We all like the idea of being able to put more money in our savings, and less of our cash towards things like bills and must-have expenses. Unfortunately, it seems like every time your wages arrive in your bank account, they quickly disappear on things that you need, like food, gas, electricity, and even council tax bills.
After a while of living from one month’s income to the next, you could start to feel as though there’s nothing you can do but give in to a state of constantly needing and wishing for extra money. However, the truth is that anyone can change their financial standing. All you need is the right strategy to get you started.
An important and often-forgotten fact about saving, is that you don’t need to make massive changes to your lifestyle to update your savings account. Sometimes, making little changes, like finding a way to collect your loose change, can add up in the long-term.
By the end of the week, many of us will end up with a few coins in our pockets that end up falling down the back of the sofa. Rather than just ignoring that change or spending it on things that you don’t really want, start trying to put it somewhere for later. Even just one pound a week will add up to more than £50 by the end of the year.
Sometimes, the biggest problem you’ll have with your cash is that you don’t know where it’s all going. You know that you’re spending a certain amount of money on things like rent and food each month – but what happens to the rest of your pay?
Tracking your spending can help you to pinpoint problem areas with your spending that you might not have even known that you had. There are plenty of tools that can help you to do that these days, from apps that give you tips on how to control your spending, to digital bank accounts that give you regular notifications whenever you spend.
Sometimes, you’ll face a time in your life when you need to make a big purchase. You might need a car so that you can get to and from work on time, or a new bathroom because your current one is costing you a fortune with leaks. Whatever the reason, the best option could be to grab a loan and spread the cost out over an extended period of time.
Although most of us try to avoid loans, they can be a good option when the alternative is to try and save money while you’re losing cash on things like a dripping tub and growing water rates. Making the decision to deal with the problem immediately, without destroying your emergency cash reserves, could be the best way forward.
For many of us, the idea of working an extra job on top of the job that we’re already doing every day is enough to make us feel instantly exhausted. However, these days, you can enjoy the benefits of a side hustle, without burning yourself out in the process. The digital world and the internet has opened the door to endless work-from-home opportunities.
Even just spending a couple of hours a week on things like graphic design that you can do from home or working as a virtual assistant could help to speed up your savings strategy. You might even discover that your side hustle begins to seem like a more appealing option than your regular job. In that case, you could consider an entirely different change of pace.
Finally, remember that sometimes the best way to save money is to get out there and look for opportunities. Banks have freebie deals with unique cashback awards that you might not know about unless you’re willing to go and ask. Your gas and electricity provider could probably offer you a better rate on your package if they wanted to, but they won’t be tempted to do so until you threaten to go elsewhere.
You can even save some money every day by just making sure that you check online for voucher and discount codes before you buy anything on the web. In fact, there are apps that can do that for you. Make an effort to find at least one way to save each day.