Home > Personal Finance > 8 Reasons to Save Money in 2019

Comments 0 Comments

There are numerous reasons to save money in the coming year. Whether you’ve recently graduated college or have been in the workforce for years, it’s never a bad time to take a good, hard look at your finances. You never know what 2019 may bring, but you want to be ready for anything. Here are some good excuses to boost your savings account over the year.

Getting a Pet

Most people want a furry animal to come home to after a long day at work. Whether you are a dog person or prefer cats, you can never start saving too early for a pet. The ASPCA released a table of common expenses that come with animals, showing that pet owners can expect to spend $120 annually on food for a medium-sized dog.

You also need to consider medical expenses, toys, treats, crates and training classes. With everything added together, you will likely spend upwards of $1,000 a year to care for your furry companion.

It’s also important to have enough money to cover medical emergencies. Certain medical procedures, such as removing an obstruction from a dog’s intestines, can cost thousands of dollars. Make sure to save enough money to handle these expenses, so you’re not at a loss for what to do when emergencies happen.

Pet owners should also seriously consider purchasing pet insurance to help cover the cost for these emergencies. It may sound like a lot, but pet insurance gives you the peace of mind of being able to provide for your pet.

Invest in New Tech

There are all kinds of cool gadgets that are coming out this year. Virtual reality has taken the world by storm, and you can get in on the action with the HTC VIVE Pro Virtual Reality Headset. It features sharper graphics and colors than ever before. You get 360 degree controller tracking to cover all of your movements. The immersive audio provides sound all around you to really add depth to any game you play.

Is virtual reality not your thing? There are plenty of other great toys to look into. Some of the most popular include:

  • LG Signature OLED TV R9
  • MoodoGo Portable Diffuser
  • Nreal Light Mixed Reality Glasses
  • Lenovo Smart Clock with Google Assistant
  • Gillette Heated Razor
  • Withings Move Activity Tracking Watch
  • Harley-Davidson LiveWire Motorcycle
  • Mophie Juice Pack Access
  • Samsung TVs
  • KitchenAid Cook Processor Connect

You may not think you have a reason to invest in a food processor or heated razor. However, once you start using it, you’ll wonder how you ever got by without it.

Purchase Your Own Netflix Account

Most people get by with using someone else’s Netflix or Hulu account. While it is free, this can be inconvenient. With a standard Netflix account, only two people can watch binge their favorite TV series at a time. If you share an account with more than two people, you may get locked out on Friday night with nothing else to do.

Consider getting your own account. A basic Netflix account only costs $8.99 a month. You’ll feel much better when you don’t have to constantly ask your parents for the family’s Netflix password.

Buy a New Car

Are you tired of driving the same hunk of junk around? One of the most common reasons to save money is to finally purchase a new car or motorcycle. In 2018, the average car buyer had to borrow $31,453 to get a new set of wheels. Even with a good down payment, the average monthly loan payment was $523 in the United States. If you want something new, then you should be ready to pay more.

There are ways to save money for a car. Instead of purchasing a new vehicle that came out in 2019, you can purchase something a few years older. It will come with many of the same features, but it’ll be substantially more affordable.

Either way, you need to look at your current monthly expenses and budget accordingly. You want to make sure you will be able to make your car payments while still affording everything else. It is a good idea to start saving now, so you can make a higher down payment.

Subscribe to a Food Delivery Service

Services like Blue Apron and HelloFresh have changed the way many people eat. When you get home from work, you may not feel like spending an hour over a hot stove. With many of the recipes from these services, you can prepare a delicious meal in less than 30 minutes. You will learn how to prepare new meals you may not have through of before.

Signing up for one of these services can also help you cut down on waste. You get the exact amount of food for as many people as you want. That means if you need to make food for you and your partner, you each get a full serving. You do not have to worry about leftovers and throwing food away. Plus, you’ll be able to branch out and try new meals. With a food delivery service, you’ll actually enjoy the time you spend in the kitchen.

Repay Your Debts

Not all reasons to save money are exciting. While it’s fun to consider purchasing a new video game console, you also need to be practical. If you have student loan debt or debt from credit cards, then you need to think about how you will repay those debts.

After saving some money, you can tackle these debts more effectively. You can make higher payments, so you’re not resorting to the minimum. You can also focus your payments on the debts with the highest interest rates. With more money in the bank, you can start working toward financial freedom.

Develop an Emergency Fund

You should have enough money in the bank to cover six to eight months of living expenses. This is money you keep in a savings account that you don’t touch unless you have genuine emergency on your hands. If your car breaks down or you need to unexpectedly see the doctor, you have the funds necessary to do so. With an emergency fund, you do not have to worry as much about falling deeper into debt. You won’t have to pay for these expenses with your credit card, so they won’t accumulate interest over time.

Plan for Retirement

Whether you’re 25 or 65, you need to think about retirement now. Out of all the reasons to save money, this is arguably the most important. You should be able to retire when you are 65. But if you don’t have enough money in savings, you may need to work longer. If your employer offers a 401(k) match, then you should take advantage of it. Even investing 1% of your total income will help you in the long run. You should also consider opening a Roth account. Using this account wisely can help you stay in a lower tax bracket.

A great way to save more money is to open a savings account that gives you compound interest. By investing wisely, you can passively earn more money without doing anything. It’s a great way to have more money for when emergencies arise or when you want to retire sooner. Credit.com can help you save your money appropriately, so get in touch with us today.

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Certain credit cards and other financial products mentioned in this and other sponsored content on Credit.com are Partners with Credit.com. Credit.com receives compensation if our users apply for and ultimately sign up for any financial products or cards offered.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.



Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team