My Four Top Ways To Save Money
Ah January... The month, not only of back to work blues, but the one of being very skint after a joyous festive season. With a lot of us evaluating and creating resolutions for the year, I thought I'd share some of my top tips for saving money.
Personally, I’ve always been a worrier about money. Even going into my free student overdraft by a couple of pounds would give me anxiety. On the flip side of that, saving has been an inbuilt thing. Anything from saving for a holiday to a piece of clothing that I've been lusting over, I’ve always managed it when I really put my mind to it.
However, now that buying for a house is the next big thing I’m wanting to save for, it’s time to tighten my belt (a little) and put my top ways of saving into action.
While I'm by in no means an expert in this area, these are a few tried and tested ways that help me to save money — whether that’s a little or a lot.
No Spend Days
The odd sandwich here. The odd jumper there. I didn't realise how much I was spending daily on 'treats' until I decided to have a few no spend days. Armed with my pack lunch and avoiding my after work stroll through the shops I've managed to save small, yet significant, amounts of money from just having a couple of days a week where I don't spend anything.
Don't Use Your Card
I started this practice pretty much since I left university. It's surprising the amount of money you can spend when you are using your card, especially now that contactless makes it so easy. By taking money out rather than using your card it means you can physically see the money disappear from your purse / wallet, it makes you so much more aware of how much you are spending.
Plan Your Finances
I always take some time to sit down and write out my finances at the start of the month so I can plan. I know there are loads of apps that can help with planning your finances but there is nothing quite like actually writing it down on paper to help it sink in. I look at the payments that I know are coming out over the month, the amount of money I want to save and then work out a weekly budget for myself. Giving yourself a weekly budget, gives you a figure to work to. Now, I'm not saying I always manage to stick to it but when I do it gives me a little sense of achievement!
Transfer Money Into Savings Straight Away
If possible, once you’ve worked out an affordable amount that you can put aside to save. Transfer it across at the start of the month. Even set it up as a direct transfer so it automatically leaves your account. This helps to avoid temptation as it's already been taken out of your main account.
I hope these four ways of saving help. Do you have any tips that help you save? Let me know below. Happy saving!