Whatever you may be saving for; a house, a wedding, a holiday or a new kitchen – there is no better time to start then right now!
Figuring out how much you are spending on certain things each month can help to notify you on where you need to be cutting back. This means digging your bills out, diving through your bank statements and making a spreadsheet! Alternatively, you can start from today, and write down everything you spent and what came out of your bank. Divide these up into categories to make it easier to read. For example: Food, Pets, Car and House.
Always be on the hunt to save more money and don’t be afraid to switch. With this mindset you can have a look at your utility bills and investigate whether you can get a cheaper deal elsewhere. Websites such as UtilityWarehouse.co.uk is a great place to start.
It is recommended that we should be putting at least 20% of our income into savings.
A good way to start is by opening up a savings account. This way, you will be far less tempted to spend it on things you don’t need. Setting up a standing order will mean the 20% you want to save, will automatically transfer to your savings account without you realising. If you do this on the day you always get paid, then you won’t feel like you’re losing money because you never saw it all in the first place.
On top of your regular earnings, you could also be saving money by changing up your lifestyle.
These are healthy and positive changes that can save you money and save the planet too! Firstly, cut back or try to stop smoking. The average pack of cigarettes costs £10 with 20 cigarettes in a pack. If you were to smoke 10 a-day, you are spending £1,825 a year, just on cigarettes! If you stopped now, you could be saving £18,250 in 10 years’ time. That equates to a sizeable deposit on a house!
Having the odd glass of wine with your evening meal or popping open a bottle of bubbly for a special occasion is sometimes exactly what the doctor ordered. However, when you feel like you are drinking just for the sake of it – it’s time to slow down. It is important to know your limits and understand when things are getting out of hand. This way, you can start saving the money you would usually use to buy a 6-pack of beer or your favourite whisky for something much bigger and more rewarding. After-all, alcohol is guaranteed to give you a terrible headache the next morning.
Meat is generally the most expensive part of a meal. Try going veggie a few days a week or cut out animal products completely and go vegan for Veganuary!
Get on the cycle to work scheme and start saving money on fuel! The average person usually spends £67.63 just on fuel per month. Add on the car insurance, maintenance, servicing and repairs and it works out to an average of £160 per month. A lot of workplaces are unreachable on bike or their offices are not equipped with showers therefore, in non-Covid times, it is always a great idea to lift share!
The constant progression of technology means that electric cars are becoming more and more accessible to everyone. It is definitely worth investigating because you could be saving more than £1,000 a year by switching to electric, not to mention you’d be helping to reduce global carbon emissions and save the planet!
Purchasing reusable items such as shopping bags, reusable cotton buds and makeup pads, water bottles, cloth towels and cloth napkins, period underwear or period pads etc. may all seem expensive at first but the point of the items are that they are made to last, therefore saving you money in the long run! Imagine having all of those essential items, always in your home, never running out. All you need to do is put them in the wash with your laundry and they’re like new again!
We hope that these solutions will have your pockets mounting up with savings in no time and be on the way to a happier and healthier lifestyle.