Seven simple tricks to start saving money

0

Saving is important. It can help you progress towards life goals such as owning a house or a car, plus if you have money saved up it can help you withstand emergencies such as unemployment or a serious injury. But sometimes, it can feel like no matter how hard you try you can’t save money. Below, we explore some consistent techniques you can employ to save each month.

Practice a no-spend weekend

A no-spend weekend can be a fun way to try and save money. Once a month, attempt to spend as little money as possible on the weekend. Rather than heading to a bar or restaurant, you can try going for walks or visit a free museum. This can help you experience new things all while spreading your money a little further.

The 50/30/20 rule

If you’re struggling to structure your budget, the 50/30/20 rule can help you organize yourself. 50 percent of your income should go on necessities, 30 per cent on your wants and 20 per cent should be saved.

Use a prepaid card

A prepaid card is another handy tool to cut spending. By taking this card out instead of your debit card, you’ll be able to limit your spending more. A prepaid card isn’t connected to a bank account – instead, you can only spend the amount you’ve loaded onto the card. This can ensure that you don’t overspend.

Go second hand

Second-hand goods can save you money and help the environment! Try picking up a refurbished phone rather than a brand-new device or purchase your clothes from second-hand outlets.

Cancel unused subscriptions

It’s easy to pick up an unnecessary subscription. Perhaps a favorite tv show has been released on an obscure streaming service that has little else to watch, or maybe you subscribe to a music streamer without making the most of it. Evaluate whether you’re getting the most out of your subscriptions and cancel those that aren’t valued for money.

Don’t splurge on payday

When you get paid it can be incredibly tempting to treat yourself after you’ve worked hard. But this tends to be the moment each month where we lose our discipline with saving. A survey from Suits Me, found that on average we spend 21 percent of our disposable income on payday – a figure that amounts to £132. However, if you can stay strong and avoid splurging on payday, this can make it easier to save across the month.

Saving money can sometimes be demoralizing. But by following the above advice and altering your lifestyle while coming up with a structured saving plan, you should be able to finally see your savings rise.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More