Saving money is not all about how much you make. You can still save money even if you don’t make that much. All it takes is for you to change your mindset and lifestyle. There are many ways you can reduce your expenses and increase the amount you save. Below are some of the tips that you can use to maximise your savings each month:
Nowadays, everything we need is just a click away. There is instant gratification that comes by clicking “buy,” and sometimes, you need a system to control your impulse buying.
If you are an impulse buyer, you can try and wait for at least two days before purchasing items that exceed a certain amount of money. In most cases, you will find out that the item was a “want” rather than a “need.” This will help you to become more mindful of your spending hence saving money in the long run.
How often do you overspend on your credit cards? If you have a habit of overspending, keep the credit cards out of sight to reduce the temptation of overspending. If you have a bad credit already, you can apply for credit building credit cards to help you in rebuilding your credit.
With services such as Amazon Prime and Netflix, you can watch your favourite movies and TV shows at a fraction of the total cost of cable TV. On average, cable bills can go up to £1,500 per year. Switching to online services can help you to save up for other financial goals like paying off your loans or saving for your home’s down payment
A reliable car that is fuel-efficient will save you a lot of money in the long run. Getting a car that uses less petrol for a specific number of kilometres will help you in saving up some money.
The best savings account will depend on your conditions and what you intend to achieve. For instance, there are savings accounts that allow you to access your money easily; some have a fixed rate of return, some are tax-free and others are ideal for your children. When choosing a savings account, always consider the interest rate attached to the savings because some banks will offer higher interest rates than others. Check the monthly charges, the minimum opening deposit, automatic transfers and mobile check deposits.
In addition to the tips mentioned above, you can join “secret sale” sites. These sites have limited-time flash sales on various products. You could save a significant amount on the flash sales but first, you will need to sign up on those websites to hear about the sales. You can also eliminate some of your monthly expenses. When making your budget, factor in the little things that you spend money on each month. If you have subscribed to a newspaper that you don’t read, for instance, you can begin by ditching that subscription.
Yes. The fastest way of saving your money fast is by eliminating unnecessary expenses and scaling up your income. Of course, there are those expenses such as clothing, groceries, or fuel that you cannot cut out completely, but you can cut them back. For instance, when buying clothing or groceries, you can opt for store brands or generic brands. You can also minimise travelling where possible or use public means of transport to save on fuel costs. Additionally, if you get a good deal on an essential item, you can purchase it in bulk. You will be surprised how much you can save by changing your spending habits.
The first thing that you should do if you want to save money on food is by making a grocery list and sticking to it. The list should include all the ingredients you need to make healthy meals or snacks. You can put together a menu to help you in coming up with a grocery list of everything that you need. As you shop for your groceries, you can use your phone calculator to help you stick to your budget.
You should also avoid shopping when you are hungry. The temptation of buying unhealthy choices of food that you do not need is great because everything looks delicious. Lastly, even though coupons are meant to help you in saving money, learn to use them wisely. Always check the expiry dates on the coupons and buy only what you need with those coupons.
First, you can automate your savings. Some financial institutions allow their customers to link their savings account with their checking account so that a specific amount of money is transferred into their savings account each month. Most employers will also allow their employees to split their direct deposits so that some money goes to their savings account. You can also take advantage of free stuff in your area. For instance, you can visit a local library rather than buy books or take advantage of free subscriptions.
There are numerous ways of saving money each month. To begin with, you can pack up your lunch. Let’s say you spend around £10 a day on lunch. That will be £50 in a week and close to £2,700 in a year. By making a nearly identical packed lunch at home, you can spend around £600 per year.
You can also unsubscribe from monthly services that you do not use. Do you have a gym membership that you don’t use? Perhaps you have a mobile application that you rarely use. Find all the subscriptions that you do not need and eliminate them.
In addition to the money-saving tips mentioned above, you can save your spare change, rent out your parking space, install insulation in your home, and make your night out reservations online to get a discount.