8 Secrets to saving money

8 secrets to saving money

Authored by Mary
Posted: Thursday, June 10, 2021 - 18:19

Saving money isn’t easy. It’s just so much fun to spend it and so hard to stick to a budget.  That’s why you need to take your saving seriously and make it simpler for yourself. This guide will show you the secrets to saving money.

Make a budget

The first (and most important) tip on this list is to make a budget. It’s impossible to save money if you don’t know how much you’re earning and how much you are spending every month. Look at your bank statements over the past couple of months, see where your main expenditures are, and form your budget around that. Then, calculate how much is left and put it into a savings account.

Make sacrifices

Most people don’t realise this, but if you’re serious about saving, you need to make sacrifices. You can’t go out with your friends and eat expensive meals, you can’t book expensive holidays, and you can’t wear designer clothes. That is unless you’re on a huge wage. You’re going to have to cut back on the finer things in life.

Use a coupon app

Coupon apps are designed to help you save money. They work in the background when you’re shopping online and find the best deals around. This enables you to save money on the things you were going to buy anyway. However, you need to be careful with coupon apps. You’ll see so many good deals that they might encourage you to spend more than you would have.

Cancel subscriptions

Do you need a subscription to Netflix, Amazon Prime, Hulu, and Now TV? Or could you get away with just having one at a time? You’d be surprised at how much money you can save by cancelling a few subscriptions. You should take a careful look at your subscriptions and be honest if they add any value to your life. If it’s not worth the money, it’s time to make the cut.

Pay off your debt completely

Trying to save when you’re in debt is impossible. That’s because debt isn’t free. You will be paying interest on the debt that you have, which means that your debt is growing all the time. It’s best to focus on paying off debt before you start saving. Then, you can start with a clean slate. This might not be quite as rewarding as seeing your money grow, but it’s basically the same thing.

Avoid temptation

Sticking to a saving plan is difficult. Lots of people do well for a couple of months, then ruin it all by making one big purchase. You need to avoid this if you want to save money successfully. Temptation is difficult to avoid, but you have to try to look at the bigger picture. Always keep in mind what you’re saving for and visualise that when you think about spending money. If it’s worth it, you’ll make the right decision.

Get a better deal

Look at your monthly outgoings and ask yourself - what could I get a better deal on? For example, it could be worth shopping around for a better deal on your car insurance. Alternatively, you could check out https://www.businesswaterquotes.co.uk and get a better deal on your water bill.

Earn more money

This might sound obvious but it will be easier to save if you can earn more money. If you’re rushed off your feet already, this might be difficult. However, you should consider going for a promotion at work or starting a side hustle.

Share this