Saving money can be one thing that people find very difficult but in reality, if you follow some very simple steps it can be a lot easier. When you start looking at saving money, there are no strict rules for everyone to follow, it all depends on your own circumstances and what works best for you.
Budgeting – You should always budget your money, budgeting is great way to make sure you don’t overspend from month to month. You should always know what your income and expenditure will be for a given month; this helps you to ensure the necessities are paid for. Planning ahead this way ensures that you will never struggle to pay off your bills when it comes to the end of the month.
Quick tips to save Money
- Never spend more than you earn – This is vital and it basically links to my post about budgeting. If you spend more than you earn then you are basically building debt. To make sure you never spend more than you earn, you should set up a budget whenever you receive money, for example whenever you receive your salary.
- Set yourself some financial goals – Having something to aim towards financially can really help you get where you want to be. If in this case your aim is to save money, then you can set yourself some aims that are measurable and realistic. An example of this could be that you want to save £20 every week for two months; you can set yourself a long term target and split it up into manageable objectives.
- Compare your bills – Using price comparison sites, you can search for prices from various providers of regular household bills, from utilities to your mobile phones to see if you can save money. Price comparison sites do the hard work and they compare a lot of the main providers so you can see how much you can save in an easy to read list.
- Shop smart – Try and shop to a specific list when you go food shopping, by doing this you can try and avoid the big impulse purchases that bump up your shopping list, it’s a good way to try and stick to the necessities.
- Bike to work – If your place of work isn’t far away from your home, then you could take up biking to work, it can save you of petrol money, and it also helps you to do your bit for the environment.
- Savings Account – Using a savings account is a great way to help save you some extra cash. You can set up an automatic payment from your normal bank account, it doesn’t have to be a lot of money and it will steadily rise over time, leaving you with a nice surprise when you come to check your account.
I hope these money saving tips will help you on your way to achieving what you want from your finances.