your friends or relatives or take out any personal loan if you’ve a savings of your own.
5. Avoid spending on unnecessary things: It is better not to spend too much money on unnecessary things. For example you can buy cheaper yet trendy clothes over the expensive ones. Your kids may ask for various unnecessary things. In that case, let them know about your financial situation. They are intelligent and will definitely understand your situation and won’t demand expensive or unnecessary items.

I hope these simple budgeting tips will help single mothers to save money and lead a stress-free life.