Whether you’re living on a budget or saving up for something special, it’s always handy to save money where you can. Instead of letting your cash slip through your fingers, take a look at these effortless ways to help you save your hard-earned money:
Create a budget
If you’re not sure where your money goes, it’s probably because you haven’t looked at your budget in detail. Rather than working on vague figures and assumptions, take the time to sit down and really track your income and expenditure. Once you know exactly how much you’ve got coming and what your essential outgoings are, you’ll be able to make any necessary changes to reduce your spending and stay out of debt.
Prioritize your savings
Instead of saving whatever disposable income you have (or don’t have!) left at the end of the month, make your savings a top priority. Decide how much you want to save every month or week and as soon as you get paid, transfer the specified amount into your savings account. By treating your savings as an essential bill, you’ll never miss a payment or be tempted to splurge instead of saving.
Track your subscriptions
So many services are sold on a subscription basis that it’s hard to keep track of what you’re signed up for. If you’re fed up with free trials switching to paid subscriptions before you realize it, it’s time for a new approach to financial management. By using bespoke tools and services to monitor your subscriptions, you’ll never accidentally overlook a cut off deadline again. When your subscription management is automated, keeping track of your payments is effortless. What’s more – automatically comparing similar services will enable you to switch to a cheaper subscription whenever you can, so you’ll save more than you realize.
Try micro saving
Popular in many European countries, micro-savings are taking the world by storm. As well as making major contributions to your savings account, keep your savings accumulated by adding minor amounts too. When you purchase something for $9.95 on a card, for example, the micro-savings philosophy means that the amount is rounded up to $10 and the remaining $0.05 is put into your savings. Many banks and financial institutions are now offering this automated micro-savings service, so you can add to your savings effortlessly without even noticing the difference.
Learn to cook
If you’re not a great cook, it’s likely you’re spending more than you need to at restaurants, cafes, and the grocery store. Eating out inevitably costs more than dining at home but even buying pre-prepared or processed food at the grocery store will drive your bill up. By honing your culinary skills, you can cut the cost of your weekly shopping and boost your savings with ease.
Planning Your Finances
Building up your savings doesn’t happen by accident, so it’s important to take a proactive approach. By planning your finances and using dedicated tools and services to help you manage your money, you’ll be surprised at how much you can reduce your costs and how quickly you can increase your savings.
Make Savvy Swaps
You can save loads of money by making sensible savvy swaps on things you have and need every day. This means you don’t have to miss out on anything you have but you just find a cheaper option. It could be finding a recipe to your favourite dish from a restaurant and making it yourself, it could be switching to Reliant Energy to save money on your monthly bills or it could be choosing cheaper toilet roll. It might seem like little things but the money you save all adds up.