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Dec 13, 2016 10:00 AM EST

6 Surefire Ways To Save Money In 2017

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The year 2016 is about to end and the new year comes with new challenges and opportunities. If you think that this past year you were not able to save much, here are 6 surefire ways how save money in 2017.

Eliminate some of your expenses

Make an assessment of your spending habits and find out which of them needs to be eliminated. If you think you're spending too much on Starbucks by buying coffee there everyday, consider making your own coffee and have Starbucks once a month. Or if you pay $50 for a gym membership, why not just run or exercise at home?

Sell what you don't need

You might have a lot of stuff lying around in your basement. Sort through your stuff to find if there are things that you don't need anymore but can still sell. Some people might be looking for the very thing you don't need anymore.

Get cash back

If you are not burdened by too much credit card debt, you might want to use your card and get things that offer cash back on your purchases. Some cards offer as high as $2 cash back when you reach a certain amount of purchases. But then again, you need to discipline yourself when you use your credit card.

Put all your profits/raise in your savings

If you are getting a raise, bonus, or profit, put them all on your savings account. Chances are you can still live on your salary every month without touching your bonus.

Give to a retirement account

Giving more to your retirement account can save you money, especially if you are giving to a traditional IRA or 401(K). On the other hand, contributions to Roth IRA or 401(K) will give you tax-free withdrawals when you retire provided you follow the rules.

Challenge yourself

Lastly, challenge yourself to keep saving in every opportunity. For example, decide in advance how much you're going to spend before going to the supermarket or department store. Reward yourself as well if you're able to withstand a week without buying impulsively.

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