As you get older, it seems like life won’t stop throwing curveballs in your direction. If left uncontrolled, your expenses can get seriously out of hand. Apart from good health, financial stability is one of the most rewarding and comforting qualities of life. Not having to worry whether you can pay your monthly bills lets you get on with the rest of your life and helps keep stress levels low. Here are eight yearly rituals to save money that you can practice.

Set a Yearly Savings Goal

Saving money is much easier when you have a realistic goal that you are working towards. Without an objective, it’s difficult to gauge how far away you are from your savings target. Depending on the reasons for your savings, your goals will also fluctuate.

Let’s imagine that we are saving up to buy a brand-new house. First, set a savings deadline. Let’s say that you want to be able to put down the deposit for a home in the next four years. If the deposit is $20,000, you’ll need to save around $100 per week to reach your goal.

Cancel Your Subscriptions

Believe it or not, there was a time in which we didn’t rely on services like Netflix, Amazon Prime, or Spotify. These services are very convenient but when you add them all up at the end of the month, they make up a big chunk of your expenses.

If you find that you really struggle to live without these subscriptions and services, why not cut down on a few? Rather than having three TV subscriptions, just choose one, or if you are a numerous family, take advantage of some of the deals they have instead.

Bulk Buy Household Goods

You would be surprised at how much money you can save each year by bulk buying essential household goods. You don’t have to designate an entire room of your house for extreme couponing, but some bulk buying here and there can help you reach your yearly saving goal.

Bulk buying can help you save money in the long term; however, you should be careful about what you choose to bulk buy. Stick to the non-perishable and shelf-stable items. This includes things like toilet paper, canned food, garbage bags, and cleaning products.

Prescription drugs can also be bought in bulk, but only from a safe online pharmacy with low costs and good coupons.

Use The 50/20/30 Saving Rule

If you love organizing your finances and budgeting your expenses, it is likely that you will have heard about the 50/20/30 budgeting rule. This saving rule contends that you should put away 20% of your income (after tax) into savings or towards debt re-payment.

Half of all of your post-tax income should be spent covering basic necessities. This includes things such as rent, bills, and your monthly food shop. Then you are left with the remaining 30% which can be spent on anything that you like. Normally this would go towards leisure activities like eating out, going to the movies, or clothes shopping.

Reach Out to a Tax Relief Company

It’s extremely hard to save money when you have considerable amounts of debt. Many American taxpayers are in trouble with the IRS because they owe sums of money and have fallen behind on tax payments. However, there are certain tax relief services that fiscal companies offer to help you eliminate tax debt.

A team of professionals can help you eliminate your tax debt by entering into negotiations with the IRS. if you are lucky, you may even be able to settle for less than the sum that you originally owed.

Take Advantage of Savings Accounts with Interest

One of the easiest ways to make money is by simply saving money. There’s no point in saving your money underneath your mattress when you can put it in a bank account and watch it grow. Do your research and find a savings account that works well for you.

Unless you have a hefty amount of savings, you won’t notice much of a difference, however, it’s worth looking at saving accounts that have simple or compound interest. Another option that can help you reach long-term saving goals includes a FDIC-insured individual retirement account.

Stop Hoarding and Start Selling

Every year we end up spending hundreds of dollars on non-essential items that slowly begin to pile up in our homes. Whether this is children’s toys, clothes, or even garden ornaments, it’s always a good idea to give your house a yearly purge.

Go through all of your personal possessions and separate your items into four piles. One will be things that you keep, one will be things to throw away, another pile will be for donatable items, and finally, the fourth pile will be items you can sell.

Designate a Spend-Less Month 

Having a spend-less month is a great way to realize how much money you throw away on useless items. You shouldn’t be cutting out all of your spending, just the non-essential stuff. If a month is too long, you can try a week first and see how you get on.

If you are a sucker for a daily latte from Starbucks or a monthly trip to the cinema, try to cut these activities out. It can help you save some serious money and also put your spending habits into perspective.

Frugality is a skill that can be learned and applied to your daily life. Even if you don’t enjoy having to think about money on a daily basis, these yearly rituals and tactics are sure to save you a pretty penny. You can then use your savings to invest, to go on holiday, to treat yourself, or to simply have an emergency backup fund.

Even the richest of the rich do everything in their power to save an extra buck here or there, which is why they have so much money in the first place. Getting into good habits is much harder than getting into bad ones. However, with enough determination, patience, and hard work, you too will be on your way to financial stability.