It’s fair to say that one of the greatest challenges in life is figuring out ways to cut down on your monthly expenses, but it’s also one of the top ways to save money. If you want to save money but have no clue where to start, we’ve got you covered!
We’ve put together a list of the most easy yet effective ways to save money:
WRITE A LIST
If you want to start reducing the cost of your expenses, writing a list of everything you spend on will help you. Note down your household bills, car payments, food, clothes and the little luxuries you treat yourself with. Also, are you someone who lends money to others – even if it’s just a pound? If you do, always take not of what you’re giving. One pound might not seem like much, but if you’re handing over a pound almost every day, think how much money that is by the end of the year.
Making a list will help you identify areas you need to cut back on. You might be shocked at how much you could be saving by the end of the month.
AVOID IMPULSE PURCHASES
We can all admit we have submitted to temptation at least once in our lives. Reducing your spending habits is easier said than done, but that doesn’t mean it’s impossible. Figure out what causes you to spend money. Do you spend most of your weekends at the shopping centre? Are your friends constantly going on costly journeys they want you part take in? Are you known for buying fancy creams for your beauty regime?
There are numerous causes for impulse purchases, but identifying the cause will help you to avoid temptation and save money.
WALK/CYCLE TO WORK
Are you paying too much for a car you can’t afford? If so, consider downsizing your car to reduce your monthly repayments. However, if having a car is too much for your budget, why not buy yourself a bike? Dumping the car for a bike is a huge money saver! If you’re feeling brave, why not walk to work? Not only will you be saving money, it will keep you fit too!
PACK A LUNCH
If you spend most of your lunch breaks at the cafe, then stop! Studies have shown that a worker can spend between £5-£7 a day on their lunch. This is costing you over £1,000 a year! Instead, prepare your lunches at home. It will only take you a few minutes and will save you a great deal of money.
LOOK AT YOUR INSURANCE
If you have insurance – whether it’s life, health or travel – ensuring you get the best deal for the least amount of money will save you a fortune. Always shop around and compare prices. If you’re looking for free advice, speak to one of our qualified advisors on 0330 041 2299!
SWITCH YOUR GAS AND ELECTRIC
Take a look at your gas and electricity bills. Are they a little pricey? Are you sure you’re getting the best deal? If not, consider looking for another supplier. Shop around and compare the best deals.
SWITCH YOUR PHONE DEAL
Same as before with your gas and electricity, are you paying too much for all those minutes and texts? Shop around and hunt for the best phone deal.
Instead of taking your debit or credit card with you every day, take out a limited sum of cash and spend only that amount. If you’re someone who doesn’t regularly check their finances, then there’s no way for you to keep up-to-date with your spending. Taking out a certain amount of cash will also stop you from making impulse purchases with your debit or credit card.
Keep in mind, this step doesn’t work for everyone. Lots of people find they spend less using their cards than they would cash, the choice is yours.
DITCH THE COFFEES AND RESTAURANTS
If you’re queuing up at Starbucks every morning, consider making your coffees at home. You can buy yourself a flask and take your coffee into work with you. It doesn’t cost you a penny to make coffee at home and you’ll be saving around £3 a day – which is around £800 per year. Also, if you’re one for eating out a lot, you might want to cut back. Start preparing your meals at home and save yourself money.
BUY UNBRANDED PRODUCTS
Stop buying high brand foods and stick to the stores products such as Morrison’s ‘Savers’ brand. There isn’t much difference in the taste and you can save yourself a good amount of money.
BIN THE BOOZE AND CIGGIES
Studies have shown a family can spend an average of £500 a month on booze. This can be from buying a box of beer or a bottle of wine, to buying drinks on a night out. Reports also show a smoker can spend an average of £20 – possibly more – a week on a box of ciggies. Try to cut down on these items and save yourself a hefty sum of money, plus improve your health at the same time!
CANCEL GYM MEMBERSHIPS
If you want to work out, buy yourself some weights and do your workout at home. It costs an average of £40 a month in the UK for a gym membership, plus there’s usually a £20 joining fee.
AVOID BUYING CLEANING PRODUCTS
Cleaning products can be costly depending on the brand, which is why most people make their own cleaning solutions. The most common homemade cleaning solution is mixing vinegar and baking soda together – this is great for unblocking drains. Vinegar is also good for wooden floors. Lemon juice is a popular one for ridding stains and grease marks.
HITCH A RIDE
If you and your partner both have a car to yourselves, consider sticking to the one. This can save you huge amounts of money on insurance and petrol.
LOOK FOR DEALS
Sites such as Amazon and Groupon are great if you’re looking for a bargain. By signing up to these websites, they will send you deals to your home that will save you loads on holidays, restaurants, cinema tickets and much more.
USE A PIGGY BANK
Piggy banks or money jars are great for savers. Just throw your loose change into it and watch your money grow. You can make a healthy amount of money if you stick to it.
FREEZE YOUR DINNERS
Have you ever came home from a hard day at work and you’re so drained you end up ordering in, instead of cooking a meal?
We’ve all done it.
Instead of cooking a meal every night, spend a couple of hours during the weekend preparing meals for the upcoming week. Once their cooked, just wrap them up and put them in the freezer. When you come home from work, all you’ll have to do is re-heat your food. If you have leftovers, don’t bin them! Wrap them up and stick them back in the freezer.
DE-CLUTTER YOUR HOME
Take a look around your home, as you’ll no doubt have items you don’t want or need that are worth selling. You can sell your items through Amazon or eBay, or you might decide to have a car boot sale. Either way, you’ll be guaranteed to earn some good money.
TURN OFF LIGHTS
How many times have you walked out of a room and forgot to turn the lights off? If this isn’t you, do you live with people who have a habit of leaving lights on?
By leaving lights on, your burning electricity, ultimately bringing your bills up. Remember to switch the lights off and keep your expenses low. Consider switching your light bulbs to LED ones.
CHANGE YOUR ATTITUDE
Don’t think of saving money as a life drainer and don’t give up so easily! You’d be shocked at how a simple change in attitude can help you save money on expenses.