Ten Practical Tips for Saving Money
Saving money is something that most of us would like to do more of, and yet it can be one of the hardest things to achieve. Saving money is important as building up a nest egg gives you a source of funds that you can use in an emergency, or you can use it to buy something special. If you always find that you are spending all your money before you get your next paycheck, then these tips for saving money might be just what you need to get started.
1. Commit
It can be easy to spend your money when you haven’t made a commitment to yourself to start saving. Even if it is only a few pounds each month, getting into the habit of putting a little aside can see your savings add up quickly.
2. Savings Account
Having somewhere different where you can put your savings helps you to keep it separate from your current account, where you might be more tempted to spend it. Look into getting a savings account with a good rate of interest so that you are rewarded with a little extra for saving your money. You could also set up a standing order for savings so that an agreed amount of your paycheck goes straight into your savings account each month. This will help you to save money, as you won’t have to remember to do it manually.
3. Savings Goals
Do you have a set amount that you want to save? It might be that you are saving for something special, or want a set amount saved for a rainy day. Having an amount in mind will help you stay motivated as you see your savings grow and reach your goal. Sometimes, emergency costs arise while we are still saving, and that can be a source of stress. However, companies like Bonsai Finance can help you get over a tight spot, without you having to spend all of your savings at once and leaving you with nothing.
4. Look for Discounts
When you go to buy your groceries from the supermarket, it is worth looking for discounted items that you can put in your basket. Fruit and vegetables can often be found very low in price, and if you plan to use them up in the next day or so you can save yourself money. Other discounted items include things with damaged packaging or end of season items.
5. Use Coupons
How many times have you been given a coupon for something and just forgotten about it? It might just be for a few pence off your usual pint of milk, or it could be a buy-one-get-one-free offer. However, you should make the most of coupons when you have them.
6. Save Your Change
When you get loose change, have somewhere at home where you can put it. A glass jar works well. When you have filled the jar with change, count it out and take it to the bank. You’ll be surprised how quickly the odd bit of change can add up, and it is a way of saving money without really noticing.
7. Stop Unnecessary Purchases
Do you really need to buy a frothy latte from the coffee shop every day? Or could you make do with making a coffee at work or at home instead? How about your weekly takeaway meal? Stopping all unnecessary purchasing can save you a lot of money, especially when you add it up over a month. You don’t have to stop all of your treats completely, just make sure they are treats rather than everyday purchases.
8. De-Clutter
Sorting through and selling the belongings that you no longer want or need can bring you in some money that you can put in your savings account. You can list items of auction websites, or advertise them for sale on local social media pages. This is a win-win situation for you as you make space in your home, your old items get a new lease of life, and you get some money in the process.
9. Shop Around
Getting the best deal on your household bills can be done if you can shop around. Energy providers have different offers and deals, especially if you are a new customer. Often, it only takes a phone call to switch, and you could save hundreds of pounds on your annual bills.
If you buy things online, don’t just purchase from the first store you see. Look at other stores to see if you can get something cheaper, or if they offer free delivery that will save you money on the overall purchase.
When buying clothing, it is better to spend a little more on quality items that will last, rather than having to spend over and over again on cheaply made items that lose shape or get holes in.
10. Save Energy in the Home
Reducing the amount of energy you use in your home can add up to significant savings, and it is easy to do. Try making sure you switch off appliances rather than leaving them on standby, swap the lightbulbs in your home for energy saving ones, and make sure your boiler is efficient. Wasting energy means you are wasting money, so be more careful about how you use energy at home.
Saving money for a rainy day, or something special can be achieved by knowing exactly where your money is going and being able to make some changes to your habits. Once you get into the habit of saving a little where you can, it actually becomes a fun challenge. It is nice to watch your nest egg grow, and it helps give you some peace of mind that you have enough to get by should any unexpected costs arise. Look for the hidden ways you spend money in your daily life, be savvy when you need to buy something and look for ways to save energy in the home, and you could save a lot of money over the next year.
