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Get good with money | seven tips to save more money
Seven tips to save more money
How to build better money habits | 7 tips to make your money go further
self-help series where we swap scented candles for sage money tips and advice
whatever you’re saving for having some money stashed away can make the future look a whole lot freer and easier whether you struggle to put money aside or just need a little nudge in the right direction
here are our seven tips to save more money set up a standing order or schedule payments to your savings account every week or in line with your payday so the money is out of your account before you can even think about spending it most budgeting tools work by pulling data from your linked accounts through open banking to give you insights on how much you’re spending each month and how much you can afford to put away
and the great news is most of these platforms are free to use with the chance to upgrade to paid for premium accounts if you so wish with certain apps you can set up specific budgeting features that automatically squirrel away designated amounts every week month or even such as with plum every time
it rains the idea is to save without noticing by consistently putting aside varying amounts of pocket change alongside your bigger goals when you’re trying to save ignorance is not bliss digital banking apps can be a useful tool to track and categorize your spending
they also often come with integrated savings tools like spare change roundups and separate savings pots if you’re more of a manual diy can’t live without a spreadsheet kind of person
try taking a few traditional budgeting methods out for a spin one of the most popular is the 50 30 20 method where you dedicate 50 of your income to essentials like rent bills and food 30 towards non-essentials like eating out and 20 to your long-term savings
however you choose to budget playing the field and trying a few different options is always a good shout as what works for someone else might be rubbish for you give your savings pot or goal a name and while you’re at it
why not add a target amount and deadline having something specific to save for and parameters to push up against makes your goal super tangible and keeps you focused wouldn’t it be great
if that 200 quid going towards your credit card bill each month could go towards your savings make a game plan to pay off your debts in full with a focus on any high interest loans or credit cards
first consider transferring your debt to a balanced transfer card with zero percent interest for an introductory period this way you can avoid any interest charges and set an external deadline to pay everything off before the no interest window ends be honest with yourself
do you have to buy lunch out every day do you really need netflix disney plus and amazon prime go through your money app or bank statements and check where you’re duplicating any subscription services paying any unnecessary account fees or instances where you can cut back or get the same thing for free elsewhere
if you haven’t checked your phone energy or insurance provider in a while you could be paying a loyalty tax where you get stung with extra costs or miss out on deals just for sticking with the same provider although the fca has confirmed measures to end
this practice with insurers hopefully by the end of the year regardless of new customer incentives it’s always worth keeping an eye out for more competitive offers with other providers and set reminders for when certain contracts or subscriptions end
for example once you’ve paid off your phone handset as you might want to start shopping around the sim only deal keep an eye out for deals and coupons for your favorite products sites
whether it’s a fitness program tv streaming service or beauty box take advantage of introductory free trials and set calendar reminders so you can cancel on or before the expiry date for more savings tips and to compare the best savings accounts budgeting tools and digital banking apps
