Saving money can feel incredibly difficult, especially in the current climate, but more and more of us are looking for ways to increase our savings and spend less. We know that it’s easier said than done, but with our 5 favourite ideas, you’ll see your savings soar in no time!
1. Set a budget
Spend some time creating an outline of your income and your outgoings. A spreadsheet is a great way to organise your finances so you can clearly see each section, and you’ll quickly spot ways that you can reduce this.
Start with your essential outgoings, like rent or mortgage, council tax, insurance; costs that you can’t change. You can log these, and then look at what you have left for the month to cover your utility bills, food costs, and any other payments that you make. Often, there are ways that you can cut these down – look at changing providers to lower your monthly rates, or start meal planning to reduce your weekly spends.
If you’re not too sure where to start, a great option is to simply log what you spend for a month; often, people don’t realise what they’re spending their money on, but once you can see where your money is going you can look to reduce those areas, especially if you’re making a lot of impulse spends.
2. Do your research
Some homes need some updating, and if you’re looking to redecorate on a budget, you’ve still got plenty of options. Doing the work yourself can lower your costs, especially if there are jobs that you can do yourself.
A very popular way to redecorate on a budget is to lay new vinyl flooring. Deep grey wooden patterns is a desirable option, but there are all sorts of patterns that you can choose from to suit your home. Doing this is a smart way to make your house look more attractive, especially if you’ve been asking the question, “how can I sell my house quickly?”. You don’t need to spend a lot to get your house ready for sale, and you can find lots of helpful suggestions online to do your own redecoration!
3. Cancel unnecessary subscriptions
Most of us are signed up to different subscriptions, so whether you’re using Netflix, Amazon Prime, Disney Plus, or any other monthly service, you can look at reducing these. Some families share profiles which can reduce costs, or you can switch to a lower subscription. While this saving might not seem like a lot, it adds up over time!
Bear in mind that some of these subscriptions can still save you money, especially if you use Amazon Prime and are regularly ordering things that you need. Make sure that rather than just cancelling all of your subscriptions, you make sure it will save you money to do so – especially if you get free delivery on essentials. Instead, maybe assess what you’re ordering and consider if you need them or if you could be saving money here instead.
4. Look for bargains
A lot of the time, purchases are inevitable, but you can find ways to reduce the cost by looking and buying when they’re on offer. There are several times a year where sales will come out, especially just after Christmas, around Easter and Black Friday in November. If you know that you’re going to make a big purchase, like new furniture or white goods, trying to shop at these times can save you a substantial amount of money.
In some cases, you aren’t able to pick when you replace things, especially if it’s broken down on you unexpectedly. If this happens to you and you can’t find a good sale, you can look on sites that crawl for discount codes, like Honey. This is a browser add-on that you can use which will automatically pull any codes that you can use which will help you save money!
5. Save all your change
There are apps that can do this for you, especially with more of us going cashless. These apps will round up your spending to the nearest dollar and put the change into a savings account. At first, you’ll likely only see 30 cents here and there, when you’re buying things every day this quickly adds up.
You can also increase the amount that saves, so if you spend $6, the remaining $4 goes into your savings. If you’re looking to save more, this can be a great option, but make sure that you’re not being too restrictive, as long-term this isn’t a sustainable method.
The key to saving money is to find ways that work for you. If you’re losing motivation, try to focus on what you’re saving for- this will spur you on and keep those savings growing!
To read more on topics like this, check out the Budget category