It’s so easy to buy lunch out, pop some fuel into the car, run into boots and pick up a few new products and then fly in Tesco on the way home. It’s then you realise you’re £80 down and all you needed was a little fuel. This used to be me, I’d sit and wonder ‘where has my money really gone?’ as I don’t have any new items to show for it.
I’ve changed the way I deal with my money in this last year, it’s helped me to save more whilst still having a social life and not feeling restricted.
Here are my top tips:
creating a savings account that is only touched when really needed eg: a larger than expected MOT car bill
About a year ago I created a savings account to transfer some money over to; to start with I thought ‘I don’t see how this will help me save, I’ll just spend less from my current account’. It made such a huge difference just to see a separate number, I was able to see how much money I had saved which boosted me to save more. This made me more inclined to save an extra £10 rather than buy a maccies.
I tried to save half of my wage every month, which I don’t think is bad going. My aim was to not take any money out of my savings unless it’s for an emergency, For Example, my car breaking and me needing a new one.
working out all your total outgoings
It’s all well and good knowing you have your phone bill, internet, and car tax coming out but unless you know the date and how much is coming out, there is only so much it can help you. I wrote a list of my monthly outgoings, this made me notice that all my bills had gone out of my account by the first of the month, apart from my internet bill. This allowed me to but by the bit of money for my internet bill so I could still afford that.
setting yourself a weekly spending limit
A budget is essential to save money and to see exactly what it is your money is being spent on. It’s worth doing a budget on a weekly basis, and that way, you know what’s coming out and what’s going into your bank each week. The more organized you can be, the better. Budget like a pro, and you’ll have plenty of money left over each month.
I try to budget myself £100 per week to spend, this isn’t including bills. This way I can make sure I still have that bit of cash to put fuel in my car, buy a new item to treat myself and socialize with my friends.
the mentality of ‘is buying this going to make me happier?’
We all have luxuries in our lives, and our luxuries are defined by the extra things we like to treat ourselves on that are not a necessity. It’s okay to treat yourself now and then but it’s also important to not constantly have the mentality of ‘let’s treat myself’.
It’s so easy when you go shopping with friends to pick up 3 new cute tops and purchase them, however, you have to stop and think, ‘do I really need these?’. You might then realise you already have 2 striped tops like it at home so in that case, it’s time to put the items back.
Bulk Buy Food
Food bills tend to take a reasonable chunk of money out of your monthly or weekly wages. And so to combat this (because we all need to eat), try to bulk buy your food when you are going shopping. Fresh food is harder to bulk buy because it will eventually go off, but think about what is possible to freeze and the healthy-ish items that you can get in tins and packaging. Anything that can last for a while is going to be good for your wallet, but remember to think about what might be in it to help prolong its life. Bulk buying food is useful, but you don’t want to be buying too many things that might be unhealthy for you.
Finding the best loan for you
In life, we may need to get a loan from time to time from a company such as Buddy Loans. I’ve been looking into getting a bank loan to get a new car, a fiat 500; the reason I’ve been looking into this is so I don’t spend all my savings at once. This way I can pay back a certain amount per month and still have my savings there as a safety net.
When you’re looking to take out a loan it’s really important to check the interest rate. Have a look at the amount you are wanting to borrow and then the amount you would have to pay back over a set time of a year; be careful so you’re not tricked into a high-interest rate.
Those were my tops money-saving tips, do you have any others?
*This was a collaborative post