Many people believe that saving is done best little and often, so we've prepared for you 10 best ways to save a little extra.
Money-saving apps help people better manage their finances and save money. Money saving apps plus a variety of other finance managing tools, can be used for expense tracking, saving goals and budgeting.
Although most of the uses these apps provide can be done manually, it removes the stress and human error that comes with lugging through the sea of daily outgoings and your incomings.
These are great for people with busy lives who don’t have the time but want to keep a closer control on their finances.
Most purchases we make are impulsive, we see something we want, and we buy it. The issue with this is not only the guilt we feel for buying something we don’t need but the money that has been wasted on it.
An effective way to combat this impulse is rather than just outright not buying it, make a note of the product somewhere and if you still want it a week later then seriously consider buying it. This eliminates the impulse issue but allows you to still buy what you really want.
The idea of an investment purchase is simple, its spending more on something so that it will last longer. The place this works best is clothes. By spending a bit more on the quality of clothes they will last far longer and stop you having to buy more which will in turn save you money.
This concept can be applied to a variety of products and really helps stretch savings over time. Try to avoid buying ‘throw away goods’.
This is simple, and it does work very well. Budgeting and keeping track of your finances helps you get a proper perspective of how much you have to spend on bills per month and how much you have left over to spend on yourself.
The more effort you put into your budgeting the more you get out of it.
The majority of households have multiple subscriptions to similar products, like streaming services, to have a larger variety of choice when it comes to entertainment. Although these services don't cost much by themselves, they add up very quickly and can end up costing you far more than you realise. Consider thinking about how much you actually use each individual service and if you really need them all.
Whether its takeout food or an overpriced coffee, everyone is guilty of spending extra money on stuff that could be done at home. These small extra daily costs add up quickly and can be easily avoided with a little extra effort. It’s less about how expensive takeout is and more about how cheap a homemade meal or coffee is in comparison.
Compare the costs yourself and see how much you’re eating out of your paycheck.
For example, do you buy a coffee each morning. If this is each morning on your way to work and costs £3 each time, you are spending £66 per month on coffee, or £792 per year. Perhaps an insulated travel mug and make a cup before you leave your home for work.
The majority of our pay checks go to our bills and often there are better deals out there if we just look for them. From gas and electric to Wi-Fi, providers will usually have deals for new customers to entice them to join. Shopping around frequently can help you find better deals than you currently have.
On top of this if your provider knows you're shopping around they may offer you discounts or bonuses for staying with them. It's always worth phoning up your provider and letting them know that you'd like to switch as they will prefer to give you a discount and have you remain as customer then to see you go to a competitor.
Saving on taxes of any type is always helpful when trying to save money and council tax is no exception. Many people don't know they might qualify for paying less or even nothing at all. By visiting the UK Gov website you can find a full list of what entitles you to reductions and exemptions with your council tax.
Coupons are a staple of saving and should not be ignored. There are multiple ways to find small savings at your favourite stores from supermarket and coupon websites to cashback apps and store loyalty programs. A quick google search will show you what’s best for you and can save you a little bit each time you go shopping.
It’s better to have it and not need it than need it and not have it. Being caught out can lead to expensive borrowing.
An emergency fund is useless until you need it but when you do, you really do. If the boiler breaks or your car suddenly needs a new set of tyres, sometimes stuff just happens, and it needs to be fixed as quick as possible.
If you don’t have any money set aside then you may have to pay for it out of that months’ paycheck or take out a small loan for it. This could set you back financially for a long while, but can be avoided by putting a bit aside to build up and emergency fund, for those times when you really need it.
No single one of these tips will magically save you a load of extra money but using them all often will help you save quite a bit in the long run. Remember, small and often is the best way to save.
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