Saving money can be difficult, especially when you don’t have a lot of money in the first place. It can be hard to find anything to put into savings when you feel like you don’t have anything left. But, there are some areas where you can make cutbacks to find some money to put away. It might be the case that you have already been through these options, but if you haven’t, we are going to talk about some of the areas that you can cut back on so that there is some leftover money at the end of the month.
We know that being on a budget is tough, but with these tips, you should be able to save at least some small bits throughout the year. Don’t despair if there isn’t a lot at a time though, because it is all going to add up in the end.
Energy Efficiency
One of the easiest ways to save money on your electric bill is to be more energy efficient. Switch your bulbs to energy saving, and you will quickly see a big improvement when your next bill comes in. Further, than this, you can make sure that all lights are turned off when they are not in use. Do be careful here though, because you will find that turning your lights on and off constantly is going to cost you more than leaving them on. So, if you are someone who switched them on and off without thinking, it might be best for you to just leave them on when it is dark.
Or, you can make sure that from now on you are only buying appliances that have an A for energy rating. This way, they will use less electricity and the change in your bill is going to be significant.
Insurance
You might already have a life insurance policy so that if anything should happen, there is going to be some money to keep your family going for a while. If this is the case, you need to look at a life insurance guide and make sure that you are on the right policy for you. If you have one that is slightly too expensive, you should be able to downgrade it slightly so that you are paying less. This will free up some money at the end of each month for you to put in savings. While it is an excellent idea to have life insurance, you may need the money now, more than you will in the future.
The Food Shop
Saving money can be difficult, especially when you don’t have a lot of money in the first place. It can be hard to find anything to put into savings when you feel like you don’t have anything left. But, there are some areas where you can make cutbacks to find some money to put away. It might be the case that you have already been through these options, but if you haven’t, we are going to talk about some of the areas that you can cut back on so that there is some leftover money at the end of the month.
We know that being on a budget is tough, but with these tips, you should be able to save at least some small bits throughout the year. Don’t despair if there isn’t a lot at a time though, because it is all going to add up in the end.
Energy Efficiency
One of the easiest ways to save money on your electric bill is to be more energy efficient. Switch your bulbs to energy saving, and you will quickly see a big improvement when your next bill comes in. Further, than this, you can make sure that all lights are turned off when they are not in use. Do be careful here though, because you will find that turning your lights on and off constantly is going to cost you more than leaving them on. So, if you are someone who switched them on and off without thinking, it might be best for you to just leave them on when it is dark.
Or, you can make sure that from now on you are only buying appliances that have an A for energy rating. This way, they will use less electricity and the change in your bill is going to be significant.
Insurance
You might already have a life insurance policy so that if anything should happen, there is going to be some money to keep your family going for a while. If this is the case, you need to look at a life insurance guide and make sure that you are on the right policy for you. If you have one that is slightly too expensive, you should be able to downgrade it slightly so that you are paying less. This will free up some money at the end of each month for you to put in savings. While it is an excellent idea to have life insurance, you may need the money now, more than you will in the future.
The Food Shop
When you are doing your food shop, you might go to one of the more expensive stores. If you do, switching to one that is less pricey will see a dramatic reduction in your bill when you get to the till. This is the easy part because you might already be shopping at a store that isn’t as pricey and still struggling. If this is the case, then you need to start creating a list to take with you. Studies have shown that when you have a list, you are more likely to stick to what is on it and not start buying random things that you don’t need.
You might be wondering how you are going to make a list when you don’t know what you are going to need until you are there. To combat this, you should be creating a meal plan every week. Plan out your dinners so that you know exactly what you are going to be eating. Many people don’t like this because planning isn’t really their thing, but if you are trying to save some money, this is the best way to do it.
Also, a simple trick is to not go shopping when you are hungry. If you do this, you will find that you are buying things that you want to eat at that particular time, but perhaps not something that you are going to need later in the week. So, if you can avoid this, you might find that there is some more money for you when you are finished.
Holidays
Every family wants to be able to go on holiday. But, when you are strapped for cash, this isn’t always an option. Some people go into debt to be able to afford a holiday, but you need to avoid this. Many people see this option as free money but what you are doing is spending money you don’t have now, and likely won’t have later. Even if you do come up with it later, you could have used that money for savings or something important that you needed. Holidays have to be low down on the list of priorities much to many peoples disappointment. If you are having to cut down on areas like the food shop, you need to be thinking of cutting out holidays all together until you are on more stable financial ground.
Luxury Items
There is nothing wrong with treating yourself every now and again, so you shouldn’t feel bad about doing this. But, you need to make sure that this is not becoming a common thing. Many people say they have no money to put into savings because they don’t want to give up their luxury spending habits. So, if you are finding it hard to get some money into savings, you need to think about cutting the nonessentials out of your budget. This includes things such as video games, trips to the cinema, getting your nails done and other things like this. While these things are going to be okay as a treat every once in a while, you must ensure that this extra money is being put into savings, rather than paying for luxuries.
We hope that you have found this article helpful and will use this advice to find ways to save money when you are on a budget. It might be difficult at first, but your future self is going to thank you if you start planning for your future today.
When you are doing your food shop, you might go to one of the more expensive stores. If you do, switching to one that is less pricey will see a dramatic reduction in your bill when you get to the till. This is the easy part because you might already be shopping at a store that isn’t as pricey and still struggling. If this is the case, then you need to start creating a list to take with you. Studies have shown that when you have a list, you are more likely to stick to what is on it and not start buying random things that you don’t need.
You might be wondering how you are going to make a list when you don’t know what you are going to need until you are there. To combat this, you should be creating a meal plan every week. Plan out your dinners so that you know exactly what you are going to be eating. Many people don’t like this because planning isn’t really their thing, but if you are trying to save some money, this is the best way to do it.
Also, a simple trick is to not go shopping when you are hungry. If you do this, you will find that you are buying things that you want to eat at that particular time, but perhaps not something that you are going to need later in the week. So, if you can avoid this, you might find that there is some more money for you when you are finished.
Holidays
Every family wants to be able to go on holiday. But, when you are strapped for cash, this isn’t always an option. Some people go into debt to be able to afford a holiday, but you need to avoid this. Many people see this option as free money but what you are doing is spending money you don’t have now, and likely won’t have later. Even if you do come up with it later, you could have used that money for savings or something important that you needed. Holidays have to be low down on the list of priorities much to many peoples disappointment. If you are having to cut down on areas like the food shop, you need to be thinking of cutting out holidays all together until you are on more stable financial ground.
Luxury Items
There is nothing wrong with treating yourself every now and again, so you shouldn’t feel bad about doing this. But, you need to make sure that this is not becoming a common thing. Many people say they have no money to put into savings because they don’t want to give up their luxury spending habits. So, if you are finding it hard to get some money into savings, you need to think about cutting the nonessentials out of your budget. This includes things such as video games, trips to the cinema, getting your nails done and other things like this. While these things are going to be okay as a treat every once in a while, you must ensure that this extra money is being put into savings, rather than paying for luxuries.
We hope that you have found this article helpful and will use this advice to find ways to save money when you are on a budget. It might be difficult at first, but your future self is going to thank you if you start planning for your future today.
