Saving money is not always easy – especially now that the cost of living has skyrocketed – but it is possible. In this blog post, we will explore ten money saving tips that you can use to help reduce your spending on a daily basis and save more of your hard-earned money.
Table of Contents
1. Make a Budget
Creating a detailed budget is the best way to gain an overview of where your money is going each month, and it will identify areas where you might be able to cut back or save.
You will quickly see what you are spending on your utilities (such as gas, electricity and water), food, entertainment, travel etc.
You will also be able to see your accommodation costs, whether as a homeowner or a tenant.
If you are a homeowner, check if you have any mortgage deals ending soon and if so as part of your budget process build in time to work out your next steps with regards to your mortgage and assess the implications for your budget.
If you are a tenant, check when your rent review period ends and ensure you take account of this within your budget.
2. Track Your Spending to Help Your Money Saving
Once you have your budget in place, a great money saving next step is to track your spending so you can make sure you stick to it.
This will help you to stay accountable and ensure that you do not overspend, or highlight if you are spending too much in a specific area.
3. Use Cash Instead of Credit Cards
Using cash instead of credit cards can keep you from impulse buying, and make it easier to stick to your budget, a sure help for your money saving.
This is especially useful to visualise your spending over a given period of time.
Furthermore, using cash makes spending more tangible and could provide a useful barrier to reduce your spending.
4. Take Advantage of Discounts and Coupons
Seeking out discounts and coupons for items that you need is an easy way to save money.
Check online for coupon codes or deals before making big purchases, as this could add up to significant savings over time.
5. Shop Around
Do not just rely on what one store has to offer; shop around and compare prices at multiple stores before making a purchase decision.
By taking the time to look for the best deal, you can often save quite a bit of money on everyday items like food or home goods.
6. Buy Generic Brands for Great Money Saving
When it comes to groceries or other household items, generic brands are often just as good as name-brand alternatives and they usually cost much less!
The quality of a shop’s own brand often matches that of the known brand, so opting for the cheaper option could end up saving you a lot in the long run with little to no compromise on quality.
It’s worth also looking at such as food swapping, using online platforms for pre-loved items, upcycling, and using innovative applications for food waste reduction such as ‘Too Good To Go’ and NoWaste
7. Do Not Buy What You Do Not Need
Many people are guilty of impulse buys, which means buying something even though they do not really need it (or already have something similar).
One way to prevent this kind of unnecessary spending is by making a shopping list – and then of course the money saving tip is to only buy what is on the list and resist temptation when browsing through store shelves.
Another money saving tip along the same lines is not to go shopping when you’re hungry – if you do, everything looks very enticing and you’ll find you’re very likely to buy way more than you need!
8. Cut Out Services You Do Not Need
Consider cutting back services such as TV packages or mobile phone contracts if there are features included that you do not use all that often or at all, as these kinds of services can eat away at your wallet without adding much value in return.
Check to see if you are paying for subscriptions that you have forgotten about and cancel them.
9. Find Free Alternatives to Services
Look into free options whenever possible; many cities have lots of free resources, such as libraries or parks, that provide plenty of entertainment for free (or very little cost).
10. Make the Switch From Smoking
Not only is smoking harmful, it can be very costly.
Making the switch to an alternative like vaping can save a smoker hundreds or even thousands of pounds yearly according to research, which can lead to a much healthier bank account – and, according to Public Health England, you’ll face around 95% less risk vs cigarettes.
What is more, you can find £1 e-liquids online, so you can vape all day long without breaking the bank.
For many people, applying at least one of these money saving strategies will prove useful and if adhered will find you’re able to save money on a regular basis.
Think about the habits that lead to overspending and consider which solutions will best apply.
Instilling these habits can start reducing your spending immediately, and save you significant amounts down the line.