20 Easy Ways to Save Money

Have you ever tried to save money only to find yourself quitting before reaching your goal? You’re not alone. Many people struggle with reaching their saving goals, and that’s why we’ve put this list together to help you get better at saving money. 

These are our top 20 tips for saving money.

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Best Ways to Save Money

Keep track of your income

The first step in saving is to find out how much you make. This includes income from your day job, side hustle, family and friends, as well as money earned through other sources. You can track your income to determine your true earnings and your ability to save.

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Set a budget

A budget estimates your outgoings or incomings for a specific period. A budget could be a list of the money you expect to receive and how you intend to distribute it. Distribution is simply how money is allocated to expenses, savings and emergency. You can create your budget on paper, a spreadsheet, or an app. We recommend that you follow the 50/30/20 rule when creating your budget. Your needs, such as rent or electricity bills, are 50%. 30% goes to your wants like new clothes. 20% is for savings.

Save goals

It doesn’t matter if you’re saving for a house deposit or an emergency fund, it is important to set a savings goal. Savings goals encourage you to be more proactive and intentional about saving money. Break down your long-term goals into manageable milestones and celebrate each milestone. A milestone might be saving half your house deposit. Savings app can also be used to keep track of milestones and achievements.

Automate your savings

Many banks allow you to set-up a standing order to transfer money regularly from your current account into your savings account. This can be done on every payday. Automating your savings can reduce the temptation to spend money that you should be saving. It also helps you stay consistent with your savings. Automatic Savings Apps: Learn more. Check out Dan from Financial Wilderness’ Plumb app review.

Pay off any outstanding debts

Some people believe it is better to pay off outstanding debts than save money. This depends on two factors: how costly the debt is, and how large it is. Let’s say you have PS4,000 in outstanding credit card debt at 19% interest. To pay off the debt, it will cost you PS760 per year. This return is unlikely to be equaled by the income you earn from savings, so it might be wise to pay down credit card debt before you start saving. This exception is only if you use credit cards to improve credit scores. You could also owe a substantial amount to private student loan companies. You should still save money and meet the minimum loan repayment requirements.

Avoid debts

You should try to live within your monthly income. Kim Kardashian’s lifestyle is appealing, but it’s impossible to live as rich as her. Spending within your monthly income will keep you from spending more than necessary on your credit card or current account.

Consolidate your debts

Talk to a financial advisor to see if you could combine your debt obligations to get a lower interest payment. The Koody has many financial advisors. Ask a question about consolidating debts, and you can do so for free. It will be surprising at the number of people who have something to offer you. Some might even be financial advisors.

Make your food and not order take-out

Let’s say you spend PS10 a day on Deliveroo and UberEats. You would have spent PS300 over a month. You can save money by eating homemade food more than you do takeout. To get you started, here’s a recipe guide for meal preparation.

Before you make a purchase, take a test ‘n chill.

Wait 30 days before you buy an expensive, non-essential item. This will allow you to decide if it is still needed. Wait 24 hours for less-expensive non-essential items to determine if it is still worth the money. After the waiting period, you can decide if the item is still worth your money. You can return the item if you decide you don’t want it anymore.

Make major purchases during store sales

Do you remember that amazing feeling when you get a designer jacket at half the price because it was on sale. This is not only for designer products, but also for large purchases. Watch out for huge discounts during Black Friday, Christmas and other periods when you are most interested in shopping. This tip is only applicable to non-urgent orders.

Subscribe to a Share

Netflix and other entertainment platforms offer plans that allow you to share your subscription with up 4 people. For the same amount as an individual subscription, you can pay less. This means that you can only share subscriptions with trustworthy people. You will be sharing your password so make sure it is different from all your other passwords.

Add store-brand products to your cart

Shop with a mixture of store-brand and known brands when shopping. Store-brand products are often cheaper than those of more famous brands. This will help you save a few pence.

Lower your bills

Money Advice Service reports that the UK average electricity bill is PS58 per month and the average broadband bill in the UK is PS30.30. Gas bills are average at PS56 per month. Switching to lower-cost providers can help reduce your monthly bills. If you don’t want the hassle of switching energy providers, but want to reduce your monthly bills. An auto-switching electric service is an option. You can also save money by doing simple things such as turning off the radiator when it is warm and turning off all appliances when you leave the house.

Coupons are a great way to save money

Although a PS0.99 coupon may seem small at first, it is actually quite substantial. Imagine saving PS0.99 for five purchases within a week. That’s PS5. That’s PS5. If you do it for half a calendar year, that’s PS130. You can make little oceans out of tiny drops of water, don’t you think? Check for coupons on company websites or in newspapers before you go shopping.

Keep to your shopping list

This is a difficult one to do. We’ve all been there. If you can commit to following your grocery list, then you should be able. It is important to learn to resist the temptation to buy miscellaneous things. A great way to achieve this is to create a shopping list and calculate how much you need to get to your destination. When you shop with a debit card you should transfer the exact amount to your card account before leaving the house. This will help you be more disciplined and stop you from buying unnecessary things.

Online stores can be removed from your card details

Online window shopping is much more appealing than on-site window shopping. We have already dealt with the latter by agreeing to stick to our shopping list. You can remove your card details from the online shop for the former. This allows us to resist the temptation of shopping online for everything, and saves us money.

Regular savings accounts are a great way to save money

Regular savings accounts require that you save money each month and pay interest yearly. These accounts offer higher interest rates than traditional fixed-notice or easy-access savings accounts. However, they have more restrictive terms like limiting how many withdrawals you can make per year and the maximum amount you can save each month. These accounts are great for encouraging a saving habit. You can see the top savings accounts.

Every month, have a weekend of ‘no spending’

Do you want your salary to increase? Every month, have a “no-spend” weekend. Instead of eating out at restaurants, brunches or dinners, you can opt for activities like movie night, long walks, and free admission to museums or parks.

Get wonky vegetables

The cost of unusual or bizarrely-shaped vegetables is usually lower than regular vegetables. Although they may look less appealing, you still get the same nutritional benefits. Adding wonky vegetables to your grocery basket regularly can help reduce the cost of fresh vegetables.

Cashback offers available

Cashback allows you to get cash back on products, services and travel by partnering with top retailers and brands. If you spend PS50 at Tesco, and receive a 10% cashback (that’s a free PS5), it’s an example of how to get cashback. Read our blog post 12 Creative Methods to Make Money Online to learn more about cashback.

Although we know that the article states 20 points, we felt it was important to highlight one more!

Take the time to self-evaluate

John Wooden said, “Failure is inevitable if you don’t do a proper self-evaluation.” Examining how you did with your savings at each end of each week and month is recommended. This will help you not only to identify your weaknesses but also to find ways to improve them. Self-evaluation can be made easier by using budgeting and auto-saving apps .

That’s it! We are glad you enjoyed this post! Please leave a comment below if you have any questions. You can also join the larger conversation by joining our community!

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